“Real Estate Slump? What Slump!”
The preliminary 2006 year-end statistics from the Park City Board of Realtors report that Gross Sales for all real estate sold through the board totaled $1.9 Billion. Although this total is 11% less than 2005, prices were up 30% on 31% fewer units sold, and less inventory available.
Single Family Homes in Deer Valley, Park City, and the Basin followed a similar trend with prices up 45%. The Condominium market saw prices increase 31% and 36%, respectively within Park City and the Basin.
Available Vacant Land decreased substantially in the Park City city limits with lot sales down 42% and prices up only 4% due to a lack of availability.
The median sales price was still over $1.0M. Glenwild, Promontory and Tuhaye lot sales were also less than 2005.
A good point to remember is that all real estate is local, even within Park City neighborhoods, particularly in a resort market and it is difficult to compare to activities in other real estate markets.
Overall, 2006 was a very strong year for the Park City real estate market and we anticipate that it will continue. We shall compare Park City to the other Rocky Mountain Resorts; Vail, Aspen, Sun Valley, and Telluride in a coming article.
