Park City & Deer Valley

Point 4: Where We Stand Now

The Park City Board of Realtors reported a strong second half of 2009 compared to the first half of that year and the end of 2008. The first half of 2010 continues that trend with an increased closed sales dollar volume and continued steady numbers of sales.

One of the reasons for continued activity in our market is prices. Prices today are on average about 20-30% lower than they were at their peak, which was in late 2007 and early 2008. As previously reported, it should be noted that prices on individual properties or in specific neighborhoods may not be off by as much as the numbers above, while at the same time prices for some properties and for some areas are now much lower than the 30% decline mentioned above. Part of this decrease in pricing is due to distressed properties, such as foreclosures and short sales.

Foreclosures continue to be a significant part of our market, and although in Summit County the number of Notices of Default (NODs) may have peaked in the third quarter of 2009, and the number of Trustee's Sales may have peaked in the fourth quarter of 2009, the numbers of both remain historically high through the first and second quarters of 2010.

In a review of sales in the second quarter of 2010, approximatly 25 percent of all properties sold were either foreclosures of short sales. Conversely, the other 75 percent were market sales.

In Wasatch County, the number of Notices of Default peaked in the first quarter of 2009, but stayed fairly high throughout that year. However, it appears that those numbers have headed down in the first half of 2010 and are now closer to the levels we saw in 2008.

For More Information on Park City and Deer Valley Homes Contact:
Michael Lapay
Prudential Utah Real Estate
Mobile: 435-640-5700
Toll Free: 888-410-7653

mlapay@pureparkcityrealestate.com

*This information is subject to change without notice. Buyer is responsible to verify the accuracy of all information to the Buyers own satisfaction.