The highly anticipated Park City Board of Realtors 3rd Quarter Statistics report was released last week and held some good news!
While the general consensus has been that the Park City real estate market is moving in the right direction over the past nine months, it’s reassuring to see numbers rolling in the right direction. We got off to a slow start in January, but from February to September of 2013 – we’ve seen the highest number of pending sales since the height of the market in 2007.
What does this mean for pricing? Well pricing trends for the 3rd Quarter are similar to the 2nd Quarter – some areas and property types have seen pricing rise while others have decreased.
Overall – closed sales of Park City “In-Town” homes (which includes Deer Valley areas) saw pricing increase by 9%. On the other hand, pricing for houses in Park City’s “Extended” areas actually decreased by 16%. Similarly – Park City “In-Town” condos decreased in price by 1% while condos in Park City’s “Extended” areas increased in price by 5%.
We do have good news to report on the distressed sales front. Distressed sales, which include foreclosures and short sales, made up a whopping 33% of all closed sales in 2010.
We saw that number drop to 16% in 2011 and now in the 3rd Quarter of 2012 only 14% of all closed Park City sales have come from distressed properties. Even better – currently just 6% of active Park City real estate listings are distressed.
The drop in distressed properties is ideal for both sellers and buyers. For sellers, the good news is that much of the distressed inventory has been zapped up. Buyers, on the other hand, can be thankful that the large number of distressed properties in past years have brought the overall market price down to a new price point.
Breaking it down, we’ve seen the following trends over last year:
Park City Single Family Homes
• Old Town Homes decreased 5% in price but increased 14% in closed sales
• Park Meadows homes have stabilized with a 5% decrease in price and 2% decrease in sales
• Lower Deer Valley knocked it out of the water with a whopping 44% increase in homes sold and an 11% increase in pricing
• Pinebrook home sales increased 70% over this time last year
• Jeremy Ranch single family home pricing increased by 27% although sales were down 5%
Park City Condos
• Old Town condos decreased just slightly in pricing and closed sales – both down at a stabilizing 4% rate
• Lower Deer Valley condos increased 9% in price and did show a substantial 36% dip in sales
• Upper Deer Valley condo sales are on fire – this community has seen a 56% increase in price and 76% increase in sales
• At Canyons Resort – pricing has decreased 14%, however sales are up 27%
These numbers promising signs moving forward – if your ready to purchase a home or are looking for an expert to sell a Park City property, give me a call at 435-901-4309.
Make it a great day!
Accredited Buyer Representative