Wednesday, September 15, 2010

High end sales continue in Park City area!

Aster Lane at Knoll Estates in Deer Valley
In a relatively soft market and weak economy, we've seen 41 sales over $3M this year in the Park City market.   They continue...  another one pended today in Knoll Estates in Deer Valley!

It has indeed been a mixed year, with many short sales and REO (bank owned) sales selling at substantial discounts from prior list prices.   However, it is interesting to note the following:

Total dollar sales volume in the Park City area through August 31 is up 40% over last year same time...  ($700m vs. 500m)

Closed sales volume of Single Family Homes is up 9.6%
Closed sales volume of Condos is Double last year to date!
Closed sales volume of raw land is 26% higher than last year to date!

This volume is still not enough to begin pushing prices upward.   It takes only one motivated Seller willing to sell at a discount, to re-set the market at a lower price point.   Markets swing up much slower than they swing down, so we will continue to see good deals and bargains even in a semi-active market like today's

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