Park City, Utah's Ski Season Brings Housing Sales
by Blanche Evans
Park City, Utah still sees silver in them thar hills. One of Utah's premier recreation destinations, Park City has an annual snowfall of well over 350 inches, attracting skiers and homebuyers by the thousands. "Park City was originally established as a silver mining town in the late 1860's," says Realtor Kaz Burnz. "With three ski resorts within ten minutes, Park City is the place to be. In addition the area offers over 80 restaurants, 120 shops, numerous theatres, spas, and gold courses." She advises, "The Park City market has been very active the last three months with over 224 closed and 56 pended home and condo transactions,this is almost twice as many as the previous three months. The closed prices have on average increased 17 percent in the last three months. The good news is this has motivated sellers as there are now more than four times the available homes and condos than there were the last three months. Interest rates are still low, so take advantage of this opportunity to buy or sell." Says Realtor Aaron Boerboom, "Park City is located just 20 miles from Salt Lake City in the beautiful Wasatch Mountains. It's moving into the ski season and with that Park City real estate is selling more condos. With the months leading up to the ski season, we usually find more people buying condos in anticipation of the upcoming season. This year we have seen a lot of condos sell. From September through November we have seen a 55 percent increase in condo sales from the previous year. With the increasing condo sales, inventory has been cut in half from 485 listings to 238 listings this year. With increasing demand and decreasing supply we have seen a 28 percent increase in median sales price this year compared to last. With demand still high we don't foresee the market slowing down anytime soon." "In the past six months, active sales have reduced inventories of properties, especially 'affordable condos,'" says Realtor Sally Roberts. "In the upper Deer Valley area prices for condos start just under $500K for a two bedroom unit. Nothing smaller available. Plenty of choices in the $1 million plus range. Outlying areas in Summit & Wasatch Counties are seeing pressure due to decreased availability of properties. Prices will start to escalate. Good selection of homes in Park City but none much under $300K. Heber, Midway offer best values and largest lots. Prices under $200K for 3BR/2BA homes. Land in Park City is getting very scarce." |
