2012 Year End Park City Real Estate Report Points To

Market on the Rise

Last week I mentioned that although we had not yet seen the

year-end Park City real estate numbers, the speed at which deals

have been snatched up has pointed toward a market on the

rise.

Well, this weekend we got the official 2012 Park City Board of

Realtors (PCBR) end of year report and all signs do indeed suggest a

continued recovery from the market bottom.

Although our vacant land, home and condo pricing is nowhere near the 2009 peak, across-the-board

increases in sales as well as median pricing allows us to

compare highs and lows to verify this is indeed a stabilizing market.

While fewer and fewer of the ridiculous deals are hitting the

market – the equal advantage for both buyers and sellers today is a

much healthier trend for all.

When the economy collapsed, Park City’s median home price dropped

a staggering $1 million from an average of $1.8 million at the peak in 2008 to $1 million in 2011. That 44 percent decline in home pricing

combined with a similar story on the condo front.

Condos throughout Park City peaked at $994,500 in 2007 and by 2011 had bottomed out by a 47

percent decline to sell for an average of $522,500.

The same course continued in Snyderville Basin and surrounding

Jordanelle areas,

although those sections of town may have weathered the economic

fall the best. Home pricing there decreased 27 percent from 2007

to 2012 while peaking at $894,550 and falling to $649,000.

Although some communities and housing types did fall, according to the 2012 PCBR Year End Report,

the average median price throughout the whole Park City

market increased 13 percent this year from $348,250 at the end of 2011 to $395,000 at the start of

2013.

Keeping pace – the overall number of home, condo and vacant land sales in 2012 all increased over

the 2011 sales with: • Park City home sales up eight

percent in 2012 • Park City vacant land sales up

12 percent in 2012

• Park City condo sales up 15 percent in 2012

The 2012 report did note an incredible 125 percent increase of pending sales from the beginning of 2012 to our current situation at

the start of 2013.

This explains why some of the property picks I’ve passed on have

been snatched up so quickly! Although the market has increased in both pricing and sales this past

year – some areas of town (such as Lower Deer Valley) haven’t been quite as quick to bounce back.

In other areas there are certain properties that are under market

value and offer a great investment opportunity.

There are still deals to be had and I’ll offer suggestions as I hear of

them.

If you have a specific area of town or a particular property type you’d like me to focus on don’t hesitate

to give me a call at 435-901-4309.

Park City Real Estate Report Make it a great day!

Scott Maizlish Associate Broker

Accredited Buyer Representative REALTOR®

http://www.scottmaizlish.com/2012-year-end-park-city-real-estate-report