This week the Park City Board of Realtors published a Year to Date Comparison report for real estate statistics comparing January– June 2009 vs 2010; also, this week, the Western Mountain Resort Alliance, which compares 16 western ski resorts published their 1Q Stats, all of which show Park City real estate sales are up almost 100% over 2009, and while prices are still ‘bumping on the bottom’ Park City is holding its own in this economy versus the other western US ski resorts.
The Park City Board of Realtors report, http://bit.ly/JuneStatsHpRRZ revealed that for all areas in Summit County:
Sales Volume for Single Family homes was up 35.9%; Average Price was down -18.2%
Sales Volume for Condominiums was up 220%; Average Price was up 58%**
Sales Volume for Vacant Land was up 33%; Average Price was down -51%
Overall Sales Volume for all properties was up 84%; and Average Sales Price down -.9%
The Western Mountain Resort Alliance Q1 Report further illustrates this trend in increased sales volume as Park City area sales were $291,685,549 in the first quarter, #2 among 16 ski resorts and only second to #1 Vail at $299,280,734.
The bottom line: It’s a great time to consider owning real estate, with interest rates at historic lows, and Park City/Deer Valley prices most likely ‘at the bottom’, the opportunity to get premium ski-in/out properties priced 20%-40% below 2007 pricing is now, prior to the uptick in pricing predicted sometime this winter.
**(this number is skewed by several small transactions outside of Park City)most ‘in town’ condos were down in price -16%-40%.
