More people believe that the Park City Real Estate market has reached its bottom and the market is starting to climb its way out from the low point in 2009. According to the annual report released by the Park City Board of Realtors:
- Park City is still a Buyers’ Market
- Numbers of Sales are up
- Prices are down
- Foreclosures down.
Park City home sales increased by an estimated 19 percent, condo sales increased by 10 percent, and vacant land sales saw the largest increase at 23 percent more in sales from 2010.
While sales are up, Park City remains a buyers’ market. Prices are still low with an estimated 40 to 45 percent below what prices were at their peak. As a result of the low prices we have seen our real estate inventory shrink which over time will result in a shift towards a sellers’ market.
However, several neighborhoods, including areas such as Old Town and Jeremy Ranch, continue to see home values drop, while properties in areas such as Old Ranch Road, Pinebrook and Sun Peak sold well above 2010 market prices. Median Old Town home prices were down 14 percent, with the median price at $817,500. In Jeremy Ranch, that number was closer to 11 percent, with the median home selling at $624,000. On the other side of the scale, Sun Peak home sale prices were up 25 percent, Old Ranch Road home sales were up 12 percent and Pinebrook was up by 13 percent.
According to the report, many foreclosed properties sold in 2011 but the number has been declining by an average of one third of the number in 2010.