Park City Has 11 Months of Housing Inventory. Homes Are Still Selling in 27 Days.

Ask five people whether Park City is a buyer's market or a seller's market right now and you will get five different answers, and here is the frustrating part: all five of them can point to real numbers to back it up. I get some version of this question almost every week right now, usually from someone who read one market update online and then read a completely different take an hour later. So let's actually sort out what is happening, because both sides of this argument are using data that is technically true.

What "11 Months of Inventory" Actually Means

Here is the number everyone is talking about. As of September 2026, Park City is sitting on close to 11 months of housing inventory, based on the trailing 12 months of closed sales tracked by the Park City Board of REALTORS, according to an analysis by nCHevre Park City Real Estate. Months of inventory is a simple idea. Take everything currently for sale, divide it by how fast homes have been selling, and you get how long it would take to sell through the current supply at the current pace. Agents generally consider six months of inventory to be a balanced market. Eleven months clears that bar by nearly double, which on paper puts Park City in buyer's market territory.

And the underlying sales activity is not weak. The trailing 12 months ending June 30, 2026 produced 2,695 transactions worth $5.73 billion, up 9 percent from the year before. That is a lot of real estate changing hands. It just means new listings have been arriving faster than the market has been able to absorb them, particularly in certain price points and property types.

Why the Days on Market Number Tells a Completely Different Story

Here is where it gets interesting, and where most of the confusion comes from. In the first half of 2026, single family homes that actually sold in the Park City area went under contract in a median of just 27 days, and they sold for a median of 97.4 percent of list price, according to H1 2026 sales data compiled by RealEstateInParkCity.com. Condos and townhomes took a bit longer, a median of 39 days, and still closed at 96.8 percent of list price. Those are not the numbers of a market where nothing is moving.

It is also getting faster, not slower. Median days on market across the market sat at 50 days in the first quarter of 2026. By the second quarter, it had dropped to 30 days.

So here is the actual disconnect, and it matters if you are trying to make a decision. Months of inventory measures everything currently sitting on the market and asks how long it would take to clear it at the current pace. Days on market only measures the homes that actually sold. It says nothing about the ones still sitting there, unsold, dragging that 11 month number up.

So Is Park City a Buyer's Market or a Seller's Market?

Both numbers are correct at the same time because they are describing two different groups of homes. The Park City Board of REALTORS' own second quarter 2026 report shows single family home prices still climbing, up 10 percent year over year to a median of $1.7 million across the broader MLS area, on transaction counts also up double digits. Condos told a softer story, down 14 percent in units over the trailing 12 months, which the Board attributes to the market digesting a wave of new construction delivered in 2024 and 2025, not a drop in demand.

Put plainly: well priced, well presented single family homes are moving in under a month at close to full ask. The 11 month inventory figure is being pulled up by listings that are overpriced, dated, or sitting in a segment, like parts of the condo market, that is still working through excess supply. Both of those things are true in the same market at the same time. That is not a contradiction. That is just what a differentiated market looks like instead of a uniform one.

What This Looks Like By Neighborhood

The activity is not evenly spread either. Promontory logged 40 closings in the first half of 2026 totaling $254.3 million, at a median price of $5.65 million. The Deer Valley submarkets combined for 46 closings and $283.6 million, at a median of $5.275 million. Canyons Village, which skews toward condos and nightly rental product, saw 59 closings worth $188.7 million at a median of $1.66 million. Old Town posted 47 closings totaling $112.9 million at a median of $1.85 million. Those are four of the most active corners of the market by transaction count, and none of them look like places where inventory is piling up unsold. If you widen the search into the Snyderville Basin or east toward Jordanelle and Heber, pricing drops meaningfully, and that is usually where I point buyers who want more house for the same number.

What This Means If You Are Buying

Use the 11 month inventory number for what it actually is: leverage. It tells you there is real negotiating room on listings that have been sitting, and there is nothing wrong with making an aggressive offer on a home that has been on the market for 90 or 120 days. What it does not tell you is that you should expect that same leverage on a well priced, well located single family home. Those are still going under contract in under a month, often at close to asking price, and waiting for a crash that the data simply does not support is more likely to cost you the property than save you money.

What This Means If You Are Selling

Pricing discipline matters more right now than it has in a couple of years. Buyers have real alternatives for the first time since 2021, and they know it. Homes priced to where the market actually sits today are still selling in under 30 days at 97 percent of list. Homes priced to what a similar property did eighteen months ago are the ones quietly padding that 11 month inventory figure. If your home has been sitting, the market is telling you something, and it is usually about the number on the sign, not the house itself.

Park City Market Questions I Get Every Week

Is Park City actually a buyer's market right now?

Numerically, yes, based on months of supply. Practically, it depends entirely on what and where you are buying. Well priced single family homes are still selling quickly and close to full price. Overpriced or dated listings, and parts of the condo market working through new supply, are where the buyer's market conditions actually show up.

How long does it really take to sell a home in Park City?

In the first half of 2026, single family homes that sold went under contract in a median of 27 days. Condos and townhomes took a median of 39 days. Both are well under the pace that an 11 month inventory figure might suggest.

Are Park City home prices dropping?

Not on the single family side. The median rose 10 percent year over year to $1.7 million across the broader MLS area. Condos are softer, down 14 percent in units over the trailing 12 months, which reflects new supply being absorbed rather than falling demand.

Should I wait for prices to fall before buying in Park City?

The current data does not support that strategy. What has changed is negotiating leverage, not the direction of pricing on well positioned properties. That leverage is real on listings that have been sitting, and it is worth using now rather than waiting on a correction the numbers are not showing.

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