April 29, 2013

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Article

Park City Sees Increased Lodging, Home Sales

Press Release

April 29, 2013

Real Estate sales in the Park City area for the 2012-2013 ski season increased dramatically from the previous ski season.

The Park City Chamber of Commerce Convention and Visitors Bureau statistics show that lodging nights were up for the season and Park City has reported higher tax revenues. Park City area real estate sales were right in step.

While inventory levels are at their lowest in years, sales for the ski season increased and so did prices.

Total sales for this past season (homes, condominiums and building lots) were up by over 25 percent from the previous year.

The largest jump in sales was in building lots with 99 sales, nearly twice the 54 from the previous season. Low inventory and lower building costs have something to do with this as buyers gave up and have decided to build after home searches did not satisfy their desires. Distressed sales in the Hideout Canyon area made up 15 percent of the lot sales in the Park City area for the season. The median value of the building lots that sold remained steady with the previous year at $325,000.

Park City condominium sales jumped nearly 20 percent while the median sales price rose by over 10 percent. The Old Town area lead the way with 50 condominiums sold during the ski season with a median sales price of $500,000. The overall Park City condominium market had a median sales price of $402,500. New construction sales near the Jordanelle Reservoir were also very strong.

Sales of single family homes for the ski season were also up from the previous year with a 12 percent rise in sales volume and a 10 percent rise in the median sales price. The Park Meadows area of Park City lead the way in sales with 22 and an average sales price approaching $2 million and a median price near $1.5 million. Single-family home sales in the other parts of Park City were also strong with the median sales price rising to $864,000 from $790,000 last year.

 

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