Park City Market Statistics and Information

MARKET PRICES: Like much of planet, Park City real estate prices have fallen about 30% from their market high. Specifically, the data indicates a 28% drop in houses and condos, and a 45% drop in lot prices. For the past 18 months, we have seen a good increase in the number of properties selling after a period of time in 2008 and 2009 when not much moved. We have not seen prices rising with this increase in transaction volume, however. Condo prices in particular are weak, with an oversupply in many market niches. One market segment is strong – properties under $300,000 get reviewed and even snapped up quickly if they are seen as a good value.

MARKET INFLUENCERS: Bank-owned properties are often setting the prices each market segment. About 7% of properties listed for sale in the Park City area are short sales or bank-owned, and 25% of our sold properties come from this small category. With the tough standards of appraising today, many sellers must match the prices of these bank-owned units to move their properties. Our Sellers are, in general, informed and realistic. Our average selling price is only 5% off the last listed price which fits within our historic range. This is not to say that some sellers don’t find they must lower their price over the months if they start with prices in mind from several years ago.

MARKET MOTIVATORS: With the world markets sometimes seeming to be in disarray, Park City is now –perhaps more than at any time in the past—seen as a refuge for families to gather. The major motive for buyers is to provide a convenient spot for families to meet over both the cool summer months and during the snow season. Since the citizens of Park City have voted repeatedly to buy and deed-restrict our undeveloped lands, investors feel good about the security of an investment here knowing that the key parts of town won’t be overdeveloped. We are definitely seeing all price points within these areas being of interest to buyers, mostly in the $1M-$6M range. These buyers generally look for quality and value, and often prefer newer product. Consequently, we have seen strong activity in Promontory, a large golf/swim/horse/gym/art community just outside Park City with great views of the ski resorts.

MARKET TRENDS: One market segment which could be approaching stability is our primary, single family home market (as differentiated from second homes.) The last 9 months of data show a slight increase in median and in average prices of sold homes in this segment. The variety of the small market niches means that knowledgeable stats can be of genuine value. IF you are interested in real estate in Park City, please let me know what parameters are of importance to you.

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