Released Last Fall from the Park City Board of Realtors
Real Estate Deals Total More Than $575 Million In The First Nine Months of 2009
FOR IMMEDIATE RELEASE
23 October, 2009 (Park City) – The dollar volume of real estate transactions in the greater Park City area (which includes Summit and Wasatch counties) totaled $575.5 million in the first nine months of 2009, down 33.7 percent compared to $868.1 million in total sales in the same January through September period in 2008, according to the Park City Board of REALTORS®.
“There continues to be tremendous opportunities in the current market for buyers,” said Lincoln Calder, president of the Park City Board of REALTORS®. “When you look at the entire market for the Park City MLS, median sales prices have come off about 30 percent from their highs in 2008.”
The 758 sales transactions in the first nine months of 2009 were down 30.4 percent compared to 1,090 transactions in the first nine months of 2008. The sales trend seems to have changed course in recent months, however. “Since February 2009, we have seen a steady increase in the number of pending sales,” Calder said. “Buyers have come back to the market and have been motivated by lower pricing.” He added that there continues to be pressure on pricing and finding value is of primary concern to buyers.
Single-family properties continue to account for the majority of sales transactions occurring in the market. Condominium sales make up nearly one-third of the total transaction volume.