What You Need To Know About the Park City Real Estate Market July 2024

What Everyone Needs to Understand About the Park City Real Estate Market

Welcome to the July 2024 Park City real estate market update! The overarching story this year is that prices went up, not down. To sum it up, according to Case Shiller: "Month-over-month numbers were relatively flat, . . . However, the annual growth was more significant for both indices, rising 7.4 percent and 6.6 percent, respectively."

Median Sale Prices

The median sale price for single-family homes showed a notable 9.9% increase. This significant figure can be influenced by small sample sizes in individual neighborhoods, leading to substantial month-to-month variations. For condos and townhomes, median prices are also experiencing fluctuations, reflecting neighborhood-specific dynamics rather than broad market trends.

New Listings

There has been a steady increase in new listings, with 412 new properties coming onto the market in June 2024. This is a continuation of a rising trend, with the average number of new listings in the first half of 2024 being significantly higher than the same period in 2023 (295 compared to 243). The number of new listings has consistently outpaced pending sales since early 2022, indicating a growing inventory.

Closed Sales

The market has shown stability in terms of closed sales, with June 2024 recording 154 closings. This figure aligns with the monthly range observed over the past year (150-200 closings), suggesting steady demand despite seasonal fluctuations.

Active inventory, which includes both residential and land listings, has seen a significant increase. June 2024 set a new post-pandemic record with 1,744 active listings, the highest in the past three years. This is a marked improvement from the low inventory levels seen in previous years, providing more options for buyers.

For Buyers

The increase in inventory means more choices and potentially better bargaining power. However, the fluctuating median prices highlight the importance of looking at specific neighborhoods and property types rather than general market trends.

For Sellers

While the rise in median sale prices is promising, the growing inventory means more competition. Pricing your property competitively and ensuring it stands out through effective marketing strategies, such as high-quality staging and professional photos, will be crucial.

Want to price your house so it stands out and avoids a price cut? With my local market expertise, we can find the right price. Here’s a breakdown of how today’s inventory benefits you when you sell:

1. You Have More Options for Your Move

Are you thinking about selling because your current house is too big, too small, or because your needs have changed? The year-over-year growth gives you more options for your home search. This means it may be less of a challenge to find what you’re looking for. If you were holding off on selling because you were worried you weren’t going to find a home you like, this may be just the good news you needed. Partnering with a local real estate professional can help you stay up to date on the homes available in your area.

2. You Still Won’t Have Much Competition When You Sell

Even though there are more homes for sale now, there still aren’t as many as there'd be in a normal year. Remember, the data from Calculated Risk shows we’re down about 36% compared to 2019, and that large a deficit won't be solved overnight. As a recent article from Realtor.com explains: "…the number of homes for sale and new listing activity continues to improve compared to last year. However, the inventory of homes for sale still has a long journey back to pre-pandemic levels."

Understanding Market Dynamics

Neutral Market: When supply and demand are balanced, home prices hold fairly steady.
Buyer’s Market: When there are more homes for sale than buyers, sellers may need to make compromises, and prices may go down.
Seller’s Market: When the supply of homes for sale is low, it creates increased competition among buyers, potentially leading to bidding wars and higher final sale prices.

The Park City real estate market continues to evolve, showing signs of stability and growth. With more listings and steady sales, both buyers and sellers have opportunities to achieve their goals. Staying informed about these trends will help you navigate the market effectively.

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