The Park City real estate market continues to show steady growth as 2013 first quarter sales have increased 17% over the first quarter of 2012.
Park City seems to be following a national trend. For the third-consecutive year, studies such as Emerging Trends in Real Estate have suggested that United States real estate markets should see a noticeable improvement over the previous year.
Similarly, Park City real estate sales have climbed from $239 million in the first quarter of 2012 to $306 million during the initial quarter of 2013.
The numbers are good enough that Mark Seltenrich, Park City Board of REALTORS Statistician, noted our town’s 395 sales during the first few months of 2013 have made this “the best quarter we have seen since 2007.”
Park City real estate first quarter highlights include:
• 21% decrease in listings since April 1, 2012
• Fewer foreclosures on the market with less than three percent of active listings comprised of “distressed inventory”
• 18% increase in single family home sales from the first quarter of 2012 to the first quarter of 2013
• 21% increase in condo sales with city limits
• 45% increase in vacant land sales during Q1 of 2013
While stats are trending upward to a progressing market, there are still areas of the market offering incredible deals.
Snyderville Basin real estate median pricing did decrease in the first quarter. Also, overall Park City condominium sales have decreased three percent since the first quarter of 2012.
Vacant land sales are skyrocketing in part because the median prices of vacant lots within the Park City real estate area have fallen nine percent in Q1 of 2013.
Why is this a great time to buy with the market on a steady upswing?
With historically low interest rates still in the three and four percent range, buyers are afforded up to 43% more purchasing equity than in 2006 according to Rick Klein of Park City’s Wells Fargo Home Mortgage.
To find your Park City dream property, contact me at 435-901-4309.
Make it a great day!
Accredited Buyer Representative