Single family home sales were down 1% nationally from 2012 to 2013. In Park City, single family home sales were up 15%. *
Nationally, the real estate market is considered “balanced”, meaning it is not a buyer’s or a seller’s market. About 5-6 months of inventory is considered a balanced market.
The Park City market is very close to balanced, at a 7 month inventory. This statistic is very deceiving though because Park City’s has many micro markets. I have written in other posts that neighborhoods such as Silver Springs, Trailside and Jeremy Ranch are definitely seller’s markets, while Lower Deer Valley® Resort is very much a buyer’s market.
If Park City’s single family housing inventory does not increase, it is possible that we will see a decline in sales, just like the national market. It is important to understand the information behind the statistics and trends. Sales are down nationally due to a lack of inventory, not demand. The same could happen in Park City.
What does this mean if you are a seller? List your house now. You have very little competition! If you are a buyer, you need to write compelling and competitive offers.
*(I looked at 84098 and 84060, not the entire Park City MLS. There were 483 single family home sales in 2012 compared with 552 home sales in 2013. As of today, there are 340 single family homes listed for sale).