Park City Real Estate Market – Quick Market Update – 1st Quarter 2016!

The Park City median sales prices are currently up 13 percent across all three major market segments: Park City Proper, Snyderville Basin and Heber City. We therefore are starting to see price resistance in some neighborhoods due to slower market absorption. In fact the number of closed sales in the first quarter of 2016 was down 13.8 percent from 2015. *data pulled from pcmls.*

Here in Park City, we’re still seeing neighborhoods with very tight inventory. This means if you list your home for sale, it will likely sell quickly and possibly above asking price. In other neighborhoods, sales are slowing down and home prices are lower than they were last year, or leveling off.

Interest rates are set to stay low for the rest of the year making it attractive for buyers to invest. On the other hand it increases the number of buyers looking at your home for sale.

Hot markets that did not see a dip in the number of sales: Upper Deer Valley with its finished Stein Eriksen Residences; Prospector; Canyons Village; Kimball Junction; Jordanelle area and the Heber Valley.

Now is a good time to sell. If you’re thinking about selling your home or would like to know what your home is worth, call KW Real Estate Broker Steve Blankenship at 435-640-6966.