You heard it here first. The Park City real estate market has slowed down. Owners who saw the extreme sellers’ market and decided to list in June were too late. Although the number of listings is still down from 2013 (down 4% in the Snyderville Basin* and down 11% in Park City Proper), the number of listings between May and June of 2014 jumped 8% and 10%, respectively.
The number of units sold between May and June of 2014 plummeted. In the Basin, the number of homes sold between May and June dropped 71%. In Park City Proper, the number of sales dropped 63%.
What does this real estate update mean for you? My out-of-town buyers who were looking at property in May and then again last week couldn’t believe how much better the selection of homes is. They found 4 homes they liked this time and couldn’t settle on a single one they liked in May. If you are looking to buy a home in Park City, right now is a fantastic time!
If you are looking to sell a home before the school year begins again, you may have to be more flexible on price and terms as the competition is much stronger than a month ago.
*The Snyderville Basin is zip code 84098. Park City Proper is the city limits of 84060.
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