Park City Real Estate Prices
It's an often repeated bromide that all Real Estate is local, and that certainly applies to Park City Real Estate Prices. Consider these factors:
- Park City is a resort Community with three world class ski resorts
- It is only 40 minutes by Interstate Highway to Salt Lake International Airport
- Likewise, it is only a 20-40 minute commute to the Salt Lake job market
- Summer recreation is endless-mountain biking, trout fishing, golf, hiking, etc.
Any wonder then that Park City Real Estate Prices seem to move to their own beat? To be sure, this market has not been immune to the recent economic crisis and that leads us to the next issue--where are prices now and where are they going?
While no one really knows where any market is going, we can look at a few recent facts affecting Park City Real Estate Prices. Many properties are selling at about 2006 prices so there are bargains to be had. And sales volume has picked up which is reducing inventory. That usually points to upward pressure on prices as competition between sellers goes up. Recent sales and pending transactions have indeed increased during the first quarter.
There has been a 128% increase in sales for the first quarter of 2010 versus the same period for 2009. Currently, there are about 228 pending sales waiting to close. In fact, in terms of the number of sales, the bottom was about 9 months ago. That points to a reasonable assumption that Park City Real Estate Prices will rise next. To make this a little clearer, check out this graph:
This shows that the market is rising at a rapid pace and this frequently leads to price stabilization followed by appreciation. Trying to time any market often doesn't work, but we do have to look at indicators and this chart certainly looks promising, wouldn't you agree?
The ski resorts in Park City have closed, so let the summer fun begin!
Cheers, Sally
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