- 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
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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: A huge increase in the number of sales, and sales dollar volume (Q3 +34%). 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.
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PARK CITY / DEER VALLEY REAL ESTATE - STATISTICS
In Total Dollars
In Median Dollars