The number of investment and vacation homes is on the rise and that’s a trend that’s good news for Park City Real Estate!
According to the National Association of Realtors (NAR) 2012 Investment and Vacation Home Buyers Survey, the sales of investment homes climbed a whopping 64.5% in 2011 (up 1.23 million from 749,000 sales in 2010). At the same time the sale of vacation homes increased 7 percent in 2011 to 502,000 from 469,000 the year before.
While Park City has felt the effects of the recession, home sales in Park City have quickly been picking up steam over the past year.
In fact, 2011 Real Estate Sales in Park City surpassed the billion dollar mark for just the seventh time in the town’s history! The Park City Board of Realtors year end statistics showed $1,077,426,368 in home sales this past year, which was a 6% increase from 2010.
“Rising rental income easily beat cash sitting in banks as an added inducement,” According to NAR Chief Economist, Lawrence Yun. “In addition, 41 percent of investment buyers (in 2011) purchased more than one property.”
Yun’s statement was backed up by NAR reports that nearly half of investment buyers purchased homes with cash while four of every 10 vacation-home buyers did so.
What does this mean for Park City? Our tourism, resort influence and nationally ranked Park City Public School District continue to draw both primary and secondary home buyers.
There are some great deals still to be had in the Park City Real Estate Market so don’t delay!
With investment homes and vacation property sales on the rise, we anticipate pricing on both homes and condos will begin to rebound in the coming year.
Contact me at 435-901-4309 to find the perfect Park City Real Estate investment!
Have a Nice Day!
Accredited Buyer Representative