Local Area And Real Estate News

Park City Real Estate 2nd Quarter Statistics 2008

By Todd Anderson
Jul 15, 2008

            The second quarter of 2008 has come to an end and the statistics are out for the Park City, Utah real estate market. It is always interesting to see how the numbers stack up to what your gut feeling about how the market is doing. A quick look at the numbers can show that my gut feeling is both right and wrong, as usual, the numbers can be spun to show whichever story you want to tell. Well, almost... There is almost no classification in which it can be shown that sales volumes are up. Single Family home sales for the first 2 quarters of the year were off by 45%.  Pricing though was effectively flat (up 1% in town, down 6% in the Snyderville Basin, up 1% in the Heber Valley). Bright spots can be found in single family home sales if you look at Woodland and Francis, sales prices were up 80% from the same period last year.            Over-all condominium sales showed a drop of 24% in sales volume, but prices were up by 18%. There were a few newly completed projects that skewed the numbers (please note that it can be argued that this is almost always true in the Park City real estate market). Sales at the Newpark Hotel in Kimball Junction totaled over $24 million and gave the Kimball Junction area a 95% boost in sales volume and a 131% boost is dollar volume of sales. Similarly, the Old Town area shows remarkable numbers unless you remove the sales of Silver Star (new ski-in / ski-out property at the Park City Mountain Resort) which showed over $54 million in sales.            Vacant land showed a 60% decrease in unit volume sold while overall pricing was up 14%. The telling number here might be that there are over 1300 active listings for vacant land on the Park City MLS and 109 sold in the first 2 quarters of 2008 leading to a 6 year supply of inventory at the current sales pace.           There are bright spots and dim spots throughout the sales report for the first 2 quarters of 2008.  All real estate is local down to the block, side of the street, which ski run you're on, or on which hole of the golf course your home sits. For a more complete analysis of the Park City real estate area that you are most interested in, give the YouInParkCity.com Group a call at 888-968-4672 or email us at info@YouInParkCity.com. Submitted by Todd Anderson Statistics herein were derived from the Park City MLS. Numbers are deemed accurate and reliable, but not guaranteed.

Park City Year End Stats

By Todd Anderson
Feb 06, 2008

          The Park City real estate market is compiling its year end data.  Spin is surely soon to follow.   Park City real estate Active Listings PCMLS Park City real estate Pended Sales  PCMLS           The two graphs here can tell different stories.  There are more available Park City real estate listings on the market currently, and this number has been on the rise.  During this same time-frame, pended sales numbers have been decreasing.  First glance may indicate that there are more people trying to sell and fewer buyers.  A second look may also show that properties that were sold to speculators are being completed, sold and put back on the market (no longer pending and becoming active listings).  Park City real estate sales volume by year Park City real estate sales transactions           The two graphs above tell a much different story when viewed together than they do apart.  Park City total sales volume when viewed as a year-to-year comparison shows a very good year, with 2007 being not far from its peak in 2005.   This graph or statistic is the one that people seem to cite the most when asked about the state of the Park City real estate market.            The second graph shows that the number of transactions for 2007 was down dramatically from its peak in 2005.            The two graphs together indicate that the average price of a sale in Park City has gone up while the number of sales has gone down.            The past year has seen the completion of many homes in the Empire Pass area of Deer Valley as well as many new high-end homes in the Promontory and Tuhaye golf communities.  Many of these were speculative "flips" in the Empire Pass area and speculative builds in the others.  All of these new available properties have been built for the luxury buyer and contribute to all of the different data shown here.            Another angle that has to be considered when looking at this data is location and scarcity.  The boundaries of Park City, its ski resorts, its golf courses, its lack of available land for building, and peoples' desire to live and own homes here contribute greatly to Park City's property values.            It is very hard to consider any one piece of land, condominium, or home in Park City without considering nearby alternatives.  This means that much of the data needs to be cropped down to much smaller sample sizes for true comparative analysis.           Interpreting data can lead to many different opinions about the state of real estate in Park City and a valid argument can be made for all of them.   The http://www.youinparkcity.com/  group loves to discuss these numbers and help you to make sense of how they affect your Park City real estate buying or selling decisions.           Contact us for more information.  http://www.YouInParkCity.com/contact.php

 
 
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