Park City Real Estate Sales: The Truth About 2008...
The stats are now compiled, so let's look back at 2008 Park City real estate sales.
(Data courtesy of the Park City Board of Realtors)
Park City Home Sales
In 2008, 496 homes sold in the greater Park City, Utah area. This represents a 41.4% decline in the number of homes sold compared to 2007. Total home sales volume was down 47.8%. The average sales price was $974,953, an 11.3% decrease from the previous year.
Park City Condo Sales
In 2008, 483 condos sold, a 38.5% decrease from 2007. Total condo sales volume was down 42.4%, but the average sales price declined only 6.3% across all MLS areas.
Park City Land Sales
In 2008, 209 lots sold, down from 551 lots in 2007. Total sales volume of vacant land in 2008 was $113,309,829 a 67% decrease from 2007.
Here's the bottom line... The real estate market in the Park City & Deer Valley area is not dead.
True, the global economic conditions have been felt in Park City, but overall the Park City market is still showing strength compared to most of the rest of the country.
Total sales volume was just over $1 billion in 2008. This was the 5th best year in the history of Park City real estate (only 2004-2007 were better).