As I have mentioned in past articles, Real Estate sales activity feels busier than the past couple of years, and the statistics are showing this to be true.

Single family home sales across the board were up 24% from 2010 to 2011. 291 sales in 2010 compared to 361 sales in 2011. Also, as I have been saying, sales prices have remained flat. Average sales price for a home in the Park City area for 2010 was $885,564 and $882,259 in 2011. For some specific areas; Old Town Park City showed a 25% increase in numbers of sales, 20 in 2010 and 25 in 2011 and a 16% decrease in average sales price. $1,220,000 in 2010 compared to $1,019,000 in 2011. Single Family home sales in lower Deer Valley decreased 54%, from 11 sales in 2010 to 5 sales in 2011. Again, average sales price was basically flat; $2,103,000 in 2010 and $2,131,000 in 2011. Upper Deer Valley saw a marked increase in home sales fro 4 in 2010 to 11 in 2011, and a slight increase in average sold price, $3,300,000 in 2010 to $3,569,000 in 2011 or an increase of 8%. Going away from the resorts to the residential area of Park Meadows, 17 homes sold in 2010 compared to 24 in 2011 with the average sales price up 9% from $997,000 to $1,065,000 in 2011. While this increase in home sales was occurring, we saw a significant drop in the number of new listing taken across the board. For the first half of 2010 we had 1,034 new homes come on the market while in 2011 that number dropped to 863 or a 16% decrease in the number of new homes listed for sale.

These numbers verify what everyone has been saying this year. Numbers of sales are up, but prices are not. Buyers are here, they are buying, but they are looking for bargains and distressed sellers. It will be very interesting to see how long this trend continues with the number of new listings decreasing. These past few weeks most every agent that I talk with has said that they are very busy, both with buyers in town and agents showing their listings. With the upcoming changes in the mortgage industry coming, I expect that the remainder of the summer will continue to be quite busy as buyers continue to snap up bargains and take advantage of favorable interst rates.