The Park City Board of Realtors recently released their year end statistical report for 2012. There have been some interesting developments in our local market. This is the state of the Park City real estate market.
The total dollar volume in the market area (Summit and Wasatch counties) reached almost $1.25 billion dollars in 2012. This represents a 15% increase over 2011 sales.
The number of transactions increased 9% over 2011 to a total of 1,817 total transactions. This is up 61% from the low point reached in 2009. Additionally , the number of transactions has been accelerating with the 4th quarter up 28% compared to the 4th quarter of 2011.
With 1,879 active listings on the market compared to the same period in 2011, inventory levels have contracted by 12%. Based on the sales pace of quarters 2 through 4 of 2012, there is only a 10 month supply of available properties and only an 8 month supply if you exclude vacant land. This represents the lowest level of inventory in over 6 years.
The median price for all property types throughout the entire sales area was up 13% over 2011, broken down as follows.
- Single family homes up 5% to $548,107
- Condominiums up 7% to $343,000
- Vacant lots up 22% to $213,750
For the fourth quarter of 2012 in Summit county, distressed sales accounted for 13% of total sales, down 31% from the fourth quarter of 2011. And in a sign of just how much the market has changed in just a few short years, the distressed inventory coming on the market now is priced very close to market price and sometimes even above. The unbelievable deals that were available in specific segments of the market from 2009 through parts of 2011 are now a thing of the past here in Park City.
What I am seeing on the ground
The newer town home developments in the Jordanelle area are selling as fast as the developers can build them which is of course great news for the developers. The good news for potential buyers is that prices have really just started to move up off the lows. You can still buy a 2200 sq. foot town home, 7 minutes from the Park City Mountain Resort parking lot for well under $400,000 in one of a number of different developments. These units have high end finishes such as travertine, slate or hardwood floors. Stainless Jenn Aire appliances, solid core alder doors and alder cabinets are some of the other fine finishes you will find in these homes. Contact me for information on any of these fine properties.
Additionally, throughout the Park City and Deer Valley areas I am noticing levels of activity not seen in many years. If you believe as I do that now is an excellent time to buy your dream property for both long term appreciation as well as a legacy for your family, I urge you to contact me for a consultation and full list of available properties that meet your desired specifications.
In summary, the state of the Park City real estate market continues it's growth back towards a more balanced overall market.
Scott larson
Keller Williams Park City Real Estate
435-513-2324
scottL.parkcity@gmail.com
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