Park City Real Estate Sales Volume & Unit Sales Up In Q2 2010
Sales dollar volume for the first half of 2010 continues to improve dramatically compared to the same time period of 2009. For the period ending June 30, 2010, sales dollar volume was up 67% from 2009 at $543 million versus $324 million.
The number of sales is ahead 60% in 2010 over 2009 with 669 units closed compared to 415. These figures represent four consecutive quarters of improved sales throughout the Park City MLS.
Park City Home Sales Up...Inventory Down
Sales of single family homes increased 36% during the first half of 2010 compared to the first half of 2009. Inventory levels are now down about 15% when comparing this period to last year.
Sales have increased as prices have come down significantly. The median price for a home within Park City limits for the year ending in June was $1,125,000, down 37% from the 2009 figure of $1,806,205.
Don't panic if you own Park City Real Estate... The 37% decrease is a function of exactly which properties are selling, not necessarily an indication that your home is worth 37% less than last year!
Park City Condo Sales Way Up
The number of Park City, Utah condominium sales for the first half of 2010 increased 93% over 2009, due in large part to the success developers had reducing prices in areas like Empire Pass at Deer Valley (Deer Valley Auction and Flagstaff Liquidation Sale) which saw a virtual buying frenzy during the first half of 2010.
Buyers were able to purchase brand new ski in ski out properties for up to 40% 0ff... There are still a few of those great deals left if you are interested in ski-in/ski-out properties?
Park City Interest Rates Low
As interest rates continue to be very attractive and buyers secure great deals on their Park City dream property, our market seems poised to continue its recovery.
There are still great opportunities in the Park City area for buyers so if you are serious about getting a great deal, reach out and let us help you find yours!