Inventories continue to fall as prices rise.
Park City, Utah Home and Condominium sales for the first quarter of 2015 were the highest first quarter sales since 2007 and were up over 10% versus the first quarter of 2014.
While the area was experiencing a lackluster snow year, skiers, second homeowners and tourists still flocked to Park City. Year to date visitor nights as tallied by the Park City Chamber of Commerce show a 1% increase over last year. Ski Utah projects that skier visits for the state will be down versus last year, which translates into visitors coming to Park City, but maybe not skiing every day during their stay. Early estimates of sales tax revenue for Park City during the winter months are seeing a huge increase this year according to city officials. Sales tax is not part of property tax and has no real correlation to Park City Real Estate sales, but here are some interesting data points from the recent sales:
Inventory of Homes and Condos For Sale in Park City has fallen 10 % in the past year.
Active inventory within certain market segments remains extremely hard to find especially in the lower price points (as of this writing, there were six Single Family Homes asking less than $500,000 and twenty one Condominiums (of any size) asking less than $250,000 in the Greater Park City area). At the other end of the spectrum, there are 180 Homes asking $2M or more and 161 Condos asking more than $1M (theses listings make up over half of the active listings on the market).
The Park City Real Estate market cannot easily be described as while some areas and neighborhoods are extremely “hot”, others are “sluggish”. There are many factors that determine value and great values may still be found in the market. New higher prices being “tested” by sellers are not necessarily leading to quick sales.
For assistance in marketing your property for sale or finding a property to purchase contact a realty professional with the YouInParkCity.com group at KW Park City Keller Williams Real Estate.
Data herein was compiled from the Park City Board of Realtors MLS System. Information is deemed reliable, but not guaranteed.
Jenny Clark