Monday, 26 December 2011

Park City Utah's Real Estate Market Areas

Real estate sales in Park City, UT for 2011 are up nearly 15 percent for the year versus 2010.

Park City, Utah has 21 real estate neighborhoods which make up the greater Park City area. Sales volume for single family homes and condominiums in these areas are showing strong increases versus last year and some areas currently have very low inventory levels.

The four hottest real estate market areas in Park City are in the Snyderville Basin area near Canyons Resort. The unit sales for 2011 versus the current for sale inventories for the Sun Peak/Bear Hollow, Silver Springs, Trailside Park and Kimball Junction areas all correlate to less than six month's inventory.

The current supply of single family homes compared to the sales in 2011 (absorption rate) of Park City's 21 areas correlate to less than one year's inventory. The numbers are skewed slightly toward lower priced homes in Park City as inventory levels of homes under $500K are at less than 8 months' supply while homes ranging from $500K-$1M show a 9 month supply. Inventory levels for homes between $1M and $2M is about one year while the supply of homes priced more than $2M would take more than 3 years to sell at current sales rates. Areas that have an abundance of homes listed for sale at more than $2M which have a multi-year supply include Empire Pass, The Colony, Glenwild, and Deer Crest. Lower Deer Valley also has years' worth of single family homes for sale given the current sales rates. Areas with absorption rates less than one year (in addition to the four mentioned as the hottest areas) include Park Meadows, Upper Deer Valley, Prospector, Pinebrook and Jeremy Ranch.

Condominium sales in Park City were strongest for prices below $500K with nearly 200 sales being between $250K and $500K. Condominiums priced below $250K made up the second strongest price range with over 150 sales. The absorption rate (current supply divided by average monthly sales) for condominiums priced between $500K and $1M is more than 2 years while the rate for condominiums between one and two million dollars approaches a 3 year supply. Neighborhoods with a relatively tight supply of condominiums include Park Meadows, Canyons Resort, and Prospector. Kimball Junction, Bear Hollow, Jeremy Ranch and Pinebrook all have less than 6 months' worth of supply at this years' sales rate.

There are some areas of the Park City Real Estate Market that favor buyers, while others may be starting to favor sellers. For an expert analysis of the Park City realty area or price range that matters most to you contact at (888)968-4672.


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