The end of September marks a shift in focus for Park City and Deer Valley real estate Buyers. Traditionally we see a shift away from single family residential homes and toward resort and ski property as the winter nears. This marks a good time to take a look back and compare the latest quarter real estate sales with past years.
Park City real estate sales for the 3rd quarter 2009 show only a small drop in sales and unit volume versus the same period last year. Unit sales were effectively flat while dollar volume dropped by about 9%. -Note that for statistic purposes The YouInParkCity.com Group uses only sales in the 84060 and 84098 zip codes and only considers sales of single family homes, condominiums and vacant land- The 3rd quarter of 2008 is when sales in the Park City area started seeing the impacts of the economic downturn and people began to realize that we were not totally insulated from the national housing crisis.
The downturn in dollar volume indicates that prices have receded slightly. Price corrections have varied greatly by neighborhood and the relatively small unit volume means that a few sales can have a large impact statistically. As a case in point, Dakota Mountain Lodge at The Canyons Resort sales represent over 10% of the dollar volume for this past quarter.
Pricing in general is also showing downward pressure as the sold prices versus the list price was off by 8% while the list prices had shown an 8% discount already.
Year to date sales versus the same period in 2008 show a decrease in dollar and unit volume of over 35%. The fact that the current period is flat may indicate that the downward market pressures have subsided and we are experiencing a bottom. There is a “feel” among most REALTORS® in town that business is getting better. Most agents are busy with many clients searching for values and beginning to write offers.
To discuss more in depth statistics and analysis of the Park City and Deer Valley real estate markets, contact a YouInParkCity.com realty professional.