Local Area And Real Estate News

          The Park City real estate market is compiling its year end data.  Spin is surely soon to follow.             The two graphs here can tell different stories.  There are more available Park City real estate listings on the market currently, and this number has been on the rise.  During this same time-frame, pended sales numbers have been decreasing.  First glance may indicate that there are more people trying to sell and fewer buyers.  A second look may also show that properties that were sold to speculators are being completed, sold and put back on the market (no longer pending and becoming active listings).            The two graphs above tell a much different story when viewed together than they do apart.  Park City total sales volume when viewed as a year-to-year comparison shows a very good year, with 2007 being not far from its peak in 2005.   This graph or statistic is the one that people seem to cite the most when asked about the state of the Park City real estate market.            The second graph shows that the number of transactions for 2007 was down dramatically from its peak in 2005.            The two graphs together indicate that the average price of a sale in Park City has gone up while the number of sales has gone down.            The past year has seen the completion of many homes in the Empire Pass area of Deer Valley as well as many new high-end homes in the Promontory and Tuhaye golf communities.  Many of these were speculative "flips" in the Empire Pass area and speculative builds in the others.  All of these new available properties have been built for the luxury buyer and contribute to all of the different data shown here.            Another angle that has to be considered when looking at this data is location and scarcity.  The boundaries of Park City, its ski resorts, its golf courses, its lack of available land for building, and peoples' desire to live and own homes here contribute greatly to Park City's property values.            It is very hard to consider any one piece of land, condominium, or home in Park City without considering nearby alternatives.  This means that much of the data needs to be cropped down to much smaller sample sizes for true comparative analysis.           Interpreting data can lead to many different opinions about the state of real estate in Park City and a valid argument can be made for all of them.   The http://www.youinparkcity.com/  group loves to discuss these numbers and help you to make sense of how they affect your Park City real estate buying or selling decisions.           Contact us for more information.  http://www.YouInParkCity.com/contact.php