According to reports of the Park City Board of Realtors, home prices have come down but the number of sales in 2010 has been up.
Here are the stats:
- Median prices are down 3 percent from 2009
- One third of all sales are foreclosures
- Unit Sales were up 20 percent over 2009 meaning we sell a lot more property due to the lower prices.
- Vacant-land sales were up 60 percent.
- Condo sales were up 22 percent.
- Single-family home sales were up over 26 percent and comprised 46 percent of all sales and 54 percent of the total dollar volume.
Outlook: 2011 will be very similar to 2010. Park City will remain a buyer’s market. Foreclosures seem to decline.
In conclusion people are jumping at Park City Real Estate while the price is right. Once we get back to a steady 5-7 percent annual appreciation everyone will look back at 2010/2011 as the TIME to buy Park City Real Estate because prices and interest rates were so very low.