The highlight for the first quarter of 2012, as reported by the Park City Board of REALTORS, is prices throughout our market seem to have stabilized, and in certain segments prices have started to increase.  We saw this trend in 2011 with single family homes, and we are now seeing it in condo and vacant land sales.

The median sold price for condos went from $335,000 in the first quarter of 2011 to $401,628 for the first quarter in 2012.  Vacant land also saw a rise in median sold price from $134,500 in 2011 up to $200,000 in 2012.  Although, the median family home price for a single family homes is slightly lower the first quarter of 2012 at $475,00 compared to $515,000 in 2011.

The overall sales dollar volume for first quarter of 2012, however, came in at $235 million, down from the first quarter of 2011 by 7.5% when overall sales topped $254 million.  The total number of sales is also lower for the first quarter of 2012  by 10%, with 338 sold properties, where last year the number was 374.  

Inventory levels have continued to decrease at a steady pace, with about 2100 units on the market now compared to about 2400 units is 2011, about 2775 in 2010 and about 3500 units on the market in 2009.

It appears that the bottom of the market has now passed in all property types.  Although singular great deals will still occur, it will be more and more difficult to find those great deals and buyers should be content with finding a property that meets their needs and wants, at a good price, as opposed to that “steal”.  Prices have flattened, inventory levels are down plus  with the great interest rates and still a good selection, 2012 looks like it will be an excellent time to invest in Park City.

Please see my “stats” page for more details on our market.

For an in-depth analysis of a particular market segment that interests you, please call me at 435.640.5411 or drop by my office located in the Lower Deer Valley Plaza Building, which is where the Deer Valley Lodging Check-In and the Deer Valley Café’ are located.