Park City Home Sales Top $1B Despite Declining Prices

By Alex Girda, Associate Editor Last year was a decidedly mixed bag of progress and challenges for the Park City residential market. First, the good news: overall transaction volume hit nearly $1.1 billion, a 6 percent increase from 2010, according to the  Park City Board of Realtors. That is the only the seventh time that total [...]

Last year was a decidedly mixed bag of progress and challenges for the Park City residential market. First, the good news: overall transaction volume hit nearly $1.1 billion, a 6 percent increase from 2010, according to the  Park City Board of Realtors. That is the only the seventh time that total volume has reached the billion-dollar mark. While the total fell far short of the $2 billion plus in transactions recorded in 2005, it reflects a healthy jump from the 2009 low of $867.2 million.

“The market continues to be active, with the number of sales in all four quarters of 2011 being strong, with the second quarter of 2011 having the most sales that we’ve seen since the fourth quarter of 2007,” commented Mark Seltrenrich, statistician and past president of the Park City Board of Realtors.  The number of total home sales for the year reached 1,662, a 17 percent increase and a 32 percent jump from 2009. In another positive trend, foreclosure sales fell by one-third compared to 2010 and to 50 percent of the 2009 total.

Specifically, the number of single-family home sales rose 19 percent  condominium transactions were up 10 percent, and land sales improved a record 23 percent. Some submarkets enjoyed a significant boost in pricing, such as Old Ranch Road homes, which increased 12 percent in price year-over-year.

On the whole, though, the uptick in total transaction value took place despite a generally downward trend in prices, which have declined as much as 45 percent since the market peak. Last year, for example, median prices in Old Town slipped 13 percent year-over-year, to $817,000, and Jeremy Ranch prices fell to $624,000, an 11 percent decline.