The second quarter of 2013 was the largest and strongest quarter of Park City Real Estate sales in more than 5 years. With both the number of sales and the median sales price up from last year we are very optimistic and excited for buyers to find great opportunities, and prices have come back to allow new sellers the opportunity to sell again.
We have seen a total of 991 sales this first half of 2013 which shows a 19% increase over the same time period in 2012. Total sales dollar volume is also up 19% over last year, reaching over $698 million to date. In fact, this first half of 2013 had the highest numbers of sales AND the highest total dollar volume since 2007.
Inventory is still about 9% less than what we have seen in previous years but it is slowly increasing. We currently see an absorption rate (the average time a listing remains on the market) for single family homes, condominiums, and vacant land of 5.7 months. That is a drastic reduction from the high point of just under 50 months set in April of 2009.
The number on foreclosures and short sales continue to decline and only make up about 5% of all sold properties in the second quarter of 2013, compared to 17% of all sales in 2012 and about 33% in 2011.
Single Family Homes
Good News! The median sales price in the Greater Park City real estate market is up 10% from last year. Within the Park City limits the median home price is up 12% to about $1,245,000. We also experienced a 16% increase in the number of sales within the Park City limits. Of course, these values vary slightly from neighborhood to neighborhood. For example, while sales are up in Silver Springs, sales are down on Old Ranch Road. On the other hand, median sales price in Silver Springs only increased by 6% while it increased by 62% in Old Ranch Road.
The Greater Park City condo market is up 12% in terms of sales and 6% in regards to sales price. The median sales price of condominiums in the Park City Limits, for the second quarter, is down slightly to $572,000 compared to $605,000 in 2012. Again, this varies from neighborhood to neighborhood. Sales are up 52% in the Jordanelle area and 47% in Old Town while sales are down 10% in Lower Deer Valley. Median sales price in the Jordanelle area is up 8% and 34% in Old Town.
In the Greater Park City real estate area, the median sales price for land is down 20%. Some areas like Synderville or Jordanelle are up in sales but only due to a decrease in median sales price. However, vacant land sales climbed 39% in the Snyderville Basin and spiked upward 138% in the Jordanelle Area compared to 2012! In the Park City Limits, vacant land sales followed the same trend as single family homes with an increase in the number of sales of 26% compared to the same time period last year and a moderate increase in median price of 12%, reaching $525,000.Contact Steve Blankenship for a FREE! Market Analysis of your property.