- Through Q3 2013, the PC/DV market is showing great strength: consecutive months of year-over-year gains in both number of sales and median price.... Read More
- Two important notes in the current market: (a) inventory is way down, lowest in several years; (b) the market continues to show great segmentation.... Read More
|High Above Thaynes Canyon2348 Morning Star Court|
MLS 9998640 More Info
|Great Home featuring Panoramic Wasatch Views2574 Silver Cloud Court|
MLS 9988929 More Info
|Deer Valley Slopeside ResidenceBlack Diamond Lodge Unit 341|
MLS 11400154 More Info
|Glenwild Home7994 Glenwild Drive|
MLS 9997571 More Info
|Above the Fairway in Promontory3319 Westview Trail|
MLS 11400172 More Info
|Ecker Hill, Home with Outdoor Space3538 Big Spruce Way|
MLS 9997815 More Info
|Fairway Hills - Panoramic Wasatch Views3081 Fairway Hills Court|
MLS 9997064 More Info
|West Ridge - Views!2550 Lupine Lane|
MLS 9993832 More Info
|Colony Residence - Incredible Design177 White Pine Canyon Road|
MLS 11400250 More Info
|True Ski In/Out at Park CitySnowflower 126|
MLS 9995210 More Info
Park City Real Estate - Market Statistics 2012
Carol is Chair of the Park City Board of Realtors Statistics Committee. Statistics are issued quarterly. To receive Statistics Committee updates – Click Here to Sign Up.
HIGHLIGHTS: Inventory the lowest it has been in over six years.
The number of sales continued to climb in 2013 with a 26% increase over 2012 in all property types combined, reaching 1,668 transactions in Q3 alone. (ALL of 2012 was 1,817 total transactions!) Q3 sales were the greatest quarterly volume since 2007.
With 1,160 active listings on the market, at current activity level the absorption rate is down to 5.7 months. Compare this to ~60 months back in 2009!
The median price for all property types is rising, but the point to make on current market valuations is that they are highly segmented. Some areas are continuing to see price declines. By price point, there is greater strength at the lower valuations, showing a fairly strong variation at a "break point" around $700,000. Median and average prices are trending up in most neighborhoods. The single family home areas with homes under $700,000 have seen rapid appreciation, but some other neighborhoods see no appreciation or even a continuing value decline, despite the almost frenzied buying of the latest quarter.
Short sales and bank owned properties continue to decline, so that they are far less of a factor in our market than in previous quarters. As reported by Rick J. Klein, Wells Fargo Private Mortgage Banker, only 1.17% of active listings are now short sales or bank-owned.
Prices in our market have generally been falling for four years, with many parts of our market 40-50% below where prices were at the peak. We are still well below the premium valuations pre-recession, but vigorously starting back up. I do expect the market to remain very complex and segmented, so results will vary widely across property types and locations.
Would you like this market commentary in PDF? Click Here to download PDF
PARK CITY / DEER VALLEY REAL ESTATE - STATISTICS
In Total Dollars
In Median Dollars