After 21 years in the business, I know in my gut that Quarter 4 (October through December) is the best time to be a buyer if you are looking for a deal. But I always verify my gut with data. I used AI to crunch three years of data from Park City and the Heber Valley. Here are some of the major conclusions.
Q2 vs Q4 Park City Real Estate Numbers
Pay attention to the comparison vs the actual numbers, as they are a blend of two very distinct markets.
Average Sold Price
Q2: $2.45 million
Q4: $2.03 million
Prices in Q4 tend to be lower than in Q2, with a noticeable difference.
Median Sold Price
Q2: $2.41 million
Q4: $2.01 million
The median prices also follow the same trend, with Q4 prices being lower than in Q2.
Average SP/LP (Sale Price/List Price) Ratio
Q2: 0.977 (97.7%)
Q4: 0.957 (95.7%)
The sale-to-list price ratio is slightly higher in Q2, indicating that properties sell closer to their list price in Q2 compared to Q4.
Average Days on Market (DOM)
Q2: 50 days
Q4: 63 days
Properties tend to stay on the market longer in Q4 compared to Q2. Overall, the data suggests that buying in Q4 might offer lower prices and slightly lower sale-to-list price ratios.
The Best Time to Buy a House in Park City
Q2 might be better if:
- You prefer more inventory and selection.
- You’re looking to purchase a property and start using or renting it during the peak summer or winter seasons.
Q4 might be better if:
- You prefer less competition and a potentially slower market.
- You’re looking for motivated sellers and possibly better negotiating power.
- You are fine with fewer listings or are targeting properties that have been on the market for a while.
The data suggests that Q2 tends to be more dynamic in terms of inventory and competition, while Q4 might present more opportunities for negotiation and potential deals if you can find the right property.
This is a great time to plan a visit to Park City as lodging prices are low and there are plenty of properties to view. Whether you are looking for a ski home or are contemplating a move, Q4 is a great time to be a buyer.