- The market remains highly segmented and complex
- The median price of single family homes has continued to gradually increase and is up 4%
- The median price of condominiums remains constant
- There has been tremendous interest in vacant land, and lot sales have increased by as much as 78% in some marketplaces when compared to second quarter of last year
- There has been a 5% increase in inventory when compared to last year
- We have experienced a 9% increase in total sales volume when compared to second quarter of last year
- Average sales price is also up 9% from last year
Distressed Sales: We are recovered.
Distressed sales represent a small 2% of our market. We are back to '06 levels. While we still have some hurdles to cross, our market has recovered and remains stable.
Area Spotlight: Promontory
Victory for vacant land.
Promontory has seen tremendous activity this past quarter, particularly with regards to vacant land. 32 lots sold: a 78% increase from second quarter of last year.
Area Spotlight: Empire Pass
Empire Pass has seen an 118% increase in units sold and an 143% increase in volume sold when compared to last year. With these latest statistics, Empire Pass has proved to be one of Park City's most robust sub-markets.
Utah's Marketplace: Only good news.
According to the National Association of Realtors, the Utah state government and business community have propelled Utah onto the world economic stage. As a result, Utah’s exports tripled between 2005 and 2012 to $16.1 billion and the state grabbed a nice share of foreign direct investment flowing into the U.S. For four years running (2010–2013), Forbes has crowned Utah the best state in the nation for business.