Here is a quick snapshot of what is happening in the Park City real estate market:
Compared to the first quarter of 2012-
- Number of sales are up 17%.
- Sales dollar volume is up 28%.
- Best first quarter since 2007.
- Lowest inventory since 2006.
- 21% decrease in listings.
- Distressed properties (foreclosures and short sales) make up only 3% of active listings and accounted for 13% of sales compared to 13% of sales in the first quarter of 2012.
- Single family homes sales increased 18%.
- Median sale price of single family homes rose 30% to $619,500. Median home price within Park City limits was up 12%.
- Condominium sales decreased 3%.
- Median sales price of condominiums rose 22% to $334,128.
- Vacant land sales increased 45%. Median lot price dropped, but this decrease in price is not expected to last due to inventory constraints.
With interest rates at historical lows, today’s home buyer has 43% more purchasing power than they did in 2006, as reported by Rick Klein of Wells Fargo Home Mortgage.
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