Recently, the Park City Board of Realtors published a press release regarding the sales figures for 2007 Park City Real Estate.  Following are some excerpts: 

2007 Park City Real Estate Transactions Reach Nearly $2 Billion

Home Prices Show Double Digit Appreciation

30 January 2008 (Park City) - Big homes, big condos and big transactions led to a big year in 2007 for Utah's premier destination ski area.

In the 12 months ending December 31, 2007, Park City Real Estate transactions reached $1.98 billion, an increase of 3 percent compared to $1.92 billion in volume a year earlier, according to a report released today by the Park City Board of Realtors.

"Our total volume in 2007 was the second best-ever year in real estate in Park City" said Tyler Richardson, president of the Park City Board of Realtors.  "I don't think Park City real estate prices have peaked if we look at what has gone on in other resort destinations in the Rocky Mountains."

The median price of single-family homes sold in Park City during 2007 climbed to $680,000, an 11 percent increase compared to $615,000 in 2006.  Condominium sales in 2007 reported a medium sales price of $559,750, a whopping 31% rise compared to $427,000 a year earlier.  The median sales price of vacant land also climbed in 2007 to $549,000 up 17 percent compared to $470,000 in 2006.

"The fundamentals for the Park City market are very good, " said Lincoln Calder, president elect of the Park City Board fo Realtors.  "The Park City real estate market has never been focused primarily on investment speculation.  People buy in Park City because it is a place where they want to be and a place they want to bring their family and friends."

Richardson indicated that the Park City area was less prone to the wild investment speculation that gripped many regions of the country, artificially driving up demand and prices.  "People buy homes in Park City because they've got the income and they've got the ability to do it and Park City is the place that they want to be," Richardson said, "They are making a lifestyle purchase, a family legacy purchase."

"The demographics point to an increase in second-home ownership," Calder said.  "Park City has a lot of great things going for it.  It is very easy to get to and from anywhere in the country.  Delta Air lines is adding an international flight from Salt Lake City to Paris this year.  In addition to Park City's world class resort facilities and year round recreation opportunities, our community offers a wide range of cultural events including the Sundance Film Festival, Kimball Arts Festival, Park City Jazz Festival, the summer concert series and Eccles Center events just to name a few.  There are a lot of great reasons why Park City is a great place to be."