It is Mid June in the High Country and real estate sales continue to be strong.For the first 4 months of 2011, the number of real estate transactions closed in the greater Park City area was up 20% of 2010. Overall, the average sales price was flat, but as with all real estate markets, there are micro climates that may differ. For instance, home sales in Park Meadows showed sign of prices beginning to rebound and increase, while condos in upper Deer Valley remained flat, while condos at the Canyons resort have yet to hit bottom.

 

51% of all sales for the first 4 months have been cash sales, (88% of land sales were cash). distressed sales accounted for just under 30% of all transactions, and a golf course community, Promontory, accounted for 25% of those sales. We have also seen the number of "notice of default" announcements decreasing each month this year and the number of active listings have decreased 14% from last year.

 

We are seeing astute buyers who have been watching the market jump in as prices and interest rates are low, but inventory is decreasing. Buyers, for the past couple of years, have been worried about the timing to purchase, and now are feeling that now is the time to act or they risk losing out on this "perfect storm" for a buyers market.