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Tuesday Trend: Strong Real Estate Demand in Park City, Utah

March 4, 2014

Cameo Homes Inc. in Park City, Utah

According to a new report released by the Park City Board of REALTORS® , there is a strong demand for Park City Real Estate.

Park City, Utah – 2013 Year-End Review Shows Demand Is Strong for Park City Real Estate
“Finishing 2013 with a total of 2,230 sales, the Park City area real estate market is up 22% over 2012 and double the number of the market low in 2009 according to statistics released by the Park City Board of REALTORS® Multiple Listing Service. “We haven’t seen a jump that big since 2004-2005, which retrospectively could be considered a bubble market,” says newly installed President Marcie Davis. With a total sales dollar volume reaching over $1.52 billion, dollar volume is up 22% as well. Property prices show a steady appreciation of 7% over last year and demand is strong for all property types selling in both the high and low price ranges.”

Inventory for 2013 Reaches an Historic Low
“The current number of active listings – including single family homes, condominiums and vacant land – for the entire market area is 1,981. That is a shocking 46% decrease from the high mark of 3,684 in July of 2008. In fact, the year-end review shows that the inventory level for each quarter of 2013 has been consistently lower when compared to the same quarter in previous years, with the month of April hitting an historic low of 1,965. With fewer properties on the market, buyers may respond with greater urgency when they find something they like. This could contribute to the number of sales we have seen this year.”

Vacant Land

“With new construction picking up this year, vacant land sales were strong for the entire Park City market area, though median sales price took an 11% dip.Within the Park City Limits though, the median sales price was up 15% reaching $555,000 while increasing 9% in the number of sales. Synderville Basin, on the other hand, jumped 40% in the number of sales to 160 with a flat median price of $274,500.”

Looking Ahead
“The Park City area market showed strong activity throughout 2013 with an increase month over month compared to the previous year except for December. Pricing in the Greater Park City Area also increased 7% over 2012.”

To read more visit:  http://www.parkcityrealtors.com/newsroom/2013-4th-quarter-statistics

Utah’s Luxury Home Builder, Cameo Homes Inc.  www.cameohomesinc.com

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