The statistics are out for the first quarter of Park City real estate sales in 2012 and we’re seeing some positive trends. In a study by the Park City Board of Realtors, vacant land and condo sales were the big news as median sales prices for both increased across the board.

The median price of condos in Park City rebounded to $401,628 for the quarter as opposed to $335,000 a year ago. Likewise, Park City’s vacant land pricing was up to $200,000 in the first quarter of 2012 from just $134,500 at the same time in 2011.

Due to condo and vacant land price increases, we’re seeing that overall median prices in Park City are on the rise.

Single family home pricing did decrease in Park City to $475,000 for the first quarter of 2012 from $515,000 a year ago. However, the continuing spiral of downward pressure on sales in the area looks to have flattened out.

According to Mark Seltenrich, statistician for the Park City Board of REALTORS, “Prices throughout our market seem to have stabilized and in certain segments prices have started to increase. In certain parts of the market, and in certain areas, some pent up demand is being demonstrated and even amongst buyers there is little talk of pricing continuing to fall.”

As Seltenrich mentioned, certain areas of Park City are rebounding faster. High-end real estate units in Upper Deer Valley as well as Deer Crest are selling fast. In Empire Pass, newly developed units went rapidly, and few are available outside of Montage.

A factor in the increase of sales and pricing in areas such as Deer Valley has been the decrease of distressed real estate in the Park City area. While distressed sales will most likely continue to be a factor in our market for the near future, only 7% of all Summit County properties and lots are currently listed as distressed. Distressed sales (short-sales and foreclosures) dropped from 36% of listings in the first quarter of 2011 down to 23% in the first quarter of 2012.

Another sign in the quarterly report that Park City’s real estate market is beginning to rebound is a drop in inventory. At the height of the recession in 2009, around 3,500 units were listed for sale. That number dropped to 2,775 in 2010, and then down to 2,400 in 2011. At this point we’re seeing the trend continue with approximately 2,100 units for sale at this time.

What does this mean for you? While we still are in a buyer’s market, the numbers suggest that we’ve passed the bottom of the market – the chances that real estate pricing in Park City will continue to plummet are slim.

The first quarter report indicates that although incredible singular deals will still exist, finding those unbelievable deals will be more difficult as time goes on. However, with ridiculously low interest rates available and a great selection of high-end real estate, 2012 looks to be a opportune time to invest in Park City.

Don’t hesitate to contact me at 435-901-4309 with any questions you might have – not only on incredible deals but the right property to meet and exceed your “wish list” for a mountain estate.

Make it a great day!

Scott Maizlish
Accredited Buyer Representative
REALTOR®