Bottom line: The Park City housing market should maintain steady and healthy growth in 2019.
Park City Utah real estate is a smart buy.
In the 2018 Summit and Wasatch County Annual Statistics Year-End Summary Report, The Park City Board of REALTORS® revealed that last year was a "diverse and mixed market" for real estate in Park City.
The median sales price in 2018 for Park City real estate reached an all-time high and total dollar sales shattered historical records - all done over fewer transactions than in previous years.
But, there were no big increases and inventory was higher than expected. Park City real estate is actually more affordable than 10 years ago.
In her interview with NPR's KPCW, Sheila Hall, Park City Board of Realtors President, has a positive outlook on Park City Real Estate in 2019:
"While our prices might be a little higher than our previous record, it’s been a sustainable increase coming out of the recession. Nothing crazy. No big increases... Interest rates definitely make things more affordable than the pricing was 10 years ago … Believe it or not, it’s still an affordable market ... when you have the right real estate agent ..."
Summit and Wasatch County Key Stats
- Single-family homes sales were down by 7% over 2017
- The median price of a home in the Wasatch Back rose 7% over 2017
- Total inventory in Summit and Wasatch Counties is down 7% from 2017
Let's have a look at Park City real estate stats for 2018 a little closer:
Single-Family Homes For Sale in Park City in 2018
- The median price of a home in Park City limits is $2.09M, up 10% over 2017
- Old Town and Park Meadows saw the highest number of sales, but were down 18% from 2017
- The median price of a home in Old Town remained flat from 2017 at $1.54M
- Upper Deer Valley saw an increase in homes sold compared to 2017
"Homeownership continues to be the number one wealth building asset for Americans. Our market area, like most around the country, has experienced an increase in price, but our market area is less volatile than many similar markets. Over the last six years, real estate in Summit and Wasatch Counties has maintained stable and healthy growth."
-Sheila Hall, President, Park City Board of Realtors
Condominium and Townhomes For Sale in Park City in 2018
- 316 condos sold inside Park City limits was down 7% from 2017
- The median price of a condo within Park City limits leapt 24% from 2017 to $886K
- Old Town saw the highest number of sales with a median price of $570K
There was also substantial increase in vacant land sales over 2017, along with a 26% increase in median lot prices reaching $1.03M. Hall notes that this correlates with the softening of resale homes. "Consumers are just wanting new product. So they're willing to buy land and … building what they want."
What This Means For Selling Your Home in Park City in 2019
2019 will be a great year if you are considering of selling your Park City, Utah home.
Utah is one of the fastest growing states in the country, and has experienced an increasingly steady housing market since 2008.
With the National Association of Realtors predicting growth in the real estate market over the next three years coupled with median home prices seeing significant increases, selling your Park City home in 2019 should get you great returns on your initial investment.
What This Means For Buying A Home in Park City in 2019
While housing affordability in Park City remains a hot topic, the 2018 year-end statistics are promising. Hall reminds Park City homebuyers that these reports are just a snapshot of what is selling now. "The average prices and the median prices that are posted, those are the houses that are selling right now. It doesn’t mean that every home is worth that."
Navigating the market with the right real estate agent, one who will help you understand that you can make buying a home in Park City affordable, will help you find the right home faster.
The strongest piece of advice that has come from the 2018 Year-End Park City Housing Statistics Report is just how crucial it is to work with a professional:
"Because of the extreme diversity and complexity of the micro-markets and unique neighborhoods in Summit and Wasatch Counties, along with continued consumer demand, changing inventory, new developments, and diverse price-points, it is crucial that buyers and sellers contact a Local Park City Board of REALTORS® Professional for the most accurate, detailed, and current information."
If you are looking to buy a home in Park City Utah or are looking to list your home, choose a professional you can trust. Contact Osiris Cabral, Park City Real Estate Agent and Luxury Specialist, to get the best Park City real estate advice.