Things are picking up in the Park City Real Estate market. While average sales prices are still down, the sales volume is up. Right now, Park City is a true buyers market and a prime opportunity for those looking to purchase and take advantage of the favorable market.
The sales dollar volume for the first three quarters of 2010 was up 37% over the first three quarters of 2009 aiming for the highest overall sales volume since 2004. This year we have seen 1063 closed sales at the end of the third quarter compared to 764 last year.
The fourth quarter report has not been released yet but the market is still improving towards the end of the year. In the months of October and November we have seen another 64 homes with a median price of $861,500 and 58 condos with a median price of $412,500 change ownership.
The much better pricing in the greater Park City area results in a 50-150% increase in the number of homes, condos and land sold, especially in Empire Pass and Park Meadows. Even if many of the sales were over a million dollars, the prices are still hundreds of thousands less than a few years ago.
These numbers show that buyers want to own and live in Park City and recognize it is TIME TO BUY!