The Park City real estate market place has been showing recent signs of increased activity. Most REALTORS® in Park City and Deer Valley will tell you they feel that things are getting better.
Sales figures for the Park City Board of Realtors may or may not support this feeling. The month of July had 69 closings within Park City and approximately the same number outside the Park City zip code (Kamas and Heber Valleys). Park City area real estate sales totaled nearly $70M for the month while sales in areas outside of Park City (but through the PCBR) totaled about $12.5M. The sales figures represent an increase of approximately 50% over the same time last year.
This quick glance will no doubt be the sound bite for the Board of Realtors. Upon closer inspection, the numbers remain strong, but maybe not quite as robust as they seem. Closings of recently completed construction account for $20M of the total -one closing of a newly built home in the Paintbrush subdivision of Empire Pass at Deer Valley accounted for over $11M of the total. Closings at the newly completed Dakota Mountain Lodge at The Canyons Resort accounted for over $9M and should be even larger in the month of August. Without the new construction closings (most of which were put under contract in 2007), sales figures for July are not as strong. Yet the numbers are still larger that a year ago.
Other positive market signals for Park City and Deer Valley are that sales have been dispersed through all portions of the market. Not everything that has sold has been distressed and lower priced home inventory. At least 10 of the real estate sales completed in July were for over $1M and were not distressed or new constructions including a $5M home in the Bald Eagle subdivision of Deer Valley.
Outside Park City sales volume was up by 30% from last year with total dollar volume slightly down. This illustrates that there may be stronger deals in the outskirts of Park City. Outlying areas have definitely seen larger price variations.
Overall, the Park City real estate market has shown an uptick for the last month, and pending sales for the last two weeks total over 50 potential sales. Buyers and Sellers in Park City and Deer Valley are finding common ground and making deals. Each neighborhood and subdivision is different as are the pressures on individual Buyers and Sellers to better understand if it is the right time for you to buy or sell Park City & Deer Valley real estate, contact your local YouInParkCity.com realty professional.