Is There a Best Time of Year to Buy In Park City?
I get asked this question all the time. And it all depends on what type of buyer you are. Are you looking for a single family home in a family neighborhood as a primary residence? Or are you looking for a second home, close to the slopes? There are so many variables in the Park City real estate market. We really have two different selling seasons which translates into year round real estate activity.
For single family home, full time resident buyers, get ready in the early spring, which in Park City, is later than in lower elevation locations. Sellers want to sell when their home will look best in photos. April and May is still shoulder season in Park City, no leaves on the trees and no landscape popping for curb appeal. But a really savvy seller will take advantage of the lack of competition and list for sale a little early. There are often a few very desirable homes entering the market while there is still snow on the ground. Buyers should use late winter as a time to get pre-approved with a lender and do research on neighborhoods and schools. Being prepared and informed on the market ahead of time will allow you to pounce on the right home for you and your family without feeling like you’ve made a rash decision. This will also give you the opportunity to make a good offer on the early season new listings. If you’re coming from out of town, it’s worth it to take a trip to Park City in the early spring, ahead of the late spring/summer buyers. Park City gets another wave of closings in the later fall and early winter. These buyers were probably renting until the right home became available. Or, they are second home buyers who don’t want to be slope side and opt for a quieter neighborhood. The Buying Pattern Chart below shows the closed activity for Park Meadows, Thaynes Canyon and Prospector for 4+ bedrooms, 4+ bathrooms from $1m-2.5m.
If you are an Old Town Park City purchaser. The buying patterns are a little different. Many of the Old Town homes are rented in the winter. Often, buyers are unable to view a lot of homes on their winter trips. So they come to town, ski, have fun on Main Street and look at a few properties. Then they schedule a buying trip for the summer. There are plenty of properties to view June through August, when it is absolutely gorgeous in Park City. You’ll notice in the chart below that we get a splurge of sales closing in early spring, for the homes that were able to be viewed. Then another splurge in the fall, from our summer buyers. After studying both charts, you’ll notice that there is very little activity late December, January and February for either the full time resident buyer or second family home buyer. The parameters used for the Buyer Pattern Chart below are 4+ bedrooms, 4+ bathrooms, $1.5m-$2.5m.
If you’d like more detailed information about an area that is not included in either chart, please give me a call. I’m happy to give you an analysis for your preferred neighborhood. The bottom line for any purchase, be prepared. If you plan on financing, get pre-approved with a local lender. I have great recommendations. If you plan on paying cash, have a proof of funds letter available from your banker.