Park City, Utah has seen its share of distressed real estate sales in the past 2 years.
A look at the sales statistics from the Park City area MLS reveals that distressed sales have made up 25% of the total sales of homes, condominiums and land in the Greater Park City area in 2010 and 2011.
The sales of bank owned properties have far outpaced the short sales (more than 2 to 1) and 2011 saw a smaller percentage of distressed sales than 2010.
The number of distressed for sale real estate listings in Park City has been steadily decreasing. People looking to buy bank owned properties in the Park City area are increasingly encountering multiple offer situations and sales prices are often higher than the listing price for bank owned Park City properties.
The sales of bank owned in relation to the number available is an indicator of how quickly they move. The number of short sales completed is an indication of how hard they can be to complete. Also of note is that half of the current short sale supply has offers awaiting bank approval. Buying distressed real estate in Park City is possible, but there can be many pitfalls and the competition can be fierce.
For more information about real estate sales in Park City, Utah contact a Park City realty professional with YouInParkCity.com at (888)968-4672.
Data and sales information from the Park City MLS deemed reliable but not guaranteed.
Jenny Clark
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