Interesting mid-year report from Park City "proper"

While the number of sales has fallen off 39% in Park City proper (in-town), the other vital statistics have not changed much and we have seen an increase/appreciation in condo and lot #s:

SINGLE FAMILY HOMES:

2007 stats from 1/1/07 to 7/14/07
-Ave Sales price $2,376,000
-Ave PPSF sold $496psf
-Ave Days On Market 185

2008 stats YTD (though 7/14/08)
-Ave Sales price $2,349,000
-Ave PPSF sold $478psf
-Ave Days On Market 187

CONDOS:
2007 stats from 1/1/07 to 7/14/07
-Ave Sales price $1,183,000
-Ave PPSF sold $590psf
-Ave Days On Market 203

2008 stats YTD (though 7/14/08)-
-Ave Sales price $1,348,000
-Ave PPSF sold $603psf
-Ave Days On Market 215

VACANT LAND:
2007 stats from 1/1/07 to 7/14/08
-Ave Sales price $1,306,000
-Ave Days On Market 193

2008 stats YTD (though 7/14/08)
-Ave Sales price $1,728,000
-Ave Days On Market 112

So we have seen the number of sales fall off about 40%, but the other numbers are still holding strong. The percentage off of asking price that a property sells for has not change much either, it is still in the 3% to 7% range. Our market has slowed, however when compared to the rest of the nation I believe we are still holding our head above water. This can be attributed to the fact that our market is more insulated than the sub-prime markets, and there are still good deals in the area when compared to other Rocky Mountain Resort areas.

This is just for Park City “proper”, which is all of Deer Valley, Old Town, Aerie, Park Meadows, Thanyes, and Prospector. Tomorrow we will look at the outlying areas like the Canyons, Old Ranch Rd, Kimball, Promontory, Glenwild, and Tuhaye.

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