I help buyers from all over the world buy condos in Park City, Utah and they often ask me “when is the best time to buy?” Typically, my answer is “when you find the right property - that’s when it is the best time to buy real estate in Park City."
We have a unique market where the inventory can come in waves. There are times when there will be three or four condos for sale in a particular subdivision but within a month or two, they all sell, and it could be three to four years until a similar unit comes on the market. My favorite part of the transaction is negotiating the deal - it just feels good to negotiate a good deal – but Park City is more about the lifestyle you have while you’re here and enjoying those years special times that you can never get back once time has passed us.
Park City real estate is tricky with views, custom builds, over the top remodels, ski-in-ski-out, low price points but still with a good location at $200 per square foot or an amazing location at over $1,500.00 per square foot. When I start digging into the numbers of sales for 2018 the numbers show that the lower priced condos and new developments have sold the most frequently over the past year. Subdivisions such as Prospector Square Condos (26 sales), Red Pine Condos (24 sales), and Blackstone Residences (23 sales) in the Canyons Village have sold the most. On the other hand, there were 45 subdivisions that only had one sale the entire year. When you get into the luxury condo market highest priced condo to sell in Park City in 2018 was listed for $8,700,000 in the Montage Deer Valley followed by some Stein Eriksen Residences and One Empire Pass. The four lowest priced condos were studios in Prospector Square that were all listed in the low $100,000 range. Park City is a pretty special place that has different types of properties for different types of people.
Back to “When is the best time to buy in Park City?” Below you’ll see an outline of the number of sales per month – keep in mind that a property actually records as sold after it’s been under contract for a while. There can be a long gap, as much as 18 months, in new construction but typically there is a 30-day window from going under contract to closing.
Number of Condos Sold Per Month in Park City, Utah:
- January: 31
- February: 46
- March: 59
- April: 65
- May: 62
- June: 52
- July: 44
- August: 49
- September: 43
- October: 56
- November: 37
- December: 43
More information about Park City condos sold in 2018.
The average condo in Park City sold for $1,025,856.00, the median priced condo sold for $635,000.00 and Park City condo sales totaled over $600,000,000 in total volume for 2018. When representing condo buyers and sellers my average for 2018 was over $2,000,000.00 in Park City and I mention that because not all my real estate sales were in the data that I pulled from the MLS – and maybe you’re looking for a high-end condo in Park City and need some professional representation. While all the figures above come directly from the Park City MLS there are a few things that could skew the numbers. To mention a few, if a property is not currently listed for sale on the MLS there is a possibility that the sale never gets reported. All agents on the Park City Board of Realtors are required to report the sale of any property that is listed on the MLS but within the past year I’ve had some unique circumstances where I’ve sold over $5,000,000.00 of properties that were not required to be reported to the MLS - so the numbers can’t be perfect because not every transaction is reported. Lastly, many of the ski condos are brought to market in the winter months so the sales may look very strong for the springtime but there may be more inventory – in the end, everything evens out.
In closing, my advice for when is the right time to buy real estate in Park City.
My advice is if you find a property you love, buy it. Don’t wait years only to have time pass you by and always think “I could have, I should have, I would have, but…”
If you are searching for Park City condos for sale, use www.RealEstateInParkCity.com where I have every local listing from every local broker. The website is updated every 15 minutes with new listings of Park City homes, condos, and land for sale. If you would just like to view new construction, luxury (links below) or properties that allow for nightly rentals – this is the best website in Park City, and I can make sure you are updated daily or weekly with new real estate listings.