The 2012 Second Quarter statistics are in and at the halfway point of the year, Park City’s real estate market has posted numbers last seen in 2007.
We saw 486 sales this year in Q2 with a median price of $427,450 and a total sales volume of $347,392,785. Compare that to 451 sales in the second quarter of 2011 which resulted in a median price of $412,500 and $320,740,133 in total sales last year.
It’s not just the overall sales volume, median price and total sales that have posted stronger numbers. The inventory of active listings in Park City has been on the decline for a couple of years now.
In 2010, we saw 3060 units on the market. That number dropped to 2,700 last year and even lower to 2,500 units in the 2012 Second Quarter.
Park City Board of REALTORS Statistician Mark Seltenrich recently suggested that lots and condos offered at a very low price are getting harder and harder to come by.
“It appears there would be no reason for a seller to have to sell at those lower prices,” Seltenrich said.
With that said, Seltenrich did note that pricing and properties for sale have been shown to vary between neighborhoods this year.
When comparing the first half of this year to last year’s numbers we see that median prices in Old Town have dropped 14% to $816,000 and Pinebrook home prices have also fallen 9% to $547,500. On the other hand, pricing in Park Meadows has increased 7% to $1,100,000 and median pricing in the Kimball Junction area has jumped 33% to $425,000.
Similar trends have appeared in the Park City Condominium market, where prices within the city limits are up 3% over a year ago. In Snyderville Basin, median prices vary more with condos in the Canyons area down 3% and Kimball Junction condos down 5%. Pinebrook, on the other hand, has seen a 17% increase from last year.
The second quarter statistics also show a drastic decrease in distressed properties. Foreclosures and short-sales have dropped off significantly from last year, when they made up 35% of all sales. Thus far in 2012 these distressed sales have made up just 17% of total sales.
What do these numbers mean to you as a Park City real estate investor? Although numbers are pointing to a shift from a pure buyers market to a balanced market, our overall pricing is still significantly lower than its peak. That combined with ridiculously low interest rates make this time more than ever the time to enjoy the luxury and benefits of owning property in Park City.
As a dedicated member of the Park City Board of Realtors, I will go the extra mile to suggest properties that may be the ideal fit for your family and yet present a significant value.
Call me today at 435-901-4309 to start the search for the perfect property.
Make it a great day!
Accredited Buyer Representative