The first quarter of 2009 Park City real estate statistics show that the Park City and Deer Valley area are not immune to the impacts of the national and global economic downturn.             There were 91 total sales in the greater Park City area (PCMLS 1-22): 30 Single Family Homes, 55 Condominiums, and 6 Vacant Land parcels. These numbers as a total are less than half when compared to the same period for 2008 both in terms of total unit volume as well as total dollar volume. While these numbers show a steep decline in the market, there are some bright spots.             One major difference between Park City real estate sales in the first quarters of 2008 and 2009 is the lack of new development communities available in 2009. In the first quarter of 2008, nearly half of the condominiums sold were brand new (Newpark Hotel and Silver Star were a large portion of sales). If these are removed from the comparatives, the 2009 numbers while definitely down, do not show nearly as dramatic a decrease.             A more telling statistical comparison may be to look at original price versus list price when sold and final sales price. For the first quarter of 2008, the list price of homes sold was actually higher than its original price and the final sales price was about 5% off of the list price. So prices were holding very steady and sellers were getting offers very close to their asking price. The first quarter of 2009 shows a definite softening of prices. Original prices versus list price when sold show a 3% drop in price while the actual sold price represents an additional discount of approximately 8% versus asking price.               As with all statistical analysis, it can be very hard to see a true picture when too small or too large a sample is taken. The Park City and Deer Valley real estate markets have bright and dim spots which vary not only from subdivision to subdivision, but vary greatly depending on which side of a transaction you find yourself.             Real estate sales in Park City are influenced dramatically by location and views as well as amenities available to the property. Scarcity is a major factor and while there are new products on the horizon, there are very few places that can offer all of what Park City offers its residents and second home owners. For more complete analysis or information on a particular Park City neighborhood or community contact a YouInParkCity.com Group Keller Williams Park City REALTOR® or call us at (888) 968-4672.             Data compiled from the PCMLS for sales of Single Family Homes, Condominiums, and Vacant Land in areas 1-22 from 1/1/2009 thru 3/31/2009 deemed reliable but not guaranteed