Comparison of Sold Single Family Listings By Price Range
Source: Park City Board of Realtors
Ok, I realize this graph is tiny–hopefully you can blow it up on your computer. Basically, the “U” shaped curve is telling us that Park City home sales are increasing as the price point moves over $1 Million or under $300,000, with the bottom of the “U” in the $700,000 to $1,000,000 price point. This trend has been stable since October, 2010 (the green bar). Some possible reasons: People spending over $1 million have cash; Luxury properties are greatly discounted right now and people with cash to spend are willing and able to take advantage of those discounts; investors are cashing in on the bank owned/distressed homes priced under $300,000. These can make great rental properties with excellent cash flow and ROI. The buyers in the middle of the market have homes they need to sell in order to move up or relocate. They generally need loans and many are now unable to qualify and are forced into renting for now. Bottom line if you are trying to sell a property priced between $500k-$1,000,000–your home must show beautifully and be priced right if you want to sell to the limited number of buyers in this price range.