Real Estate Inventory Levels are Shrinking in Park City

Looking at current real estate inventory levels, we can measure a dramatic decrease in available properties for sale. We are now just about through the summer selling season and the Park City Board of Realtors will have a Q3 Statistics Report out at about mid October, once we finish up with September sales. Fall is a great time to come view real estate because it is easy to get into most properties as bookings are much lower in the "in-between" season. As we have mentioned before, we have been seeing the inventory shrink. And now when good properties come up for sale, they do go fast. So we decided to look at a few different market segments to see where the inventory levels are at. Not too long ago, it was common to look at a particular MLS area of Park City and maybe have about 80 homes on the market, with only 15-20 sold in the last 6 months, which would give us about 2 - 2 1/2 years worth of inventory. Thats a lot, and therefore produces no sense of urgency. A balanced real estate market seems to operate at about a years worth (or little more) of inventory.

As Park City Realtors, we have access to all the market records and data from our Park City MLS. We pulled up the statistics for a few popular market segments to get a snapshot of the market conditions. Below are the results of where the inventory levels are currently at. For each real estate market segment, we pulled all current active listings, including shorts sales and bank owned properties to get an overall number for the active listings. Then we pulled the number of all current pending sales, pending short sales and all closed sales within just the last 6 months. We use that pending and closed number to calculate how many months of supply there is according to the current amount of homes or condos for sale.

DEER VALLEY REAL ESTATE MARKETS:::

Upper Deer Valley Condos
35 Active Listings for Sale
24 Pending or Closed Sales in last 6 months
About 8 months worth of inventory

Empire Pass Deer Valley Condos
33 Active Listings for Sale
19 Pending or Closed Sales in last 6 months
About 10 months worth of inventory

Lower Deer Valley Homes
23 Active Listings for Sale
11 Pending or Closed Sales in last 6 months
About 12 months worth of inventory

Lower Deer Valley Condos
56 Active Listings for Sale
19 Pending or Closed Sales in last 6 months
About 1 1/2 years worth of inventory

PARK CITY REAL ESTATE MARKETS:::

Old Town Park City Homes
48 Active Listings for Sale
32 Pending or Closed Sales in last 6 months
About 9 months worth of inventory

Park Meadows Homes
55 Active Listings for Sale
28 Pending or Closed Sales in last 6 months
About 12 months worth of inventory

PARK CITY EXTENDED REAL ESTATE MARKETS:::

Silver Springs Homes
15 Active Listings for Sale
26 Pending or Closed Sales in last 6 months
Only 3 months worth of inventory

Jeremy Ranch Homes
37 Active Listings for Sale
45 Pending or Closed Sales in last 6 months
Only 5 months worth of inventory

Pinebrook Homes
35 Active Listings for Sale
48 Pending or Closed Sales in last 6 months
Only 4 months worth of inventory

Kimball Junction Condos
22 Active Listings for Sale
53 Pending or Closed Sales in last 6 months
Only 2.5 months worth of inventory

OVERALL MARKET SUMMARIES:::

OVERALL - Deer Valley & Park City Proper Homes ("In-Town")
183 Active Listings for Sale
112 Pending or Closed Sales in last 6 months
About 10 months worth of inventory

OVERALL - Deer Valley & Park City Proper Condos ("In-Town")
315 Active Listings for Sale
208 Pending or Closed Sales in last 6 months
About 9 months worth of inventory

OVERALL - Park City Extended Homes (Past White Barn)
290 Active Listings for Sale
255 Pending or Closed Sales in last 6 months
About 7 months worth of inventory

OVERALL - Park City Extended Condos (Past White Barn)
126 Active Listings for Sale
165 Pending or Closed Sales in last 6 months
Only 4.5 months worth of inventory