Park City Real Estate Trends

The 2011-2012 ski season is half over; hard to believe, but it is true. It is a great time to check on real estate sales in Park City as well as a time to remind yourself to get out and ski before you start thinking about summer related activities. So far this season the lack of snowfall hasn’t impacted Park City real estate sales. The December through mid-February period equating to half of the winter season shows sale numbers about on par with the same period in 2010-2011 even though the snow depth has been less than half of last season. Current trends still show pricing down (about 4% on single family homes and 10% on condominiums). Unit sales of homes and condominiums are nearly identical for the periods while building lots are off nearly 40% for the period. The drop in vacant lot sales appears to have been impacted by the drop in bank REO offerings which represented 25% of the sales last year and only 5% of the vacant lot sales this season so far.

 

Other interesting trends for the current ski season real estate sales include:

 

Fewer sales of condominiums over $1M and half as many sales of Park City area condominiums in the luxury category (over $2M) compared to the previous season.

 

Park City Single family home sales remain steady across all market levels including the luxury segment over $2M.

 

Bank REO sales were down dramatically for the compared seasons, but look for that to change as the MERS issues are cleared nationally.

 

Canyons Resort real estate is showing stronger condominium sales, but weaker single family home sales.

 

Data herein is derived from the Park City MLS system for sales in the greater Park City areas (areas 1-23). Data is deemed reliable but not guaranteed. For specifics about any Park City real estate neighborhood contact a realty professional with the YouInParkCity.com group at (888)968-4672.

 

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