1. Homes are more affordable today than they have been in 40 years. The median home price and record low interest rates make home ownership the lowest percentage of the median salary in two generations.
2. The percentage of Park City sales that are “distressed” (short sale or bank owned) has decreased from 33.4% to 27.9% of sales. While these homes make up less than 10% of all listings, they represent a greater percentage of sales due to their attractive pricing. The window of opportunity for these properties is shrinking.
3. Almost 40% of all listed properties are selling. This is up from just 19% in early 2009.
4. The average list/sale price is 97% for the second quarter of 2011. That means that buyers are willing to pay close to full price if the home is priced right.
5. Sales volume is up 15% over last year and we are seeing the highest buyer demand in 3.5 years.
It’s a great time to sell and move up or buy that investment property you have been thinking about.