Did You Miss the Bottom?

By Todd Anderson

Jul 31, 2011

Park City Real Estate Market Turning Upward

The bottom of a market be it stock prices, commodities or real estate in Park City, Utah can really only be seen in hindsight. We can never be sure of the bottom until we look at it in retrospect and study the sales data. While we cannot yet call the bottom of Park City real estate prices, we can see definitive signs of the bottom.

Real estate sales in the second quarter of 2011 show a strong increase in the number of transactions. The 451 closed real estate sales in Park City for the second represent a 20% increase from the first quarter of 2011 and the best quarter since the fourth quarter of 2007.

The recent increase in sales in the area has been accompanied by a decrease in the number of newly listed properties in the Park City real estate market. So while demand is increasing, the supply is falling which should in time lead to an increase in pricing.

While it may be too early to call the bottom of the market in terms of pricing, we may be seeing signs that some of the best deals are gone. It is kind of like that big sale at the store and we are in its last days. There are still good values to be found in the Park City real estate market, but there is far less to choose from. A good example of this may be the Promontory area of Park City: so far this year there have been 15 homes sold for under $1.5M that were not part of the "cabin" communities and only 10 remain in this price range. It doesn't mean that there are no more deals to be had in the area, only that the remaining opportunities have been picked over.

There are other areas within Park City that show real estate values possibly finding their bottom as well as localized areas which have indicators pointing toward further price reductions. For information on specific buying and selling opportunities in Park City real estate contact a realty professional with YouInParkCity.com.

Tags: bottom, Buyer, demand, market, Park City real estate, Promontory, sales, seller, trends
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Park City, Utah Real Estates Sales Statistics 2008

By Todd Anderson

Feb 08, 2009

The Park City Board of REALTORS® last week released statistics for the year ending December 31, 2008. The February press release shows that sales in the Park City, Utah area were down by nearly 50% in dollar volume versus 2007. The sales dollar volume at just over $1 billion was roughly equal to the sales of 2004. Looking at the sales a little closer and narrowing the scope of the statistics to only include Park City (not outlying areas such as Kamas, Francis, Heber and Midway) and focusing on sales by property type and unit volume, the statistics show that: single family home sales were down by 43%, condominium sales were down 41%, and leading the fall was vacant land sales which fell by 75% in unit volume. Local REALTORS® are quick to note that median sales prices have only fallen slightly and that Park City and Deer Valley fundamentals remain strong. The president of the Park City Board of REALTORS® was quoted as saying: "People buy homes in Park City because it is based on a lifestyle choice. Our market has never been primarily driven by speculation and investment our product is very diverse and buyers have a wide range of properties that fit their needs and budget. Park City's world class resort facilities and year-round recreation opportunities will continue to make our community an attractive choice for many buyers." While this may be true, there is no denying that our market is affected by what goes on in the rest of the country and the rest of the world. The Park City and Deer Valley real estate markets have many opportunities and choices for buyers; something that wasn't true while the market was soaring. Vacant lot sales indicate that home building is down (Park City building department permits concur) and will be for the near term. There are a number of very high-end properties due to open in the near future including the St. Regis Deer Crest Resort, Montage Resort at Deer Valley and Dakota Mountain Lodge which is being serviced by the Waldorf Astoria and includes the Golden Door Spa. The impact of these resorts and the associated real estate sales will be felt in the next two years. Sales of new construction condominiums played a major part in Deer Valley sales in 2007 with over half of the 180 condominiums that sold being newly built. Sales of condominiums in Upper and Lower Deer Valley combined with Deer Crest and Empire pass were down 67% in 2008, but there were far fewer new condominiums available. Real Estate numbers nationwide show slow sales and many point to the fact that we still have sales in the Park City area as a good sign. To discuss how these sales numbers affect you and your decision of whether or not to buy or sell realty in the Park City and Deer Valley, Utah area call or email your http://www.youinparkcity.com/ Keller Williams Park City Real Estate agent today.

Tags: buyers, condominiums, Deer Valley, homes, market, Park City, Real Estate, realtors, realty, sellers, statistics, trends, Utah
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