Last week I mentioned that although we had not yet seen the year-end Park City real estate numbers, the speed at which deals have been snatched up has pointed toward a market on the rise.
Well, this weekend we got the official 2012 Park City Board of Realtors (PCBR) end of year report and all signs do indeed suggest a continued recovery from the market bottom.
Although our vacant land, home and condo pricing is nowhere near the 2009 peak, across-the-board increases in sales as well as median pricing allows us to compare highs and lows to verify this is indeed a stabilizing market.
While fewer and fewer of the ridiculous deals are hitting the market – the equal advantage for both buyers and sellers today is a much healthier trend for all.
When the economy collapsed, Park City’s median home price dropped a staggering $1 million from an average of $1.8 million at the peak in 2008 to $1 million in 2011. That 44 percent decline in home pricing combined with a similar story on the condo front. Condos throughout Park City peaked at $994,500 in 2007 and by 2011 had bottomed out by a 47 percent decline to sell for an average of $522,500.
The same course continued in Snyderville Basin and surrounding Jordanelle areas, although those sections of town may have weathered the economic fall the best. Home pricing there decreased 27 percent from 2007 to 2012 while peaking at $894,550 and falling to $649,000.
Although some communities and housing types did fall, according to the 2012 PCBR Year End Report, the average median price throughout the whole Park City market increased 13 percent this year from $348,250 at the end of 2011 to $395,000 at the start of 2013.
Keeping pace – the overall number of home, condo and vacant land sales in 2012 all increased over the 2011 sales with:
• Park City home sales up eight percent in 2012
• Park City vacant land sales up 12 percent in 2012
• Park City condo sales up 15 percent in 2012
The 2012 report did note an incredible 125 percent increase of pending sales from the beginning of 2012 to our current situation at the start of 2013. This explains why some of the property picks I’ve passed on have been snatched up so quickly!
Although the market has increased in both pricing and sales this past year – some areas of town (such as Lower Deer Valley) haven’t been quite as quick to bounce back. In other areas there are certain properties that are under market value and offer a great investment opportunity.
There are still deals to be had and I’ll offer suggestions as I hear of them. If you have a specific area of town or a particular property type you’d like me to focus on don’t hesitate to give me a call at 435-901-4309.
Make it a great day!
Accredited Buyer Representative