August Park City Utah Real Estate Update

August Park City Utah Real Estate Update

WASHINGTON – September 12, 2014 – (RealEstateRama) — Real estate activity within the Park City, Utah area is definitely not back to pre-recession norms. But, the numbers are quite promising for buyers, especially in the Park City single family home sector. There was a 15% increase, year-over-year, active single family home listings, and a 14% increase when it came to Park City condos for sale.

Park City Active Listings Stats for August 2014
In August, the number of active real estate listings in Park City was 620. This was an 8% decrease from the same time in 2012 when there were 673 active listings. It’s also a 2% decrease from the 633 active listings just one month earlier in July 2014.

Active Listings – Single Family Homes (SFH)
When it comes to the Park City single family home market, there were 235 active listings in August. That’s an 8% decrease from 256 active listings in July. The drop from the same time last year was even greater by 15%, from 275 active SFH listings.

Active Listings – Condominiums
The Park City condominium market is seeing some major promise, year-over-year, although there has been a slight drop month-over-month. In August, there were 286 condo active condo listings in the local area. Just one month earlier, there were 299 active condo listings, representing a 4% decrease. Yet, in August 2013, the condo market in Park City saw only 250 active listings. That’s a 14% increase, year-over-year.
Park City Median Prices for August 2014

Median Listing Prices
In August, the median listing price for single family homes in Park City was $1.9 million. This same time last year, that number was just $1.65 million, showing a quite noticeable 13.2% year-over-year increase. The condo sector showed a bit more promise, with the median listing price at $997,000, a 17.4% increase from $824,000 just last year.

The overall residential real estate median listing price for Park City, Utah in August was $668,500. This represents a 15.3% increase from last year, when the number was just $566,300.

SFH Median Sales Prices and Units Sold
Median sale price for Park City single family homes in August was $1.047 million. In August of last year, SFH median sale price was just $915,500, and only $997,500 last month. That’s a 12.6% increase year-over-year and an increase of just under 0.05% month-over-month.
There were 28 single family units sold in August, a 17% increase from the 24 this same time both last year and last month. This tells market analysts that Park City buyers have been taking advantage of the still record-low listing prices.

Condo Median Sales Prices and Units Sold
The Park City median sale price for the condo market was $669, 900. In August 2013, this number was $420,000, representing a 37% increase since last year. Last month’s condo median sales price was just $395, 900, showing a nearly 41% increase in condo median sales price since just last month.
In August 2014, 27 condominium units sold in Park City, down 18% from the 33 condos sold this same time last year. On the other hand, sold condos increased 23% from the same time last month when 22 condos were sold. According to real estate analysts, this slightly upward trend in condo sales shows positive momentum flow from July to August.

Overall Park City Median Sales Prices and Units Sold
For the overall Park City real estate market, the median sales price in August 2014 was $524,200. That’s represents an almost 0.08% increase from $482,500 in July 2014 and a 0.056% increase year-over-year from $495,000.

The number of overall unites sold in Park City in August was 68. This was a substantial decrease of 21% from the 86 sold last year, and a minor 6% decrease from the 72 sold just one month earlier. To sellers, this may not be the best local real estate news. But, to Park City buyers, fewer sales in the local area means even better chances of negotiating great buyer terms with sellers.

Want to see what the Park City real estate market has in store for you? Contact Jensen and Company (http://jensenandcompany.com/) to schedule an appointment to view homes for sale in Park City, Utah today.

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