Park City real estate is booming. There are trends that have led to this housing market. Understanding them will help you see why this is the best time to buy and sell.
#1: Inventory Is Down
A year ago, there were 533 homes for sale in Park City, UT. Today, there are approximately 487 houses for sale. While this number changes each day, there is a 10% difference.
This means that there are fewer homes for sale and so there aren’t as many to choose from. Buyers will have to act quickly when they find a home because the demand is more than the supply.
#2: Home Sale Prices Are Up
A year ago, the average home sale price was 1,695,000 and now it is 2,150,000. This is a jump of 27%.
If you have a home to sell, this is the time to do it. Home prices will likely continue to increase as fewer homes are for sale. However, as we get through the winter months, more home owners will put their homes on the market, which could reduce home sale prices.
#3: Bigger Homes Available
Last year, the average square footage of a home was 2,911. Last month, the average size was 3,000 square foot.
Bigger homes mean more families are moving into the area. This makes Park City, UT a great place for those with children.
#4: Summer Months Are High Listing Times
According to market data, Park City is known to have the newest listings during May, June, and July. If you want to sell your home, that means that you should list now because there will be less competition around you.
#5: April Is the Most Popular Buying Time
There were 161 sales in April. This was the busiest month with August being the next high sales month of 140 closings.
This means that if you’re looking to buy, you may want to choose another month. Home sale prices often increase during high buying time, and decrease during slow months. For example, in April there were only 39 price reductions, but there were 85 price reductions in August in anticipating of the slow sales in September and through the winter.
#6: There are Rotating Seller’s and Buyer’s Markets
About 5 months are considered Seller’s Markets, and over 7 months are considered Buyer’s Markets. The rest of the months are considering Stable Markets, which means that both sellers and buyers benefit.
#7: First Time Homebuyers Are More Likely to Buy Condominiums
Since home prices are increasing, many first time homebuyers are focusing their search on condominiums. The supply of condominiums is not meeting demand.
#8: Home Prices Will Increase as Mortgage Rate Increases
Mortgage rates are predicted to rise to 6% in 2017, which means that home prices will be affected by a downward pressure. This is a good time for home owners to sell their home.
#9: Home Owners Are Staying in Their Home Longer
People stay in their home for at least 10 years, which is much longer than previous years in which the average was 6 years. Many people believe their homes are worth more. This is why it is a good time for buyers to find a home that an owner is willing to sell.
#10: Foreclosures Sold for 18% Below Market Value
In 2014, foreclosures sold for 18% below market value. There are still many foreclosures and short sales available, which gives many people hope for an affordable home in Park City, Utah.
Buying or Selling Park City Real Estate
As you can see, these trends have made Park City one of the best cities to live in the United States. Contact us for more information on finding a beautiful home for sale in Park City, Utah.
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