The current and past presidentof the Park City Board of Realtors spoke on the local radio station this morning here in Park City (KPCW). Here is a quick review of some of the things they had to say about last year and the coming year.
As an overview, over $1 Billion in real estate sales were recorded across the Park City Board for 2010. This total was an increase from 2009. Prices are down while the volume of sales transactions are up. The median sales price fell last year by 2.9%. Vacant Land lead the way in terms of falling prices with the median sales price down by 43%, Condominiums saw a decrease of 9.6% and Single Family homes actually saw an increase in the median sales price of 3.5%.
Park City saw its peak in terms of sales and prices in 2007. It was noted that the median sales price currently is about the same as it was in 2005 yet the average sales price is higher than that of 2007 and that average price is over twice that of 2003.
Expectations for 2011 from both the current and past president were similar noting a "bumping along the bottom" but giving indications of possible marginal increases for the upcoming year. A decrease in the foreclosure rates and solid travel numbers from the chamber of commerce as well as signs of increasing consumer confidence and a stronger stock market were all given as reasons for the better than average outlook.
Local pockets of strengths and weaknesses can be seen found in most Park City areas. For a more complete analysis and understanding of particular market segments contact a realty professional with the YouInParkCity.com group of Keller Williams Park City Real Estate at (888) 968-4672 or email Todd@YouInParkCity.com.
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