Park City, Utah –The Park City Board of REALTORS® 2012 Second Quarter statistics, show the highest number of sales and pended sales in the Greater Park City Area since 2007. The total number of sales for Q2 was 486 with a total sales volume of $347,392,785 and median price of $427,450 - topping last year’s Q2 numbers with 451 units sold, $320,740,133 in total dollar volume and a median price of $412,500.
Sales Numbers and Inventory Sales numbers have bumped along since the end of 2008 and first half of 2009. The highlight of the second quarter of 2012 is the increase in the number of sales and pended sales-which is the highest we have seen since the fourth quarter of 2007. Additionally, the second quarter numbers report the highest total dollar volume since 2007. To compliment those statistics, the inventory of active listings is the lowest it has been since 2007. Inventory levels of all property types have decreased since last year, with about 2500 units on the market now compared to about 2700 units a year ago and 3060 in 2010. “The low priced lots and condos of a year ago are becoming much harder to find and it appears there would be no reason for a seller to have to sell at those lower prices,” says Mark Seltenrich, Statistician for the Park City Board of REALTORS®.
Prices While average sales prices of homes and condos are essentially the same as this time last year, median sales prices of homes and condos are up 3% over last year and median sales prices of vacant lots are well up over last year by 41%. When all property types are combined, the median price increased 11% over last year to $410,000. Single family median prices seem to be moving at a slow but stable pace. The number of sold properties continued to climb through the second quarter with the median sales price for a single family home within the Park City Limits at $1,115,000 with 90 sales. The same trend can be seen in the Snyderville Basin single family market with 157 sold properties and a median sales price of $615,000. In the Heber Valley, there were 69 sales this quarter with a median home price of $245,000.
“Sales and pricing vary between neighborhoods, so to fully understand the market and what prices are doing in any individual area one should consult a local member of the Park City Board of REALTORS®,” says Seltenrich. For example, when comparing the first half of 2012 to the
first half of 2011, median home prices in Old Town are down 14% to about $816,000 while median home prices in Park Meadows are up 7% to about $1,100,000 and median home prices are up 33% to $425,000 in the Kimball Junction area. Home prices in Pinebrook are down about 9% to a median price of about $547,500, while median prices in Jeremy Ranch are slightly down at $665,000. It should be noted that some of these prices are lower than they were as recently as 2010 and certainly much lower than they were in 2006 and 2007.
In the condominium market within the Park City Limits, prices are up about 3% over a year ago with the number of sales reaching 149 and a median price of $605,000. Median condo prices are up in several areas including lower Deer Valley and upper Deer Valley (both areas up 9% to a median of $665,000 and $1,408,000 respectively) and Park Meadows area (up 5% to a median of $664,000). In the Snyderville Basin area, there were 100 sales with a median price of $264,250, which is up 6% from last year. Median prices vary within the Basin, for example, the Canyons area is down about 3% from a year ago to a median of about $311,000, while Pinebrook is up 17% from last year to a median price of $280,000, and the Kimball Junction area is down about 5% to a median price of about $175,000. Seltenrich says, “It is now more difficult to find units in this low price range and those median prices should start to rise.” Median lot prices are up in many areas, with vacant land median prices in the Snyderville Basin up from $157,500 a year ago to $327,500 this year, a 108% increase, while prices inside Park City’s limits are down to a median of $470,000. Median prices in the Heber Valley are down about 17% to $122,750.
Distressed Properties Distressed sales, which include both foreclosures and short-sales, have dramatically decreased making up about 17% of all sales compared to about 27% a year ago. Since foreclosures peaked in 2009, they have been on a downward trend, with bank owned properties accounting for only 11.9% and short sales accounting for 5.2% of the total sales in Summit County in the second quarter of 2012. Notices of Defaults (NOD’s) and trustees sales have also decreased-with the 2nd Quarter’s NOD’s being the lowest since 2007. Though too early to know if this will continue to trend downward, the pressure on large lenders from lawsuits, combined with buyers becoming more reluctant to deal with short sales, could be contributing factors to the decline. Currently only 7.3% of listings in Summit County are distressed, the same as a year ago.
In Summary The market continues to be active, with the number of sales in the second quarter being the highest we’ve seen since the fourth quarter of 2007. Median prices through the first half of the year are slightly up from the first half of 2011, with the exception of vacant lots where the median price increased by a whopping 41% over last year. Single family homes remain the strongest part of our market, with homes accounting for about 46% of all sales and about 57% of the entire dollar volume (both figures are slightly up from a year ago). Home prices for the first half of the year are basically unchanged compared to 2011.