By Todd Anderson
Apr 08, 2010
The end of the first quarter of 2010 gives us some concrete evidence of what is happening in the Park City real estate market.
Sales volume when compared with first quarter of 2009 is up well over 200%. Granted that is not saying a whole lot, but the numbers are equivalent to those of 2008.
For the quarter there were 70 single family homes that sold in the greater Park City area from January 1 to March 31, 2010. The average sales price was slightly over $1.1M. The median price was $820K. Park City single family home closed sales prices versus list price varied by a little over 10%.
Condominium sales in Park City for the first quarter of 2010 were very strong. This is largely due to sales of at The St. Regis Deer Crest and the auction sale at Silver Strike in Empire Pass. There were 123 condominium sales in the first quarter with an average sales price of $1.17M. If the sales at the St Regis and Silver Strike are ignored, the average sales price drops to just over $600K.
Vacant land sales in Park City, UT for the first quarter may be a good indication of future building in the area. There were 30 land sales in Park City for the quarter with an average sales price of $370K. The Promontory Golf Resort area made up over one-third of these sales as buyers found value in the distressed inventory there.
Distressed sales and bank REO property levels have increased dramatically in the Park City area. Distressed listings now make up nearly 10% of the property for sale in Park City.
Home prices in Park City are showing large variations. Some areas have held values very well while others are seeing prices similar to those of 2005 and earlier. For more information on specific properties and neighborhoods in Park City contact a professional with YouInParkCity.com.
Tags: bank owned, condominiums, distressed, Empire Pass, homes, Park City real estate, property, quarter, sales, single family, st. regis, statistics
Posted in buyers, Park City Economy, Park City Real Estate Notes, sellers |
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By Todd Anderson
Apr 15, 2009
The first quarter of 2009 Park City real estate statistics show that the Park City and Deer Valley area are not immune to the impacts of the national and global economic downturn.
There were 91 total sales in the greater Park City area (PCMLS 1-22): 30 Single Family Homes, 55 Condominiums, and 6 Vacant Land parcels. These numbers as a total are less than half when compared to the same period for 2008 both in terms of total unit volume as well as total dollar volume. While these numbers show a steep decline in the market, there are some bright spots.
One major difference between Park City real estate sales in the first quarters of 2008 and 2009 is the lack of new development communities available in 2009. In the first quarter of 2008, nearly half of the condominiums sold were brand new (Newpark Hotel and Silver Star were a large portion of sales). If these are removed from the comparatives, the 2009 numbers while definitely down, do not show nearly as dramatic a decrease.
A more telling statistical comparison may be to look at original price versus list price when sold and final sales price. For the first quarter of 2008, the list price of homes sold was actually higher than its original price and the final sales price was about 5% off of the list price. So prices were holding very steady and sellers were getting offers very close to their asking price. The first quarter of 2009 shows a definite softening of prices. Original prices versus list price when sold show a 3% drop in price while the actual sold price represents an additional discount of approximately 8% versus asking price.
As with all statistical analysis, it can be very hard to see a true picture when too small or too large a sample is taken. The Park City and Deer Valley real estate markets have bright and dim spots which vary not only from subdivision to subdivision, but vary greatly depending on which side of a transaction you find yourself.
Real estate sales in Park City are influenced dramatically by location and views as well as amenities available to the property. Scarcity is a major factor and while there are new products on the horizon, there are very few places that can offer all of what Park City offers its residents and second home owners. For more complete analysis or information on a particular Park City neighborhood or community contact a YouInParkCity.com Group Keller Williams Park City REALTOR® or call us at (888) 968-4672.
Data compiled from the PCMLS for sales of Single Family Homes, Condominiums, and Vacant Land in areas 1-22 from 1/1/2009 thru 3/31/2009 deemed reliable but not guaranteed
Tags: condominiums, Deer Valley, homes, owners, Park City, Real Estate, realtor, realty, residents, sales, single family, statistics, transactin, Utah, vacant land
Posted in buyers, Park City Economy, sellers |
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By Todd Anderson
Jul 15, 2008
The second quarter of 2008 has come to an end and the statistics are out for the Park City, Utah real estate market. It is always interesting to see how the numbers stack up to what your gut feeling about how the market is doing. A quick look at the numbers can show that my gut feeling is both right and wrong, as usual, the numbers can be spun to show whichever story you want to tell. Well, almost...
There is almost no classification in which it can be shown that sales volumes are up. Single Family home sales for the first 2 quarters of the year were off by 45%. Pricing though was effectively flat (up 1% in town, down 6% in the Snyderville Basin, up 1% in the Heber Valley). Bright spots can be found in single family home sales if you look at Woodland and Francis, sales prices were up 80% from the same period last year.
Over-all condominium sales showed a drop of 24% in sales volume, but prices were up by 18%. There were a few newly completed projects that skewed the numbers (please note that it can be argued that this is almost always true in the Park City real estate market). Sales at the Newpark Hotel in Kimball Junction totaled over $24 million and gave the Kimball Junction area a 95% boost in sales volume and a 131% boost is dollar volume of sales. Similarly, the Old Town area shows remarkable numbers unless you remove the sales of Silver Star (new ski-in / ski-out property at the Park City Mountain Resort) which showed over $54 million in sales.
Vacant land showed a 60% decrease in unit volume sold while overall pricing was up 14%. The telling number here might be that there are over 1300 active listings for vacant land on the Park City MLS and 109 sold in the first 2 quarters of 2008 leading to a 6 year supply of inventory at the current sales pace.
There are bright spots and dim spots throughout the sales report for the first 2 quarters of 2008. All real estate is local down to the block, side of the street, which ski run you're on, or on which hole of the golf course your home sits. For a more complete analysis of the Park City real estate area that you are most interested in, give the YouInParkCity.com Group a call at 888-968-4672 or email us at info@YouInParkCity.com.
Submitted by Todd Anderson
Statistics herein were derived from the Park City MLS. Numbers are deemed accurate and reliable, but not guaranteed.
Tags: condominium, Park City, prices, Real Estate, sales, single family, Utah, vacant land, volume
Posted in buyers, Park City Economy, Park City Real Estate Notes |
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