Park City Real Estate Is On The Rise

Real Estate in Park City Utah is continuing to show increasing signs of life. Despite the economic crisis across the country, the housing market in the Utah mountains appears to show no effect. Sustaining a few bumps on the road from time to time, some general trends may explain why this may be happening.

Historically, homebuyers have come to Utah for the winter skiing and other attractions, though as of late the slowing real estate market has created somewhat of a stall. According to trulia.com, the average listing price for homes in Park City has a 1.6 percent increase. The figures began dropping steadily in August, and slowed down in September.

The rise in average list prices in some of Summit County’s more popular neighborhoods is even more dramatic. In 84061, the week over week increase was 10.5 percent. In 84033, the increase was 36.9 percent. 

The average selling price for a home in Park City is $573,400. The selling price for nearby homes is considerably lower than the asking price, so shoppers looking for a deal have some wiggle room.

Looking at foreclosure rates gives an idea of a community’s economic health, and the rates for greater Park City show the recovery is stronger in some areas but weaker in others. As of August, zip code 84098 had a rate closer to one in every 517 housing units. By comparison, zip code 84060 had a rate closer to one in every 732 units.

Those figures can either be good or bad. The areas with a higher foreclosure rate indicate a struggling community, but more opportunity for homebuyers to scoop up a deal with a foreclosed property. Financially, buying a home in a community with a lower foreclosure rate is less risky. The bottom line is, the number of residential units sold in Park City is up for the second consecutive year, as is the total sales volume.

According to the Park City Board of Realtors, one of the area’s main draws are its three main ski resorts, and its location near Salt Lake International Airport makes it convenient for travelers. Desirable properties are experiencing brisk sales, and no new construction is planned. Taking that into consideration, waiting to move to Park City may make it harder to find the ideal property.

The inventory of surplus homes on the market has decreased 7 percent since August, indicating that more families are moving into the condos and single-family homes available. As of September Utah’s unemployment rate was 5.8 percent, well below the national average of 8.1 percent, and Park City stands to benefit from job growth. Taking a step back, the comeback in Park City’s real estate market has a ripple effect throughout the surrounding community. 

With home sales on the rise and an influx of people, more families equals more spending. Increased spending pumps more money into the local economy, and the increase in discretionary income leads to a better quality of life. According to the Utah Department of Workforce Services, all sectors are experiencing job growth and the economy is undergoing an expansion.

For those who have been thinking of moving to Park City, now is the best time. The job market is strengthening, and one of the positive results of that is more affordable housing. For families looking for a better life, the amenities include homes in all price ranges, good schools and a healthy business climate.