Our real estate market has stabilized over the past 12 months. Last year, 88 single family homes sold in the first quarter of 2011 and 75 in the first quarter of 2012. Condo sales were also flat, with 103 in the first quarter of 2011 to 100 in the first quarter of 2012. Vacant land saw a decrease from 54 sales in the first quarter of 2011 to 23 the first quarter of this year. Last year, 15 of those lot sales occurred at Promontory, where the distressed inventory was rapidly clearing out.
April has been busy! We have already had 28 single family home closings, 19 condo closings and 4 vacant land sales through the 24th of this month. Condo sales were down about 36% from the same period in April of last year. In my opinion, the sunny spring weather and lack of snow probably accounted for the slowdown in condo sales towards the end of the season.
The biggest difference between this year and last year is the number of listings available for sale. New inventory of single family homes in the first quarter of 2012 was 14% lower than 2011. In some areas, like Park Meadows and Silver Springs, single family home inventory was down 40-50% from the first quarter of 2011.
With a stable number of sales and a lower inventory, we may see the dynamics in some Park City neighborhoods change from a buyer’s to a seller’s market.