Park City Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$329,000 |
| Average Condo Price
(Sold) |
$412,005 |
| Low Condo Price
(Sold) |
$50,000 |
| High Condo Price
(Sold) |
$2,870,000 |
| Number of Condos Sold |
232 |
| Average Days on Market Until Sold |
118 |
| Dominate Price Range |
$200,000 - $299,999 |
| Dominate Price Range % of Total |
20% |
________________________________________________________
|
Demand
|
Park City
sold 234 condos
the past 12 months
ending June 30!
Before you think
this is an
astounding number it
should be pointed
out that many of
these condos are
fractional or time
shares. Only
fourteen condos sold
within Summit County
outside of Park City
over the past year,
making Park City the
dominate condo
market in Summit
County. Many buyers
for Park City are
out of state
purchasers.
Park City has
one of the highest
average number of
days a condo stays
on the market until
sold within the
state. It takes an
additional 61 days
on average to sell
a condo in Park City than the
state average of 57
days.
|
|
Supply
|
The current supply
of condos on the
market in Summit
County is 24.7
months. There are
twice as many condos
currently listed on
the market compared
to what has sold the
past 12 months. This
condition provides
for a great selection of
condos on the
Park City market with a
current listing count of 458.
These condos have an average of 132 days
on the market.
Park City commands
89% of the current
active condo
listings in Summit
County. Of the 458
condos, 101 are townhouses
or 22 percent of
the condos on the
market.
Prices range from $5,600
for a 1,180
square foot time
share in the Canyons
Resort to $4,800,000
for a 3,894 square
foot Ironwood
townhouse.
|
|
Price
|
Prices for
residential property
in Park City are
declining. The
average home
listing price in Park
city has dropped $31,164 so far this
year compared with
an average price
listed the first
six months of 2007. Park City
condos and
townhouses have a
sold median price of $165,000
higher than the
state median of
$164,000.
|
|
Financing
|
Conventional
loans account for
nearly 69% of home
financing in
Park City. FHA
loans account
for only 2.5%. Cash
purchases account
for 25.5% of
residential
purchases.
|
|
Conclusion
|
Due to high supply
and declining
prices, the Park
City Condo market
currently
significantly favors
Buyers.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Park City Condos
Barry J. Preusz,
REALTOR®, Downtown Salt Lake City Condo Specialist,
Equity Real Estate,
7090 Union Park Center, Midvale Utah, 84047
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