Year-end statistics for the entire Park City/Deer Valley Multiple Listing area, show the number of sales continues to trend upward with 1,662 closed sales for 2011, up 17% from the 1,418 closed sales in 2010 and up 32% from the 1,131 sales in 2009.
Inventory levels have decreased since last year, with about 2,300 properties listed for sale compared to about 2,750 in 2010, a 13% decrease. Sales activity remains strong, which can be attributed to the reduced home, condominium and vacant land prices and the positive economic conditions in the state of Utah.
The market continues to be active, with the number of sales in all four quarters of 2011 being strong, with the second quarter of 2011 having the most sales that weve seen since the fourth quarter of 2007, says Mark Seltenrich, Statistician and Past President of the Park City Board of REALTORS®.
Median sold prices in 2011 were down 13% for our overall market, although single family homes continue to be the strongest part of our market with a 1% increase. Condo median prices were down 16% and vacant lot median prices were down 13%. However, in reviewing the Stats for individual neighborhoods, the data is mixed, some areas prices are flat or trending up, others are down.
Looking ahead, we are expecting more of the same for 2012. Strong buyer interest and activity, coupled with Average Prices still down but stabilizing. It appears that future sizable declines seem unlikely, and price increases will slowly inch up over the next year.
It continues to be a buyers market, but choices are declining as the best properties are picked off and distressed properties are purged from the market.
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