Park City Real Estate Market May 2024 Update

Park City Real Estate Market Update: May 2024

As we head into May 2024, the Park City real estate market continues to captivate both buyers and sellers with its dynamic trends. Here’s an insightful update focusing on single-family homes and condos across Park City Proper and the Snyderville Basin area.

Single Family Homes
Price Fluctuations
The median sale price for single-family homes has experienced significant fluctuations. Prices surged by 64% in February but saw a 19% decline in March. This volatility is largely attributed to the low volume of homes sold each month, which makes the median price sensitive to changes driven by just a few transactions. The sharp rises and falls in median sale prices can be clearly observed in recent monthly graphs.

Market Activity
In terms of sales, April was a vibrant month with 38 homes sold, indicating a balanced distribution around the median price. Homes priced below the median ranged from $1.1 million to $2.9 million, while those above the median sold for between $3.4 million and $14.8 million. The market's vitality is further underscored by the 173 homes closed in April, marking the highest number in the past seven months, as illustrated in the "Closed Sales" graph.

Condos and Townhomes
While detailed statistics for condos and townhomes are not separated in this report, these properties contribute significantly to the overall market dynamics. The "New Listings" graph shows an increase in listings, indicating a growing interest in these types of properties.

Inventory Levels
The active listing inventory has remained relatively stable, hovering around 1,400 units throughout the year. This balance in inventory levels suggests a market that could help stabilize prices, as evidenced by the "Active Listing Inventory" graph.

Stability and Growth
The Park City real estate market is showing signs of settling into a more stable rhythm. With consistent new listings and a steady rate of sales, the market is moving away from the erratic fluctuations of previous years. This emerging stability is a positive development for both buyers and sellers, suggesting a more predictable market environment.
In conclusion, the Park City real estate market for single-family homes and condos is lively and showing signs of stabilization. While the monthly price changes are dramatic due to the low volume of sales, a broader perspective can offer a more accurate understanding of the market's overall health. Whether you are thinking of buying or selling, staying informed about these trends is essential.

Phone(435) 565-0797

Email[email protected]

Address Kathyn Vallee
Summit Sotheby's International Realty
1750 N. Park Avenue
Park City, UT 84060

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