|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