This year has seen a huge 
increase in the Park City Real Estate Market. We are seeing numbers similar to those we experience prior to the 2008 recession numbers.
According to statistics from the Park City Board of Realtors, for the first two quarters of 2015, home sales are up 9 percent over the same period in 2014. This represents the highest numbers for the first of half of any year since the recession. Additionally, during the same time period, total dollar volume is up by 11 percent.
We have been experiencing an improvement in the real estate market over the past two years; however, the growth was slow become there were not many homes on the market. Rising prices during the first quarter of the year helped open up the market.
Record lows were seen in terms of inventory and that drove up prices. Many who were thinking of selling waited for prices to rebound and then made the decision to sell, which resulted on more homes appearing on the market during the second quarter of this year.
Throughout the country, the real estate market is becoming stronger, which reflects the boost in the Park City market. Additionally, Utah’s economy is one of the strongest in the country, which has brought many of people to the Park City area.
According to figures from the Board of Realtors, sales have been strong in areas such as Park Meadows, Old Town, and Prospector. Neighborhoods in the Snyderville Basin are also experience strong numbers, with the median sales price of a single-family home in the basin coming in at $850,000 — up 18 percent.
One message being seen by area realtors is that Vail Resorts will be bringing people to Park City. Vail Resorts presence in Park City will be bringing both visitors and new residents to the area.
If you are interested in buying or selling real estate in the Park City and surrounding areas, feel free to contact us at YouInParkCity.com. Our professionals will be able to help you either buy or sell property in this fast-growing and every-changing marketplace.
Jenny Clark