When is the best time of year to buy a condo in Park City, Utah?

1. Executive Summary

Over the past two decades, condo sales in Park City have shown distinct trends based on seasons and months. While many buyers might assume that winter (during ski season) would be the best time to buy due to Park City’s reputation as a winter sports hub, the data suggests otherwise. Our analysis shows that February, March, and August have the lowest sales volume, providing the best opportunities for buyers to find favorable prices with reduced competition.

In contrast, June and December are peak sales months, meaning there’s more competition, and prices tend to be higher.

This blog post details these trends, helping potential buyers understand when to move into the Park City condo market.

2. Key Insights and Findings

Monthly Sales Trends

• Low Sales Months: February, March, and August stand out with lower sales volumes, suggesting reduced competition. Buyers looking to negotiate better deals should focus on these months.
• High Sales Months: June and December consistently show high sales volumes, meaning more competition and likely higher prices.

Seasonal Sales Trends

• Winter (December to February): While December can be busy, January and February see less activity. With fewer buyers, you might find a better deal in February as sellers look to close deals before the spring season.
• Spring (March to May): The beginning of spring is a slow period, with March being another great month for buyers. However, sales increase toward May, leading to higher prices by June.
• Summer (June to August): Summer is the busiest season for condo sales, and activity spikes in June. June is particularly competitive, but by August, activity slows down, offering a window of opportunity for smart buyers.
• Fall (September to November): While not as busy as summer, fall still sees moderate activity. Sales tend to pick up towards November, so buying earlier in the fall might provide a good deal.

Read more about Park City Market Trends.

3. Detailed Monthly Breakdown

Let’s dig deeper into the monthly sales trends over the years:

• February and March: With an average of 46 and 45 units sold during these months, this is one of the best times to buy a condo in Park City. With less competition, sellers may be more motivated, translating into better deals for buyers.
• June: This month sees a significant spike in sales activity, with an average of 68 units sold, making it a less favorable time for buyers. Increased competition typically drives up prices.
• August: Another great month to consider, August sees a slight dip in sales volume with 49 units sold. This mid-year lull provides another opportunity to buy before the fall activity picks up.

4. Seasonal Analysis: What You Need to Know

When looking at condo sales by season, the data highlights distinct patterns that can help guide your buying decisions:

• Winter: The average number of units sold during winter is 57.3, lower than summer but still relatively active. February is a month with reduced activity, offering great buying conditions.
• Spring: With an average of 51.7 units sold, spring starts slow but picks up toward May and June. If you want to buy before the competition heats up, March and April are good times to act.
• Summer: Summer is the busiest season, with an average of 63.4 units sold, with June being the peak. While this may be a popular time to purchase, you may face stiff competition from other buyers.
• Fall: With an average of 56.8 units sold, fall offers moderate activity. However, early fall is preferable, as sales peak in November.

5. Notable Market Events

Between 2020 and 2021, Park City experienced an unusual spike in condo sales, influenced by the COVID-19 pandemic. This period saw a sharp increase in housing demand, causing a temporary anomaly in the typical seasonal trends. While it’s important to recognize this spike, it does not represent the long-term norms of the market.

6. Recommendations: When is the Best Time to Buy?

Best Months to Buy:

• February and March: These months stand out due to their lower sales volume and competition. If you’re in the market for a condo and looking for favorable pricing, these months should be at the top of your list.
• August is another strong opportunity for buyers. Sales activity slows down after the peak summer months, and sellers may be more open to negotiation before the busier fall season begins.

Months to Avoid:

• June is one of the busiest months, and you’ll likely face competition from numerous other buyers. If you’re looking for a good deal, it's best to avoid buying during this peak time.
• December: Like June, December sees a surge in sales activity, making it another month to avoid if you’re aiming for lower prices.

7. Conclusion: Timing is Key in Park City Real Estate

Whether purchasing a condo for personal use or as an investment, understanding the sales patterns in Park City’s real estate market is crucial. Targeting months with lower sales volumes—like February, March, and August—gives you a better chance of securing more favorable pricing and negotiation opportunities.

This data is particularly valuable because it reflects genuine sales trends without being skewed by factors like sudden surges in new construction closings, which can artificially inflate monthly figures. For today’s prospective buyers, these insights serve as a practical guide to wisely navigating the Park City condo market.

As for the right time to buy? My advice is simple: If you find a property you love, buy it. Don’t wait years only to regret missed opportunities, thinking, "I could have, I should have, I would have..."

If you're searching for a Park City Condo for sale, use my website. It features every local listing from every broker in the area and is updated every 15 minutes with new properties, including Park City homes, condos, and land for sale.

Working with Derrik & Co., experienced Park City Realtors, can make all the difference. Their deep market knowledge and understanding of local trends will help you navigate the complexities of Park City condo sales, ensuring you find the right property for your needs.

Editor's Note:

This post was originally published on January 29, 2019, and updated again in June 2022. This article has been completely revamped and updated for accuracy and comprehensiveness. The most recent update was September 20, 2024.

Contact Your Trusted Park City Realtor:

Are you thinking about buying a condo in Park City? Don’t miss out on the best opportunities! Reach out to your trusted Park City Realtor to explore available condos today. Now is the perfect time to get ahead of the market and move.

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