Park City Real Estate Market Report: 1st Quarter 2011

We are seeing positive changes happen in the Park City Real Estate Market. Sellers are becoming more realistic in how they are pricing their properties and buyers are beginning to realize that the market has reached bottom and has begun to rebound. As a result the number of days a property remains on the market is declining with the average home on the market for 166 days at the end of March.

Since the end of 2010 the number of active listings in the Park City market has remained relatively constant with around 2,500 units listed. The number of units sold is still increasing but the total dollar volume of the units is declining. The total dollar volume compared to the same time last year is down six percent.

Short sales and foreclosures are still accounting about one third of all transactions. However, the trend is moving in a positive direction as fewer and fewer homes fall into these categories. As short sales and foreclosures become less frequent we will begin to see a rise in the median sales price of homes, which has been fairly stable over the past several months. The median home price of homes sold in the 12 months ending in March was $515,000.

Last but not least some Good News for all patient land owners out there: Land sales have doubled compared to the first quarter of 2010.

Buyer Hot Spots for the first quarter of 2011.

Condo buyers preferred shopping in Old Town, Deer Valley (Montage, St. Regis, Red Stag Lodge, Flagstaff), Timber Wolf Lodges, Westgate, Fairway Springs, Bear Hollow Village, Newpark, Canyon Creek, Pinebrook Pointe, Views at Stillwater, Canyon Links.

Home buyers were most interested purchasing in American Flag-Deer Valley, The Colony, Jeremy Ranch, Old Town, Park Meadows, Pinebrook, Promontory, and Thaynes Canyon.

Land buyers love Colony, Hideout Canyon, Pinebrook, Promontory, Old Town, Silver Creek/Glenwild and Summit Park.

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