The second quarter market report shows that Park City Real Estate has seen the highest numbers of sales since the fourth quarter of 2007.
- Total sales are up 24% while median prices are down 15%
- Single family home Sales are up 24%
- Condo sales are up 8%
- Lot sales are up significantly at 55%
This segment is going very strong accounting for 44% of all sales and 55% of the total dollar volume. We have even seen a small 1% increase in median price increase. Homes are selling at about 5% off their final list price, very close to the historical norm. This reflects more realistic market list pricing.
Condo prices in general are below where they were a year ago. Condo prices in the Canyons area are down 32% from a year ago to an average of $485,000, while prices in the Kimball Junction area are down about 23% to an average of about $175,000. However, average condo prices are up in several areas including Empire Pass (now $2,590,000), the Prospector area ($167,000) and even Park Meadows ($741,000).
Vacant land sales have been the most affected in the economic crisis. However, it is now the segment coming back the strongest in terms of number of sales. Median Prices are down 29%. The strongest activity in lot sales has been in the Promontory area due to buyers perception that they are receiving a great value for their money. Our analysis reflects that the market in Promontory may prove to have hit bottom, with average prices on the rise. Promontory lot sales accounted for 42% of all lots sales this period.
Sales of distressed properties remain a major part of our market, but have dropped to 27% of all sales, down from 35% of all sales at the end of the first quarter. These properties continue to represent only 7% of all properties on the market.
Contact me at 435-640-6966 to fully understand the sales figures to date and the variation in price between the different areas.