Third-quarter property sales dip in Park City area
Third-quarter sales of homes, condominiums and vacant properties were down 12 percent from the same timeframe in 2013, according to the Park City Board of Realtors.
Single-family homes saw the biggest drop-off. According to a press release from the Board of Realtors, home sales in Park City proper were down 20 percent from last year, while sales in the Snyderville Basin (14 percent) and Kamas Valley (8 percent) also slowed. However, the median price of homes rose in many of those areas.
Marcie Davis, President of the Board of Realtors, speculated in the press release as to the cause of the decline.
"These statistics seem to indicate that the bottom of the market is gone and the lack of inventory is affecting sales," she said.
In contrast to single-family homes, condominium sales in the area actually rose by 3 percent in the third quarter compared to last year. Much of the jump came from the Snyderville Basin (4 percent) and the Jordanelle area in Wasatch County (21 percent) However, sales in Park City declined 8 percent.
Park City didn’t fare much better in vacant property sales, experiencing a 22 percent decline, similar to Jordanelle (down 29 percent). Snyderville Basin, Heber Valley and the Kamas Valley, on the other hand, saw increases of 18 percent, 29 percent, 41 percent, respectively.
Though low inventory may be inhibiting sales — there were just 1,198 listings active listings in the area as of Oct. 1, the lowest amount since June — Davis said the fourth quarter could bring good news.
"Though supply remains reduced, we are heading into our busy season and looking forward to the increased activity winter brings to Park City," she said in the release.
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