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Park City’s Decrease in Distressed Properties and Increase in Median Property Pricing Points To Overall Recovery

Posted by Scott Maizlish on Monday, October 22nd, 2012 at 11:20pm.

Park City’s real estate market has sure made up ground over the past quarter! As I mentioned last week, 3rd Quarter Statistics presented by the Park City Board of Realtors came in with a few impressive surprises.

The town’s property sales were up 4 percent for the quarter while median real estate prices (including homes, condos and lots) increased 11 percent.

In addition to property sales and pricing increasing, vacant lots hit hard by the recession have gone up in price by 19 percent.

Another good sign that Park City’s real estate market has stabilized and is on the rise are the decrease of distressed properties such as short sales and foreclosures. A year ago, 3rd Quarter distressed sales made up 27 percent of Park City’s market sales. During the same time this year, distressed sales are down to just 14 percent of the market.

Curt Singleton, Executive Director of the Park City Board of Realtors, was optimistic when speaking about the 2012 3rd Quarter Report to the Park Record.

Last week, Singleton told the newspaper he believes the market is improving. “Outside of the statistics, it appears to me the general feeling is that our market is on the rebound and we’re seeing that in additional members joining the association. More people are getting back into real estate.”

In addition to the decrease of distressed properties and basement bargain pricing, part of Singleton’s optimism stems from the second highest disclosed Park City home sale in Deer Crest during the beginning of September.

Although this sale technically came in the 4th Quarter – sales like the Deer Crest one signify the market’s increased energy.

The bottom line is you may not see as many of the unbelievable deals on the market – however buyers can be assured that Park City’s current real estate pricing achieves a fair market value. On the flip side with moderate pricing increases, sellers can trust that Park City’s property pricing is stabilizing.

If you are in the market to sell a property here in town or are looking to purchase real estate in Park City, give me a call at 435-901-4309.

Make it a great day!

Scott Maizlish
Associate Broker
Accredited Buyer Representative


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