The 2013 second quarter statistics, released by the Park City Board of Realtors, show that the number of closed sales are up compared to last year, as well as, the median sales price in most of the greater Park City areas. With a total of 991 sales to date this year, that is a 19% increase over the same time period in 2012. The second quarter has had the highest number of total sales since the same period in 2007 - in fact, the number of sales is 21% higher, by quarter, than any quarter in the last five years. The total sales dollar volume is also up 19% over the same time period last year, reaching over $698 million to date, which is also the highest dollar volume since 2007.
The inventory level of all property types has come up slightly from quarter one of 2013, which was the lowest number of active listings since the Board of REALTORS began keeping this statistic, but it is still 9% less than it was one year ago. The current inventory of active listings in the greater Park City area is 2,173, compared to about 2,400 units a year ago and about 3,060 in 2010. Though the current number is almost a 10% increase in the lost couple months from the low point in April, it is still a whopping 41% below the high in July of 2008.
Looking Ahead The market continues to be active, with the number of sales in the second quarter being the most we've seen since 2007. The median sales price for the greater Park City area in single family homes, condominiums, and vacant land is still down from the peak months of 2007, but the current trend of slow but steady rise of property value is an indication of a balanced and healthy market.
With the recent 1.5% jump in interest rates, which was the highest short-term spike in over 50 years, there may be an urgency for some buyers to lock-in an interest rate while they remain historically low in the coming months. Another consideration for buyers is that some of the inventory coming on the market recently is outdated, needs a full remodel and/or overpriced.
As stated in every quarterly report, sales and prices vary so much between different neighborhoods and price ranges, that to fully understand what prices are doing in any specific neighborhood, one should consult a local member of the Park City Board of REALTORS.