While some real estate markets around the country are faltering, the Park City real estate market remains strong. Our robust local economy coupled with easy airport access for second home owners continues to attract new buyers to our area. And who can blame them? The dramatic beauty, rich culture, incredible year round recreation and friendly locals create one of the most desirable communities in the nation. There is no question that Park City is a unique and special place.
- The only market that matters is the one that you are planning to buy or sell in. And the story in Park City is not the same as in other locales.
- Utah has the lowest unemployment rate in the U.S. causing in-migration of workers (85,000 people added to the population last year).
- Deer Valley® Resort was ranked the #1 ski resort in the U.S. for the third time
- Salt Lake City had the largest median home price increase in the U.S. for 2007.
- Utah has the strongest economy in the U.S.
- Salt Lake City had the most jobs added of any U.S. city.
(as reported on January 7, 2008 in an article by Matt Woolsey, Forbes.com).
Overall Sales Volume of 2007 BEAT 2006 by 3%. Park City had its second best real estate year in 2007. In 2005, the best year on record, we broke $2 billion in sales. 2006 saw $1.92 billion in closed sales and 2007 saw $1.979 billion in sales.
Average and Median Sale Price Still Trending Up. Although less property was sold in 2007 than 2006 (16% less), we saw the average sale price increase 26% overall and the median sale price increase 25% overall. What does this data mean? Expensive, luxury properties are continuing to sell. But, that is not the whole story. The average sale price of single family homes in zip code 84098, which is composed primarily of full time residents, increased by 16%.
With interest rates at 5-year lows and a great selection of properties, there has never been a better time to buy Park City real estate.