Statistics from the last quarter of 2013 were just released by the Park City Board of Realtors and the overriding message is that there is no message for our market. Yes, inventory is down, demand is strong and prices are up. This is consistent with most of the U.S.
The scary truth of the matter is that Park City’s real estate market is becoming highly segmented. There are some areas that are flaming hot and others that are stone cold. It is impossible to look at a graph like the one above and have any idea what is happening in the neighborhood where you want to buy or sell a home.
For example, the ski in/out neighborhood of Deer Crest in Deer Valley® Resort has a 5 year inventory of single family homes. At the current rate of sales, it will take 5 years to sell all the homes currently on the market in Deer Crest. In contrast, condominiums in Park Meadows have less than 2 months of inventory. The primary resident areas of Silver Springs, Trailside, Jeremy Ranch, and Summit Park have less than 3 months of inventory, while there is an almost 2-year inventory of homes at Promontory.
If you are looking to buy or sell a property in Park City, your strategy is going to be dictated by the neighborhood. Deer Crest buyers can be very aggressive; Silver Springs buyers can not.
Why do you think Park City’s real estate market is becoming more segmented? Leave your thoughts below.