Park City 2011 End of Year Stats

Below are some quick snapshots of the Park City real estate market comparing 2011 end of year numbers with the previous year. Also compares the overall price decrease from the height of the market in 2007. We will soon have a more detailed report once we complete our End of Year Statistics Report with the Park City Board of Realtors statistics committee.

When we first ran these numbers for this article, we were surprised by the huge amount of decrease in our Park City real estate 2011 median sold prices from the 2007 median sold prices. The amount of decrease is astonishing. Activity sure has been up since the slower years of 2008 and 2009, and here you can see why. With these lower prices on ski homes and condos, we are seeing many buyers return to the market. The numbers below are to provide you with a quick snapshot of the overall Park City and Deer Valley real estate market. Obviously if you want more detailed information on your area of interest, you can call or email us and we can get that to you. The statistcis information below was compiled from our Park City MLS.

Park City Real Estate Market Update:

Park City Proper (MLS Areas 1-9)

SINGLE FAMILY HOMES
2007 Median Price was $1,600,000
In 2010 130 Homes sold, median price: $1,117,500
In 2011 155 Homes sold, median price: $1,000,000
38% price decrease from 2007 

CONDOS
2007 Median Price was $994,500
In 2010 254 Condos sold, median price: $747,500
In 2011 270 Condos sold, median price: $539,500
46% price decrease from 2007 

LOTS
2007 Median Price was $925,000
In 2010 29 Lots sold, median price: $588,500
In 2011 25 Lots sold, median price: $485,000
48% price decrease from 2007 
 

Greater Park City Area (MLS Areas 10-23)  

SINGLE FAMILY HOMES
2007 Median Price was $859,500
In 2010 286 Homes sold, median price: $662,025
In 2011 336 Homes sold, median price: $681,500
21% price decrease from 2007 

CONDOS
2007 Median Price was $420,000
In 2010 199 Condos sold, median price: $297,000
In 2011 243 Condos sold, median price: $265,000
37% price decrease from 2007 

LOTS
2007 Median Price was $645,000
In 2010 120 Lots sold, median price: $197,450
In 2011 158 Lots sold, median price: $165,000
75% price decrease from 2007