Park City & Deer Valley Real Estate Market Update
Sales were slow, but more than $1 Billion in Park City Real Estate sold in 2008.
Take advantage of what very well may be the greatest buyers market of our lifetime. Park City & Deer Valley are still very sound real estate investments. Many of our clients who purchased a property this year made off like a bandit. Of course there is still uncertainty in our economy, but uncertainty creates opportunity. No one can perfectly time the bottom of any market, the moment it is defined many of the great deals have gone. Low interest rates combined with more inventory choices equal many great investments. Invest in your lifestyle, you can't ski to/from your stock portfolio.
"If you wait for the robins, spring will be over." - Warren Buffet
The total sales volume for all homes, condominiums and land in the greater Park City area (Summit and Wasatch counties) in 2008 totaled $1.03 Billion, which is a 49% decrease when compared to $2.03 Billion of the previous year.
Single-Family Homes
Volume - 495 Single-Family Homes sold in the greater Park City area in '08. This represents a 41% decrease in Single Family Home sales volume when compared to 2007.
- Median Price (in-town) Increase - Although some areas showed a decline in the Median Price, Single-Family Homes sold within Park City limits actually increased by 12.5% to $1.8 Million.
Condominiums
Volume - 483 Condominiums sold in the greater Park City area in '08. This represents a 39% decrease in Condominium sales volume when compared to 2007.
- Median Price (in-town)- In the greater Park City areas, the Median Price of a Condominium fell to $825,000 which represents a 17% decrease from 2007.
