Park City real estate is building momentum in 2013. To date every month of 2013 has had a higher number of closed sales than in the same month last year, according to data released by the Park City Board of REALTORS®. The number of sales for the entire Park City market area, reached 1,668 in quarter three-that is 26% over last year's number. With a total sales dollar volume reaching $1.19 billion, the third quarter of 2013 is up 34% compared to last year as well. Jeff Spencer, President of the Park City Board of REALTORS® said, "Our Realtors sold more in the first three quarters of 2013 than we did during all of 2012."Inventory-- The current number of active listings on the Park City Multiple Listing Service is 2,199, down a little over 3% from last quarter. In just the Greater Park City Area-(Park City, Snyderville Basin and Jordanelle) there are only 1,160 active listings. This is a new record low!
Looking Ahead-- With the increase in the number of sales, median prices slowly on the rise, active listings at a record low, and an absorption rate of only 5.7 months (for homes and condos), our market appears strong and stable. "Already this year, there has been over $1.1 billion in closed sales, a number that was difficult to reach by year's end only a short couple of years ago," reports Statistician for the Park City Board of REALTORS®.
Although the numbers were tremendous for Spring and Summer, we are seeing some slow down in the pace for Fall. Median prices in many neighborhood are up just slightly despite the increase in sales. As we have stated in the past, buyers are still picky and not willing to pay above market just yet. We are seeing our marketing time extend just slightly as the colder weather settles in.
Individual neighborhoods in our market vary drastically, so it is vital for both home buyers and sellers to call us for more in depth market analysis.