Park City's niche as a spectacular year round resort destination with easy access from an international airport has insulated us from many of the problems facing other real estate markets.
One challenge we face as realtors in Park City, Utah is helping our buyers who live in other states understand that our market has not slowed down the way many markets across the nation have. Buyers can find good values, but prices remain strong in all areas of our market.
Owners of luxury second (or third or more) homes have not been affected by the 'mortgage crisis' so there is not an urgency to sell. Out of state buyers who see desperate sellers and foreclosures on the rise in their home states assume they can get a mountain home for a bargain.
We have had clients who have based their offers on the 'doom and gloom statistics' from their home states, and have been quite suprised (and disappointed) when the home they want sells for 97% of the listing price, over and over again.
The state of Utah continues to see very low unemployment and massive growth in both population and industry.
Park City is one of Utah's most desirable places to live not only because of it's natural beauty and wealth of activities and ameneties, but also because of it' s proximity to the capital, Salt Lake City.
Comparing illustrates what I have been saying. The number of residential units sold is down marginally from '06 to '07,
However, the average sales price of single family homes rose 15% while condos rose 45%!
|2006 VS 2007||Park City Board of Realtors MLS|