One of the most commonly asked question a Park City REALTOR® gets asked is “how is the market?” We’ve written about this before in the YouInParkCity.com blog, but we think it deserves to be said again. “It really depends on where you are and what you are trying to accomplish in terms of buying, selling or investing, but most important is the idea that all real estate is local.
We’ve noticed some recent Park City numbers that reinforce this point on a local neighborhood level. The Silver Springs real estate area in Park City, Utah currently has 19 active single family home listings. During the month of May, 7 single family homes were put under contract and 1 sale closed (given the average under contract / pended times, the others should close in June). This represents quite a lot of activity in this neighborhood. So the answer to the “how’s the market?” question could be “great” or “hot”.
To the contrary, we can look at the available homes, new pending sales and closed transactions for the Promontory neighborhood in Park City: There are currently 63 active single family home listings in this real estate area, zero went pending in the month of May and only 3 have gone pending this year. So, the answer to the “how’s the market?” question might be “tough”, “slow”, or “a Buyer’s market”.
These two real estate markets are both part of Park City real estate and tell very different stories. The idea that all real estate is local can be narrowed even further than this may suggest. It may be the perfect view of the ski run, access to a great running trail, or proximity to a local school that makes a home “perfect”. These limiting factors bring about scarcity and drive demand.
The “perfect home” that you want may be represented by only a few possibilities in a given neighborhood, and the fact that one is currently available may make it the right time to buy.
“How is the market?” is really determined by what is available in a given local area. Think of this in terms not only of a state, county, or city, but down to specific neighborhoods and even streets and which side of a particular street.
For information regarding your present or future home in the Park City area; contact http://www.youinparkcity.com/ .
submitted by Todd Anderson
Data mentioned herein was taken from the Park City MLS on May, 30, 2008 deemed accurate and reliable, but not guaranteed.