When to Buy a Condo in Park City, Utah
Key Points: This article discusses the best time of year to buy a condominium in the Deer Valley Resort Area and Park City, Utah. Below, we show historical graphs and data to help illustrate the prime times to buy condos in Park City. This report was last updated in September 2023.
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 your lifestyle while you're here and enjoying those years' special times that you can never get back once time has passed us.
If you like this article, you may like my write-up explaining Investment Property in Park City, Utah.
Park City real estate is tricky with views; custom builds, over-the-top remodels, ski-in-ski-out, and low price points but still with a good location at $200 per square foot or a fantastic location at over $1,500.00 per square foot. When I started digging into the sales numbers 2018, the numbers show that the lower-priced condos and new developments have sold the most frequently over the past year.
Condos in Park City: 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, 45 subdivisions only had one deal the entire year.
When you enter the luxury condo market, the highest-priced condo to sell in Park City in 2022 was listed for $9,000,000 in the Stein Eriksen Residences, followed by The Residences at the Tower and Montage Deer Valley. Several Old Town condos have sold the lowest-priced two-bedroom condos in Park City limits.
Park City is a special place with different types of properties for different kinds of people.
"When is the best time to buy in Park City?" Below, you'll see an outline of the number of monthly sales – keep in mind that property records are sold after being under contract for a while. There can be a long gap in new construction, as much as 18 months, but typically, there is a 30-day window from going under contract to closing.
Update June 2022 & Sept 2023:
I've considered updating this article in June 2022 but will wait until the market normalizes. Real estate in Park City has recently seen an extremely high demand, which would skew the numbers and make using historical numbers challenging. Click this link to see the Park City Real Estate Market Report. This report has been continually updated with current and historical data. As of late 2023, we have continued to use the sales statistics from years before the hot market of 2020-2022. This will give you a better feeling for what's going on in Park City, Utah's current real estate trends.
The Best Time of Year to Buy data
"Finding the opportune moment to invest in a Park City condo can be deciphered through an analysis of monthly condo sales data in Park City, Utah, gathered in 2018. Despite the temporal gap, this historical dataset remains relevant in our contemporary market landscape.
The trends illuminate: January saw 31 condo sales, which climbed to 46 in February. March and April, in particular, bore witness to a surge in market activity, with 59 and 65 condo sales, respectively. May and June sustained a healthy sales rhythm with 62 and 52 transactions. The market briefly moderated in July with 44 sales but rebounded strongly in August, recording 49 transactions. September and October displayed consistency, with 43 and 56 sales, respectively. However, November experienced a slight dip with 37 sales, while December closed the year with 43.
What makes this data exceptionally pertinent is the absence of potential skewing factors, such as a surge in new construction closings that can inflate monthly numbers. For today's prospective buyers, these insights offer a valuable compass for wisely navigating the Park City condo market.
a Park City Condo Depends on the Number of Condos Sold Per Month in a normal market
A graph and market data are provided below.
- January: 31
- February: 46
- March: 59
- April: 65
- May: 62
- June: 52
- July: 44
- August: 49
- September: 43
- October: 56
- November: 37
- December: 43
Additional 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 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, a few things 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 deal never gets reported.
All agents on the Park City Board of Realtors must report the sale of any property listed on the MLS. Still, within the past year, I've had some unique circumstances where I've sold over $5,000,000 of properties in Park City that were not required to be reported to the MLS. The numbers can't be perfect because not every transaction is reported.
Lastly, many ski condos are listed for sale in the winter months, so the number of sales may look robust for the springtime, but there may be more inventory – everything evens out in the end.
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 constantly think, "I could have, I should have, I would have, but…."
If you are searching for a Park City Condo for sale, use my website, 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 want to view new construction, luxury (links below), or rental properties – this is the best website in Park City, and I can make sure you are updated daily or weekly with new real estate listings.
Popular Areas for Park City Condos: Deer Valley | Old Town | The Canyons Village | Jordanelle
Related Searches:
- When is the best time to buy a home in Park City?
- Park City Condos for Sale
- Luxury Condos in Park City, Utah
- Park City Ski Condos Golf Condos in the Park City Area
Editor's Note: This post was originally published on January 29, 2019, and has been completely revamped and updated for accuracy and comprehensiveness. The most recent update was June 7, 2022.
Posted by Derrik Carlson on
Thank you for this blog post. If you want to relocate your home some another new location a professional real estate agent will guide you in a proper way.
Posted by Henry B. on Wednesday, August 21st, 2019 at 6:13amI was wondering how Park City real estate price trends in recent years compare to the peak of the market in 2007, prior to the The Great Recession of 2008/9. Have they reached a new peak that is higher than 2007, yet?
Posted by Jon on Monday, March 15th, 2021 at 12:56pmHi Jon,
Posted by Derrik Carlson on Monday, March 15th, 2021 at 4:32pmYes, the prices are typically higher than 2007. There are a few places in Empire Pass that are right in line with the high-water mark of the late 2000s' but there are also areas that are substantially higher. Is there a specific area you are curious about?
Kindly, Derrik
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