Park City Real Estate Market On The Road to Recovery!

According to the Park City Board of Realtors, the 2nd quarter of 2012 is showing signs of market stabilization. Real Estate in the Park City area just experienced its highest number of sales and sales pending of any first half of the year since 2007.

Single Family Homes made up most of the market in the first half of 2012 with 46% of market sales and 57% of dollar value.

Year

Properties Sold or Pending Sales

2007

610

2011

451

2012

486

Total Sales Volume: $347,392,785

Sales and Inventory:

Prices: Home & Condo sales up 3% over the last year. All property types median value increase of 11% over the last year.

Old Town: Median home prices down 14% from last year.

Park Meadows: Median Home prices up 7% from last year.

Kimball Junction: Median Home prices up 33% from last year.

Pinebrook: Median Home prices down 9% from last year.

Distressed Properties:

Foreclosures and short-sales made up 17% of all sales in the first half of 2012, compared to 27% in 2011.

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