The first three quarters of 2013 are now in the books (it is hard to believe that ski season is only a month away!). Park City real estate sales for the first 3/4ths of the year have been very strong. Sales volume is up and so are prices while inventory is down.
Single family home sales in the greater Park City area are up eighteen percent (18%) when compared with the first three quarters of 2012. The median sales price of Park City, UT homes sold in 2013 is up by over $60,000 to $810,000 (half of the homes sold for above this price while half sold below this price).
Inventory levels continue to be a big part of the story. Single family home sales under $500K have a current less than 3 month supply while homes in the $500-750K category have less than 4 months’ supply at current sales rates. Luxury homes still a have large number of for sale options but sales of homes over $2M were up by 30+ percent versus the first three quarters of 2012.
Over 40% of the sales so far this year have had homes on the market for less than 30 days. Good values still exist in the market, but Buyers need to be ready to move quickly.
Condominium sales in the greater Park City area had similar gains to single family homes in the area. Sales volume is up by eighteen percent (18%) while the median sales price has risen by over ten percent (10%). Current sales volume has an absorption rate of only 4 months for condominiums under $250K while there is a nine (9) month supply in the $500-$1M price range. Even the luxury condominiums valued at $1M or more only show a one year supply at the current sales rate.
Building lot sales in greater Park City also experienced dramatic increases with sales up over fifty percent (50%) and median prices up by ten percent (10%) to $323,500. By adhering to the idea that the value of a home’s lot should be twenty to twenty five percent (20-25%) of the value of the home, the median value of the new homes to be built on the recently purchased lots should be in the $1.3M to $1.6M.
Mixed into all of the sales in Park City over the past nine months there are of course areas that have not experienced the same increases and a few that have had values drop. For a comprehensive analysis of the Park City real estate market segment that matters to you contact a realty professional with YouInParkCity.com today.
Jenny Clark
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