Best Time to Buy and Sell a Primary Residence in Park City
Real Estate Analysis - 7 Minute Read
6/9/2023(Updated 7/8/2023)
Park City is the perfect place to live full time because of its thriving local economy, great schools, small town atmosphere, close proximity to Salt Lake City airport and jobs, and healthy outdoor lifestyle. You can enjoy the best of both worlds with a bustling city nearby and a small town feel in Park City. In this blog post, we will explore the various areas considered primary residence locations, the types of properties available, and the seasonality of listings and inventory. Finally, we'll discuss the best times to buy and sell, so you can make informed decisions about investing in Park City's thriving real estate market.
The Primary Residence market shares many seasonal and property type characteristics with the Golf Community market. Both markets overlap where a golf community affords an easy commute to Salt Lake City.
When is the Best Time?
The best time to sell a Park City primary residence is June and July. The best time to buy a primary residence is during the summer when looking for the most choices. Buyers will find the best deals during Fall and Winter when the days on market peak.
Park City Primary Residence Areas
Primary residence areas are neighborhoods that feature single family residences in the Park City school district, easy access to Salt Lake City, allow for long-term rentals, and boast lots of families with school aged children. Price is often a primary factor on choosing a preferred neighbhorhood. In the most recent quarter, an average single family house in Pinebrook averaged $920,000 while in the gated Glenwild community the average is $5,000,000. The links below provide a brief overview of the Park City real estate areas popular for primary residences along with some summary statistics. You can view all of the Park City real estate areas at our Areas page that contains an interactive map.
Types of Properties
Buyers in the market for a primary residence have a range of options to choose from, with a significant focus on single family houses. The pie chart below titled "Listing by Type - Primary Residence" shows the breakdown of listings by property type in Park City primary residence areas. According to the chart, single family houses make up the largest percentage of listings at 73%, followed by townhosues at 20%, and condos at just 7%. The links to the Park City Primary Residence Areas above provide a property type breakdown specific to each area.
Primary Residence Listing Seasonality
The seasonality of the Park City primary residence market can have a significant impact on the number of new property listings and the total number of active listings. As shown by the blue line in the chart "# New Listings & Inventory," the number of new listings typically surges in the spring and early summer months with a peak in June. Park City reflects the national trend in this type of property where families want to have their children situated before the new school year begins. New listings gradually decrease after June and basically bottom out in September and remain low until the next spring.
The chart not only shows the number of new property listings but also provides insight into the inventory levels of the Park City primary housing market. As indicated by the green bars on the chart, inventory steadily builds through the spring and peaks in August. Interestingly, inventory levels fall off a cliff in October as families decide to stay put for the school year.
Seasonality of Property Types
The ‘New Listings by Unit Type’ radar plot provides a fascinating glimpse into the number of new listings for each type of property in the Park City primary home market. This chart vividly illustrates the single-family house’s dominance in the primary residence areas, outpacing other property types each month. Condo and townhouse property new listings remain consistent year-round. This chart clearly illustrates the new listings steadily increasing through the spring, peaking in June, and then steadily decreasing through the remainder of the year.
When to Sell
Determining the best time to sell a primary residence is driven by market and family-oriented factors, and the "# New Listings & Pended" chart provides valuable insights into buying trends in the Park City primary residence market. As indicated by the green bars on the chart, most primary homes are put under contract during the summer with the peak in August. The best time list your property is June and July when people are most actively shopping for their new homes yet inventory is still increasing. Waiting to list your property in August and September can result in your property missing the peak buying season if not price attactively. Selling in these areas outide the late spring and summer months greatly reduces the potential buying pool with most buyers falling into the second home market.
When to Buy
For those looking to buy a new family home in Park City, there are two approaches depending on your main goal. The "New Listings & DOM" chart provides valuable insights into the median days on market for primary residences, with green bars indicating the number of days a property has been listed. The fall and winter months offer the best opportunity to find a deal since the Days on Market is significantly higher and sellers will be more willing to negotiate. If you are looking for the best possible home to raise a family, the summer months will feature the most choices though the you will need to make quick decisions and have less bargaining power.
Slope Style Realty – Primary Residence Experts
At Slope Style Realty, we have decades of experience helping clients buy and sell primary residences in Park City. Our team consists of professionals who not only have extensive knowledge of the real estate market but also have personal experience living the full-time residence lifestyle. We are passionate about helping our clients find the perfect family home and are committed to providing exceptional service throughout the buying and selling process. Whether you're looking for a house, condo, townhouse, or land in the Park City full-time residential areas, we have the expertise to help you achieve your real estate goals. Please contact us today so we can get your perfect place for your family.
Andy Krumel – andy@slopestylerealty.com
Andy is a former naval aviator and Silicon Valley entrepreneur, having spent over 15 years delivering groundbreaking mobile and SAAS products. Andy brings his technical experience and innovative approaches to Slope Style Realty and KW Park City Keller Williams as a licensed Realtor.
