Park City Real Estate 3rd Quarter 2009 Sales

With the end of September comes the end of the summer selling period as Park City, UT turns toward the upcoming ski & snowboard season. This also tends to mark a change in the real estate buyer profile as Buyers become more interested in ski and snowboard related resort properties.

A look back at the year to date reveals a lot of what we suspected; things were rough in the real estate world and Park City / Deer Valley were no exception. Sales in Park City totaled over $355M on a volume of just under 400 units (sales statistics counted include single family homes, condominiums, and vacant land in the 84060 and 84098 zip codes as reported by the Park City MLS). These numbers represent a 35% unit volume and 40% dollar volume drop versus the same period last year. The current lack of new product (developer) sales has a large impact on these statistics; in 2008 over 70 sales can be attributed to 2 new developments - Silver Star and Newpark Hotel. For the same quarter in 2009, the top 2 selling new developments Dakota Mountain Lodge and Escala (both at The Canyons Resort) account for just over 25 sales. This goes to show that the statistics while being one measure of the market do not necessarily tell the whole story.

Many Park City REALTORS® will tell you that they are very busy right now. There is definitely a "feel" that things are turning around. Most agents are dealing with many clients that are beginning to believe that the worst is over and that the Park City and Deer Valley markets have reached, or are close to the bottom. The YouInParkCity.com Group feels that this is true in some instances and not in others. The most recent quarterly statistics were flat compared to 2008 and this may indicate that things are turning around.

Some cities nationally are showing signs of turning around and as peoples' home markets strengthen; resort vacation properties will become more appealing which should make Park City home and condominium prices rise.

If you are in the market for a strong value in the Park City and Deer Valley area, the time seems right. But we always encourage buyers to purchase for the experiences, memories and lifestyle that accompany a home or condominium in this area we consider paradise.

For more information regarding specific Park City Real Estate areas and statistics contact a YouInParkCity.com professional.