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2 Important Statistics to Consider When Selling in Park City
Manage episode 152446265 series 1059568
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There are 2 fascinating takeaways from the first quarter statistics for sellers in today’s market.
First, the median sales price across our 3 major markets increased 13% year over year. That means sale prices have gone up 13% in Park City proper, the Snyderville Basin, and in Heber Valley.
Next, Rick Klein from Wells Fargo released new information about sales velocity and pricing around the median sale price. When you’re working with a seller, this can be very useful information. Basically, if you price at the median sale price, or at least very close to it, your home will sell in about 2 to 4 months as long as the home is in good condition.
First, the median sales price across our 3 major markets increased 13% year over year. That means sale prices have gone up 13% in Park City proper, the Snyderville Basin, and in Heber Valley.
Next, Rick Klein from Wells Fargo released new information about sales velocity and pricing around the median sale price. When you’re working with a seller, this can be very useful information. Basically, if you price at the median sale price, or at least very close to it, your home will sell in about 2 to 4 months as long as the home is in good condition.
However, if you price over the median sale price, it can take you 22 to 24 months to sell! The seller who wants to overprice must not be very motivated, right? As you can see, it takes 4 to 5 times longer to sell when a property is overpriced.
If you have any questions, give us a call or send us an email. We would be happy to help you!
If you have any questions, give us a call or send us an email. We would be happy to help you!
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