Park City Real Estate Market Update 2013

If you were waiting for the market to hit bottom here in Park City before you made your move into the market you missed it...sorry...

The bottom of the market is clearly in the rear view mirror as evidenced by the year we had in 2012. Low inventory, multiple bidders, higher prices and a shrinking of distressed sales all indicate that we turned the corner and are now in an ascendiing market.

If you are interested in buying a Park City property, all is not lost, there are still deals to be had and interest rates are low, but the competition is fierce and frankly, time is not on your side.  Prices have not risen in all areas, but given current activity and inventory levels it is evident that prices are going to rise as inventory can not meet current demand.

If you are considering selling a property here in Park City, now may be a good time to capitalize on the shift in the market.

We have a full breakdown of the statistics for 2012 and there is nothing more exciting than statistics right?! Charts and Graphs, oh my!! We'd be happy to share with you our proprietary market reports and forecasts, as well as our 'best buys' and areas of opportunity. Contact our team for this valuable information. Here is just a sample of what you will learn from our reports

There were more sales across the Park City MLS in 2012 than in any year since 2007.

Inventory levels have decreased significantly, absorption rate, which peaked at over three years of supply in 2009, is down to 12 months of inventory.

The median price home in Park City has been rising year over year since 2009

Distressed sales (foreclosures and short sales) have fallen from a high of 35% of closings a couple years ago to just about 13% of closings, and distressed listings now represent just 5% of all properties listed...

Call or email us for a copy of the market report, insider tips, and a dedicated team of professionals who can help you achieve your goals in the Park City real estate market.

Posted by Greg Harrigan on
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