Local Area And Real Estate News

                Has the Park City Real Estate market has hit the bottom? Unfortunately, you never know until the market has gone consistently back up.  There are some areas that I believe still are vulnerable and there are also areas of Park City that appear to be relatively healthy.                  Looking at the big picture there are several indicators that I find interesting. I reviewed all of the new listings put across the Park City MLS in the last 30 days for Summit County, UT.  This includes single family homes and condos inside of the Park City limits, the Snyderville Basin and the Kamas Valley. Of the 149 new listings, 12 have already sold or have accepted sales contracts in place. In addition to this, in the last quarter compared to the same quarter in 2009 the volume of transactions has increased roughly 15%. Is this a blip or a trend? The increase in the number of transactions for Summit County in the first three quarters of 2010 is up slightly over 50% compared to 2009.  Drilling down further, the same percentage holds true for sales of condominiums and single family home sales within the Park City limits.                 What is selling in Park City? While only 10% of the homes and condos for sale in Park City are distressed sales (short sales or bank owned properties) nearly 35% of the homes sold this year fall into this category.  In my opinion buyers are realizing the value of these homes and condos both in terms of the current and historical markets and when "a steal" goes on the market they are acting quickly.                 If you are interested in more information on the Park City real estate market, specific neighborhood trends and statistics, or specific homes or condominiums please contact us at (888)968-4672 or by email.                 Rob Harris - YouInParkCity.com Group - Keller Williams Park City Real Estate