Park City Real Estate Trends

Park City real estate sales for 2014 surged during the final quarter of the year and ended just shy of 2013 total sales.

Real Estate sales for the fourth quarter 2014 in the greater Park City area were up more than 20% versus the same quarter in 2013 nearly erasing the declines from the 2^nd and 3^rd quarters. Many people have attributed the change to “the Vail Effect” after the announcement of Vail’s purchase of Park City Mountain Resort in September of 2013. The continued rise of the stock market as well as the sustained low interest rates (both in terms of mortgages and investment returns) likely has also had an impact on recent sales.

There are quite a few interesting items to be found in the recent Park City real estate sales statistics:

• Condominium sales for the quarter were up nearly 30% versus 2013.
• The median sales price of a Park City condominium was up $60,000 versus Q4 2013.
• Park City Home sales for the quarter were up over 10%.
• The median price of a single family home jumped by 40% to over $1 million!
• Available inventory of homes and condominiums in Park City fell to its lowest level in over a year.
• Properties are moving fast: 25% of the condominiums sold last quarter were on the market less than 2 weeks.

Inventory levels of homes and condominiums with prices below the median sales prices from the 4^th quarter correlate to a less than 90 day absorption rate. The quarter had 71 sales of homes under $1M and there are currently only 62 listed for sale; similarly, there are 97 condominiums for sale for less than $437,500 while there were 115 sales in that price range during the 4^th quarter last year. Both of these statistics point to a Seller’s Market.

The low inventory levels and definitive “Sellers’ Market” are not necessarily city-wide. There are still neighborhoods and subdivisions that are slow to move, and the Luxury home category still has an abundance of inventory.

For assistance in Buying or Selling property  in Park City, UT contact the YouInParkCIty.com Group for in depth analysis and expert advice focused on the property type and area of town that matters to you info@YouInParkCity.com.

Data used for this blog was compiled from the Park City Board of Realtors MLS System.  Information is deemed reliable, but not guaranteed.