Midyear report on the outlying areas/developments of Park City

As we look at the mid-year activity in the outlying areas in Park City, we see a 50% decrease in activity but prices have increased. The area in discussion is everything past the White Barn except Jeremy and Pinebrook….so it covers Promontory, Glenwild, Old Ranch Rd, Canyons, Bear Hollow, Redstone, Tuhaye, and the Jordanelle.
SINGLE FAMILY HOMES:
2007 1/1/07 – 7/14/07
Ave sales price $1.295m
Ave ppsf sold $332psf
Ave days on market 175
2008 YTD (through 7/14/08)
Ave sales price $1.325m
Ave ppsf sold $303psf
Ave days on market 210
Condos
2007 1/1/07 – 7/14/08
Ave sales price $476,422
Ave ppsf sold $421psf
Ave days on market 357
2008 YTD (through 7/14/08)
Ave sales price $570,000
Ave ppsf sold $408psf
Ave days on market 420
Vacant Land
2007
Ave sales price $716,000
Ave days on market 111
2008
Ave sales price $802,000
Ave days on market 253
So we see that the properties have taken longer to sell, but once sold, they fetch a higher price than the ones sold in 2007 in the same time period. This goes along pretty well with what we saw in yesterday’s analysis of the ‘in town” properties. However, the one difference is that the 2008 outlying properties in today’s post did not get as close to the asking price as their in-town counter parts.
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.
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