Park City 2015 3rd Quarter Stats are In!
The 3rd quarter stats are out for sales in 2015, and it is quite promising. Sales are higher now than they were at the peak in 2006 and 2007 for pending and closed sales. The number of listings are down about 100 units from year ago and current inventory levels indicate an absorption rate of about 6 months. The average since 2010 has been about 10 months. This is a historically low level for the Park City area. An absorption rate is the number of months it would take to sell all the homes currently on the market if no other homes were added to the inventory. If the absorption rate is a higher number it indicates more of a buyer’s market, whereas if the number is lower, it indicates the market is more of a seller’s market.
The median sales price and number of sales closed are also trending upward at a time when listings are low indicate a very healthy appetite for real estate sales.
Neighborhoods with the highest sales are Promontory, Pinebrook and Glenwild/Silver Creek. Activity is also very steady in Park Meadows.
One surprise is that home sales in the Kimball Junction area were almost double that of the sales within the Park City city limits. The median sales price in Kimball is now at $875,000, which appreciated at almost three times the rate of those in city limits, effectively closing the gap in pricing between the two areas.
Condominium sales are also up significantly in the Park City area and make up roughly half the sales. Affordable condos are still available in several areas, which helps account for the number of sales.
As far a vacant land goes, while sales were actually down about 15%, the pricing was up 27% over the previous year. The Promontory area posted the highest number of sales with the Jordanelle area also being quite popular.
Prices have gradually risen in Park City area at a rate of 6.7% as a rolling average.
Overall, the takeaway from the 3rd quarter sales is that the market is continued to improve with more sales in a tight market. Sales are expected to continue to trend upward.