Single-family home sales in Park City saw a 29-percent decrease in the second quarter of 2014, compared with numbers from the same period in 2013, according to a press release from the Park City Board of Realtors.

Despite that drop, the median price of homes purchased in Park City rose to $1,675,000, a 26-percent increase, according to the release.

"We are seeing buyers at different ends of the spectrum," said Marcie Davis, President of the Park City Board of Realtors, in the release. "Some have expendable income or cash and don't mind paying for a new product they like. Others are more cautious and resistant to price increases."

Home sales in Park City's surrounding areas saw a similar trend. Second-quarter sales numbers dipped in Snyderville Basin (9 percent), Heber Valley (9 percent) and Kamas (6 percent), while the prices of homes in those areas increased or stayed flat, according to the release.

Nancy Tallman, President-Elect of the Park City Board of Realtors, said one of the biggest reasons why home sales have slowed is the lack of new homes on the market. Additionally, first-time home-buyers are not entering the market at rates that would support sales numbers.

"We're not sure when those trends will break," Tallman said. "A lot of it has to do with the state of the economy."

Park City also experienced a drop in vacant land sales in the quarter (34 percent), while the Snyderville Basin had a 24-percent increase.


Contrary to single-family home sales, condominium sales rose in the area. In Park City, 168 units were sold, representing an eight-percent increase, while Sun Peak, Bear Hollow, Kimball and Pinebrook also saw increases, according to the release.

Though the second quarter was relatively slow, Davis expects sales to pick up during the third quarter.

"When property is new to the market and priced right, it sells very quickly," Davis said in the release.