Park City Home Prices on the Rise

As we are seeing less inventory on the market, Park City median home prices have increased by up to 20 percent in the first quarter of 2012.

We are all very hopeful that the market is on the rise.  Bargains are starting to get thin and the few deals that are left sell quickly – usually in multiple offer situations. That’s why it is smart to buy now, not later. People are looking, watching the market and when something comes up they are snagging it.

According to the Board of Realtors $70 million worth of Park City real estate was pending or in Escrow between January 1, 2011 and March 1, 2011. In the same period this year, that number was at $170 million. This is mainly because Park City is still a buyers market but prices are starting to go up.

2011 Sales:

City Limits Median Prices

  • Homes at $990,000
  • Condos at $620,000

Snyderville Basin Median Prices

  • Homes $632,000
  • Condos at $220,000

2012 Sales:

City Limits Median Prices

  • Homes at $1,195,000 (21% increase)
  • Condos at $690,000 (11% increase)

Snyderville Basin Median Prices

  • Homes $490,000 (22 % decrease)
  • Condos at $280,000 (27% increase)

 

*Numbers based off of homes sales as of March 19

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