Park City Condo Sales Stats
April 4th, 2008 Categories: Statistics & Trends
Park City Utah Condo Prices Still Rising
We’re not kidding!
So much for the real estate doom and gloom we read about every day in the national media.
Check out this chart…
It shows average and median sales prices for Condos in Old Town (MLS area #1) Park City, Utah over the past 10 years.
Not quite what you expected to see, particularly in the 2007 and 2008 years?
How can this be?
*Statistics Courtesy of the Park City Board of Realtors
Every Regional Real Estate Market has its Own Local “‘DNA.”
We know genetics professors in the crowd will cringe at the analogy, but it’s not a crazy way to look at real estate markets.
Each local real estate market around the country has a two main driving forces–Supply and Demand.
The relative amounts of each of these factors will create a different expression of prices and price momentum.
Areas with massive over-supply might see”foreclosure bus tours” but it doesn’t mean every market in the USA is spiraling downward. Properties with scarce supply and high demand will prices climbing higher and higher.
That’s why properties like the Waldorf=Astoria Dakota Mountain Lodge and Golden Door Spa at The Canyons has sold more than 30 residences YTD in 2008, at average prices that continue to increase rapidly.
”What’s The Story Behind The Extraordinary Appreciation rates in Park City, Utah?”
Simply put, it’s not reasonable to assume that the value of every property in the Park City market has appreciated at the rates in the Table here.
New Construction Is Booming in Park City.
It’s a fact that the type and quality of condos available today are totally different from what was available in the late 1990’s.
There was nothing like the Silver Star development at the base of Park City Mountain Resort.
What’s the story with the big drop in Old Town Park City Condo appreciation in the year 2003?
*Statistics Courtesy of the Park City Board of Realtors
Park City Real Estate DNA
Sometimes local events that have big impacts locally, and cause local market conditions to operate on a totally different curve than what’s happening nationally.
Remember that little-known event Utah hosted in February of 2002–The Winter Olympic games?
The years leading up to the Olympics were a time of enthusiastic speculation by local builders. Supply exceeded demand, and so prices dropped correspondingly.
Old Town Park City Condo Sales Table
What about the Broad Real Estate Market stats in Park City? Read the following posts for the rest of the story:
Park City Total Sales Volume 2002-2008
What Will Happen to Prices in Park City for the Rest of 2008?
We look forward to your comments below!
great info. it is imperative with all of the negative media exposure which simply increases less buying confidence that realtors like yourself step up to the plate and bring more clarity to the local market. impressive.
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