A Buyer's Market?
Welcome to the latest update on the Park City Real Estate market for Quarter 1 2023. Whether you're an existing homeowner or a buyer looking to purchase in Park City, my goal is to make you an expert on the market. I'm going to share graphs, statistics, and the stories behind the numbers, but if you only read one part of this update here's my biggest takeaway:
Closings are down and overall listings are up but generalizations like that paint a misleading picture that it's universally a "buyer's market."
In fact, there's a shortage of listings for what buyers actually want to buy: properties that are safe investments. Buyers care more about the fundamentals, again, and
Think homes in the Park City School District that are move-in ready. Properties with ski access at Deer Valley®. Buyers care more about the fundamentals in a climate like this and when there's a shortage of i
Buyers in this climate care more about making a good long term investment and are less willing to take on risk. That's driving them to areas with timeless appeal and properties that are move-in ready with desirable features. There's a shortage of these listings so even though there are fewer buyers in the market they can still end up competing because they want the same thing. L
You can't make a good decision on market-wide or generalized statistics. The nuances matter, and understanding them is fundamental to your decision
There's a shortage of new listings in the most desirable neighborhoods and segments of the market. The areas that have always been appealing are still just as appealing, and there's less homeowners willing to sell. Overall closings are down about 40%, and higher interest rates have a lot to do with it, mostly because they're keeping homeowners in their properties longer and lesss w
t's not a buyer's market across the board. Even though closings are down about 40%, there's an even greater shortage of new, desirable listings in the Park City School District. Overall inventory is up on the Park City Multiple Listing Service, but
Think updated homes in the Park City school district or townhomes with ski access at Deer Valley, or a single family hom
There's about 40% fewer buyers in the market right now and about 50% fewer new listings for sale. The buyers who remain seem to want the same thing and and can still end up competing with each other. They want desirable properties in sought-after neighborhoods, priced to reflect a plateau in appreciation over the past year. The more desirable, the more competiteve
will provide key statistics on the market and tell the stories behind the numbers that will make you a more informed buyer, homeowner, or investor.
I ask the question, i
The ski season always brings new visitors to Park City and I've seen many buyers come to town with the expectation that our market is soft and that sellers should be motivated to negotiate deep discounts.
This winter has revealed a trend that may cause some concern for buyers and sellers alike. While the overall number of sales has decreased compared to the previous quarter, this is not necessarily a sign of a slowing market. In fact, the main reason behind the decline in sales can be attributed to the shortage of desirable inventory for sale.
As a result of this inventory shortage, there's been increased competition among buyers who are trying to purchase the limited number of available properties. Additionally, with fewer homes on the market, sellers have a significant advantage in terms of pricing their properties.
In this blog post, we'll explore the factors contributing to the current state of the Park City Real Estate market and what we can expect moving forward. We'll also examine the impact of the ongoing pandemic and how it has affected the market over the past year.
If you're a buyer or seller in the Park City area, you won't want to miss this update on the latest trends and insights for the first quarter of 2023. Let's dive in and take a closer look at the Park City Real Estate market.
First quarter statistics are confirming what I've been experiencing this winter: desirable properties priced well are selling quickly and sometimes with multiple offers while unrealistically priced and less desirable properties are staying on the market with little activity.
These lingering properties are unfortunately creating the perception among buyers that the market is slow.
City Limits
Need new listings priced competitively.
Park Meadows
