Park City Real Estate Market First Quarter 2008 results are in.
Utah and Park City have been some of the last areas to feel the decline of the U.S. real estate market. Recent Board of Realtor statistics show that Park City real estate prices have held steady during the first quarter of 2008. During the first quarter, the number of listings has doubled and actual number of sales have fallen 45%. Single family homes sales fell from 209 in the first quarter 2007 to 113 first quarter 2008. Condo sales fell from 247 to 136 in 2008.
While all these numbers can be very discouraging, you must look at each area independently. Many of the larger developments have seen sales decline, while some of the established areas sales have held steady. Several areas like Jeremy Ranch, Pinebrook and Silver Spring that have the ability to attract buyers who want to live in the Park City area but commute to Salt Lake City as well as those who want to live here for the skiing, hiking biking and golf have shown great resilience to the recent market changes.
For Buyers, things have never been better. There are more choices today than ever before (note the increased inventory mentioned earlier). Financing is currently very attractive for qualified buyers (current interest rates remain very low). Additionally, the maximum conforming loans limits have recently been increased to $749,750 for Summit County. These new limits will revert back to the old limits at year’s end.
Sellers today, on the other hand, do need to be realistic and flexible in their pricing expectations. While the market has softened, we have found that properties that have been priced to reflect today’s market have been selling. The average “Days on Market” of sales have been less than 45 days recently for Mike and Ken’s listings with http://www.youinparkcity.com/
Experts suggest that while Park City and the state of Utah were some of the last real estate markets to feel the decline and are projected to be on of the first to recover and that declines will not be as sharp as many other areas in the nation.