The Park City housing market saw some notable shifts from June to July, particularly in sales activity and prices. Here’s a breakdown of how the single-family home market evolved over the past month.
1. Homes Available
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June: 265
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July: 263
What It Means:
Inventory stayed almost flat, dipping slightly in July. This suggests that while new listings may be entering the market, homes are also selling at a steady pace.
2. Properties Sold
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June: 32
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July: 42
What It Means:
Sales activity picked up in July, with 10 more homes sold than the previous month. This increase signals that buyer interest in Park City remains strong, even with luxury-level pricing.
3. Average Days on Market
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June: 58 days
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July: 59 days
What It Means:
The average time to sell remained essentially unchanged. Homes are still spending close to two months on the market, which is typical for high-end markets like Park City where buyers take time to make decisions.
4. Average Sales Price
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June: $2,867,437
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July: $3,706,572
What It Means:
The average sales price surged by over $800,000, showing that July saw more luxury properties close. Park City’s market often fluctuates based on which price segments are selling, and July was clearly a strong month for high-end homes.
5. Total Sales Volume
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June: $91,757,995
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July: $155,676,064
What It Means:
Sales volume jumped dramatically in July, nearly doubling June’s total. This aligns with the higher average sales price and increased number of homes sold, confirming that the luxury segment drove the market last month.
Key Takeaways
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Luxury sales are leading the market. The significant jump in average sales price and total volume shows that higher-end buyers are active.
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Inventory is stable. With only a slight decrease in homes available, buyers still have options, but competition could heat up if demand continues to rise.
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July was a stronger month for sellers. Homes sold for significantly higher prices, reflecting Park City’s ongoing appeal as a luxury destination.
