Local Park City Statistics

Over the past year, there has been a dramatic decrease in property values in all of Summit County including Park City and the Snyderville Basin. Statistics show that in the Basin, including Jeremy Ranch, Pinebrook, Glenwild, Silver Creek, Silver Springs and the Canyons areas, from January 1, to the October 7th, the day that I am writing this, the number of sales of single family homes has decreased from the previous year for the same time frame by 42%. That is, in 2007 there were 402 closed sales of single family homes thru Oct.7th and in 2008 for the same period, there have been 230 closed sales. The average price per closed sale for the same period has decreased 10% from $1,501,512 to $1,357,560 and the median price has decreased from $982,500 to $902,500, an 8.2% change.

Condo sales in Park City and the Snyderville Basin, same areas as above, show a similar trend. In 2007 there were 595 closed sales thru Oct. 7 as compared to 353 closed sales in 2008. This represents a 41% change. The average condo sales price in 2008 is down only 4.5% relative to 2007. The median closed price is off 13.4% in 2008 compared to 2007.

As one might expect in this economic environment, lots and vacant land sales are way off. In 2007, through Oct. 7th, there were 211 closed sales compared to 63 closed sales in 2008. This is a whopping 70% decrease in the number of closed sales. Once again, this is in the Park City and Snyderville Basin areas. The average price actually went up from $778,515 to $833,118 due to some very high end sales. The median price however once again went down from $700,000 in 2007 to $625,000 in 2008, a 10.8% decrease.

There seems to be a general consensus that people who are potentially interested in buying, have been sitting on the fence. This has been going on for the past year or even longer. I would have to say that this has probably been a good policy. The relevant question is “when is the best time to get back in?” Well there are certainly some good values in the market place right now. Even though the average price has fallen as much as 10%, there are properties on the market right now that have been reduced much more than that and there are definitely some very motivated sellers. Searching those value properties out is the key to making a wise purchase. We all know that the market will turn around at some point and when it does, the window of opportunity could close quickly.

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