The Park City real estate market in November 2024 showcased interesting trends, reflecting the seasonal shifts and ongoing dynamics in the area. With a noticeable change in inventory levels, average days on market, and sales activity, these stats provide valuable insights for buyers and sellers navigating this vibrant luxury market. Let's dive into the details to understand how the Park City real estate market performed last month.
PARK CITY CONDO & TOWNHOUSE MARKET
For the Park City condos and townhouse market in November 2024, new listings decreased to 28, reflecting a 36.36% decline compared to the previous month and a 39.13% drop over the past year, signaling tighter inventory. Active listings stood at 133, showing a reduction of 11.92% month-over-month and 15.82% year-over-year. Despite lower inventory, demand remained steady, with 226 properties under contract—a slight 0.44% increase over the past six months and a notable 22.83% annual rise. Forty properties were sold during the month, a 14.89% drop from October but a robust 37.93% increase compared to both six and twelve months prior. The average days on market (DOM) was 84, slightly faster than last year, while the $1M-$3M price range dominated sales (35%), followed by $300K-$500K (27.5%). This data highlights a dynamic market with growing buyer interest despite inventory challenges.
PARK CITY SINGLE FAMILY HOME MARKET
In November 2024, there were 36 single family homes sold in Park City, marking a decline compared to October. The average days on market (DOM) increased, indicating slower turnover in the market. The average sales price decreased to $2,947,501, which is 13.59% lower than last month. These numbers suggest a cooling market heading into the winter season, typical for the time of year but with resilient pricing in the luxury segment.
If you're ready to seize the opportunities this market offers—whether buying your dream Park City home or condo or selling your current property—reach out to me today. I'm here to guide you every step of the way!
