The Best Time of Year to Buy a Park City Home?
When showing Park City homes that are listed for sale I'm frequently asked, "When is the best time of year to buy a home in Park City Utah?" in other words - Hey, when can I get the best deal on a house? I usually respond with the line, when we find the perfect home for you! For a while, I've wanted to dive into the data of when actually might be the best time of year to find a bargain - everything's relative, right? Park City real estate is complex and many of the homes are custom built with specific tastes and unique architecture/finishes can make it challenging to find the true value of a home. Homeowners tend to own their properties longer here than in most other areas of the United States which can lead to a lack of comparable properties. My advice, if you see a home come on the market that you love - let's get you a good deal and snatch it up!
Several months ago I wrote an article on condo sales and When is the best time of year to buy a condo in Park City, Utah? and it's done so well enough that I thought it would be helpful for you to know when the best time to buy a single-family home as well. In this article, I've done deep research on Park City real estate by going back five years and breaking sales down by year and even deeper by month. While the information provided is data-driven and factual it isn't broken down to areas smaller than Park City. The reason why the data isn't broken down to an area like Deer Valley is because the numbers start becoming too small and not meaningful and if I break it down to an area like Deer Valley, or Promontory for that matter, then the data should be broken down into neighborhoods and again we don't have enough meaningful data because one or two sales would throw the entire graph out of whack. If you're interested in buying a home in Park City this will be a good broad overview - if you're interested in a specific area or price band we can get you some specific data, graphs, and charts. The real estate market functions differently within different price ranges. While the sub $1,000,000 price point has been on fire for the past few years, the $5,000,000 and above price range hasn't necessarily ever taken back off to pre 2008 prices. That being said about luxury homes in Park City, we recently had a $25,000,000 home in Deer Crest go under contract in weeks. While the days on the market may seem long on some properties, they will sell if priced correctly. I've recently had great success making offers on properties that were overpriced and the sellers just needed an offer to sell.
Starting to Dig Into The Numbers: The homes for sale in Park City can be challenging to navigate and differentiate with unique views, custom builds, expensive remodels, ski-in-ski-out access. Over the past five years, the recorded price range of homes which have sold in Park City has been from the lowest price of $290,000 to the highest price of $18,952,000. Fun Tidbit - The three highest recorded sales prices of homes in Park City have been in The Colony at White Pine Canyon, sales in The Canyons have been strong, and the Deer Valley neighborhoods of Bald Eagle, Stein Eriksen Residences, Deer Crest, and Empire Pass aren't far behind. When I really start digging into the data I find that the most sales took place in August of 2017 with 62 sales, but in May 2016, July 2017, and August 2019 there were 61 sales in each of those months. The lowest month for homes sold in Park City was in January 2016 with 24 sales, and the lowest recent month was March 2019 with 31 sales. Historically, over the past five years, August has the most sales per month with 54.8 homes sold and December is the slowest month with an average of 35.2 homes sold. Remember that closings on new construction tend to take thirty to forty-five days from the time the offer was written. On new construction, the time to close can be anywhere from eight months to several years - depending on the product.
Average Number of Sales Per Month in Park City Over the Past Five Years
- January 152
- February 166
- March 170
- April 230
- May 259
- June 260
- July 253
- August 329
- September 250
- October 258
- November 206
- December 176
Sales of Park City Homes Per Month from 2014 to 2019:
The numbers above speak as to what month is best to buy a home in Park City, Utah. I also think it's important to understand and see the previous five years of sale as a linear timeline. You'll notice that our market is very consistent from 2014 to 2019 - our peaks range from 55 to 62 sales while the lows fall below 30 a few years but really have 31 sales as a floor. To see larger graphs you can view them here. Park City is a small market and we've been able to satisfy the demand of home buyers with new construction since 2014 but as many of the prize parcels are developed we start to have to become creative to find acceptable properties for buyers. I believe that plays a part in the dip to 2018 - I also believe that in 2018 we started running out of properties that were underwater since 2010. From 2010 until 2018 we had a percentage of the market that wanted to sell but they were still owed more on their home than it was worth. Most of the market in Park City is above pre-recession prices but there are still a few places that have the opportunity to pay up to 25% less than the owner paid in 2007. That information is reserved for clients - so feel free to call me to discuss what may be the best opportunities for you.
Number of Homes Sold from January to August 2015 through 2019.
Since we don't have a full year of homes sold in Park City for 2019 I wanted to see if we were on track compared to the previous years. At 352 homes sold for 2019, we are on track for the second-best year for the number of homes sold since 2015. We had so much snow this spring that I had as many buyers say they would be back later in the year because they were going skiing instead of looking at real estate. I had a theory that we would catch up later in the year because most of those buyers did return and buy a home. As for 2017 being the high mark, it was the year after the Presidential election and buyers tend to pull back on big-ticket items on election years but ended up buying in 2017.
- Year: #Sold
- 2015: 342
- 2016: 344
- 2017: 383
- 2018: 348
- 2019: 352
In closing, my advice for “The Best Time of Year to Buy a Park City Home?”
My advice is if you find a property you love, sleep on it & buy it if you can't stop thinking about your perfect future home... Life is short so take advantage of the fun times!
If you are searching for a Park City Home for sale, use my website where I have every Park City MLS 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. I love helping buyers and sellers in Park City so please feel free to reach out to me directly.
Related Park City Home Searches:
- Park City Homes for Sale
- Luxury Homes in Park City, Utah
- Park City Ski Homes
- Golf Homes in the Park City Area
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- Park City Multiple Listing Service Map Search
Current Statistics of Park City Homes for Sale
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