Market Statistics and Trends
In this article, we are comparing the sales data for March 2016 through February 2017 (depicted with red bars) with the previous year, March 2015 through February 2016 (displayed with silver bars). The total number of homes sold, including those within the Park City city limits and in the Snyderville Basin, was up 7%, or 36 sales, in the more recent 12 months. The total number of condominiums sold in the Park City city limits and the Snyderville Basin was down 7% or 47 sales in the same time range. Lot sales were also down -- by 15% or 30 sales.
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Now let's break this data down further and look at sales activity within the Park City limits as well as in the Snyderville Basin (Park City county area excluding city limits). The charts below compare the number of sales, year-over-year, as well as the median sold prices for the same areas, year-over-year.
The total number of homes sold in the last 12 months was 534 compared to 498 the prior 12 months. Within the Park City city limits, homes sales fell by 10 sales, or 6%, with 152 homes sold in the last year compared to 162 sales the year before. Homes sold in the Snyderville Basin rose by 14%, or 46 sales, from 336 to 382.
The total number of condos sold fell by 20, from 683 sales between March 2015 and February 2016 to 663 between March 2016 and February 2017. Condominium sales within the city limits were up by just 2%, or 7 sales, while condo sales in the Snyderville Basin fell by 54 sales, which is a 15% decrease from the previous year.
Vacant Land Sales
Vacant land sales fell by 30 sales. This drastic 48% decrease was largely due to the fact that there were so few homesites on the market, particularly within the Park City city limits. Sales fell by 48% in the city limits from 33 to 17. In the Snyderville Basin the number of lots sold fell by 14, or 9%, from 162 sales in the last 12 months to 148 sales in the prior 12 months.