- Total number of sales up 11% compared to this date last year: highest number of first quarter sales since 2007. Total sales volume up 11% compared to last year. .. Read More
- Market is highly segmented. Primary homes under $800,000 within the Park City school district are seeing multiple offers. Buyers value top condition, ... Read More
|Hidden Meadows - Views29 Hidden Court|
MLS 11403978 More Info
|Central PC CondoSilvertown #417|
MLS 11400322 More Info
|Upper Deer Valley - Knollheim7700 Sterling Drive|
MLS 11402682 More Info
|Colony Residence - Incredible Design177 White Pine Canyon Road|
MLS 11400250 More Info
|Glenwild Home7994 Glenwild Drive|
MLS 9997571 More Info
|New Home Between PC and DV1430 Wild Rose Court|
MLS 11401526 More Info
|Colony New Construction240 White Pine Canyon|
MLS 11403070 More Info
|Park Meadows Home2466 Meadows Drive|
MLS 11402880 More Info
|Upper Colony Home125 White Pine Canyon|
MLS 11403190 More Info
|Short Sale in Park Meadows2550 Creek Drive|
MLS 11400156 More Info
Park City Real Estate - Market Statistics
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 2014 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.
PARK CITY / DEER VALLEY REAL ESTATE - STATISTICS
In Total Dollars
In Median Dollars