The Park City Board of Realtors released their third quarter market report this week. According to the statistics, Park City Real Estate is currently somewhere between a buyer’s and seller’s market with home prices and sales in the middle ground.
- Total number of property sales up 4 percent and Total revenue up 3 percent compared to last year.
- Median property prices, which include homes, condos and lots, are up 11 percent from the year before.
- Inventor has gotten smaller and prices are currently stabilizing.
- Vacant land sales have increased significantly in median price, up 19 percent. Between the first and third quarters last year, a total of 207 vacant lots were sold, including several in the Promontory area.
- The number of home sales was up 5 percent with the second highest disclosed home sale in Park City history, an $11M Deer Crest Estate.
- Condo sales were up 7 percent.
- Distressed properties were down in the third quarter, accounting for only 14 percent of the market. Last year during the third quarter, distressed sales made up 27 percent of sales, a total of 80 property sales.
2012 Sales and Median Prices by Neighborhood:
- Old Town: 37 sales, Median price of $800,000, Up 9%
- Park Meadows: 35 sales, Median price of $1,025,000, Down 15%
- Silver Springs: 22 sales, Median price of $627,500, Down 8%
- Kimball Junction: 15 sales, Median price of $400,000, Up 19%
- Pinebrook: 50 sales, Median price of $545,000, Down 15%
- Jeremy Ranch: 45 sales, Median price of $630,000, Down 3%
- Promontory: 28 sales, Median price of $1,200,000, Up 2%
- Lower Deer Valley: 11 sales, Median price of $1,975,000, Down 3%
- Upper Deer Valley: 10 sales, Median price of $2,800,000, Up 8%
- Deer Crest: 8 sales, Median price of $5,342,000, Only one home sold in 2011
For help buying or selling Park City Real Estate, secure the best representation possible and call Steve Blankenship at 435-640-6966.