The end of the first quarter of 2010 gives us some concrete evidence of what is happening in the Park City real estate market.
Sales volume when compared with first quarter of 2009 is up well over 200%. Granted that is not saying a whole lot, but the numbers are equivalent to those of 2008.
For the quarter there were 70 single family homes that sold in the greater Park City area from January 1 to March 31, 2010. The average sales price was slightly over $1.1M. The median price was $820K. Park City single family home closed sales prices versus list price varied by a little over 10%.
Condominium sales in Park City for the first quarter of 2010 were very strong. This is largely due to sales of at The St. Regis Deer Crest and the auction sale at Silver Strike in Empire Pass. There were 123 condominium sales in the first quarter with an average sales price of $1.17M. If the sales at the St Regis and Silver Strike are ignored, the average sales price drops to just over $600K.
Vacant land sales in Park City, UT for the first quarter may be a good indication of future building in the area. There were 30 land sales in Park City for the quarter with an average sales price of $370K. The Promontory Golf Resort area made up over one-third of these sales as buyers found value in the distressed inventory there.
Distressed sales and bank REO property levels have increased dramatically in the Park City area. Distressed listings now make up nearly 10% of the property for sale in Park City.
Home prices in Park City are showing large variations. Some areas have held values very well while others are seeing prices similar to those of 2005 and earlier. For more information on specific properties and neighborhoods in Park City contact a professional with YouInParkCity.com.