Trulia.com published the graph below in an article that analyzed the national housing inventory as mismatched between the homes available and price points where buyers are searching for properties.
I decided to take a look at the Park City numbers to see if there is a blog-worthy story. I only looked at single-family homes, (not condominiums), and I used Park City zip codes 84098 and 84060.
I decided to break homes into 3 categories based on my own sense of the Park City real estate market. Here is what I found:
Starter Homes (Under $1M)
Thirty-eight active homes. Last 6 months, 99 closed and 20 pending.
Less than 2 months of inventory. Holy cow, this is a SELLERS’ MARKET for sure and we are seeing multiple offers on many homes in this price point.
Trade Up Homes ($1M-$3M)
One hundred forty-nine active homes. Last 6 months, 104 closed and 40 pending. This is a BALANCED MARKET with 5.8 months of inventory.
Premium Homes ($3-$5M)
Sixty-four active. Last 6 months, 18 closed and 8 pending. This is a BUYERS’ MARKET with 14 months of inventory.
Are there homes in the buyers’ and balanced markets that are sitting and not selling? Yes. Are there multiple offers in the Premium homes category? Yes. It depends on how well the home is priced, showing condition and specific neighborhood.
Real estate is local. If you are thinking about buying OR selling this spring, you need to understand the exact market conditions in your price point and desired neighborhood.