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2013-11-18 08:10:57
Park City Real Estate Better Than National Trend

Park City Real Estate trends haven’t ever completely replicated the national trend though they may have loosely and intermittently mirrored it from time to time. For one, real estate in a mountain resort setting has its own dynamics and Park City in particular has other factors impinging upon the demand for real estate there. A micro analysis of the real estate statistics pertaining to the third quarter of 2013 makes this amply clear.

For instance the national pended homes sales index (PHSI) as on September 30th 2013 stood at 101.6 which is indicative of a 5.6% drop. This is actually 1.2% lower than the corresponding figure at the end of September in 2012. However if we look at the figures under the same heads for Greater Park City Area (GPC PSHI), we come across some very interesting data. One, there is a corresponding decrease in PSHI which at 105.4 stands at 2%, a figure less than half the national one. More importantly it is a full 2.5% higher than the corresponding figure for end of September 2012.

The same sort of independent trend is discernable in the national completed sales figure comparison with that of the Greater Park City Area as well.  In the case of the former the SAAR (Seasonally Adjusted Annual Rate) figure of 5.29 million at the end of September, 2013 is up by 10.7% over the corresponding figure in September of 2012 while the GPC three month rolling average at the end of September 2013 is a whopping 36% higher than the corresponding figure in 2012.

In the case of distressed sales as well Park City area reported far better figures than the national ones. At the end of September this year they were at a considerably lower 5.4% of the total sales than the 13.5% figure at the end of the third quarter of 2012. This compares far more favorably than the national average- a fall to 14% of September, 2013 sales from a high of 24% in September of 2012.

The inventory figures for the period are also divergent. The national listed inventory is up by 1.8% over last year for the third quarter figure. The figure for GPC as on 1st November stood at a much more significant 14.1% lower than what it was in the same period last year. The cash sales figures for the two segments too showed a similar dissimilar trend between the national and Park City figures for the period ending third quarter. Nationally the number of buyers making a cash purchase marginally rose from 18% at the end of September 2012 to 19% in the same period this year. In the GPC area this figure actually dropped to 45% at the end of September 2013 from the figure of 58% it stood at the end of the first quarter of 2012.

What the above analysis points at is that the Park City area real sector is doing extremely well and in fact reporting far healthier figures than is the case nationwide. What’s more it appears primed to stay that way for the foreseeable future. The Q3 figures bear ample testimony both to the buoyancy and resilience of the Park City real estate market. In fact the highest number of sales for any quarter were reported in the Park City area at the end of Q3, 2013. This shows that Park City pretty much bucks the national trend in the real estate sector. A case in point would be the almost negligible impact of the government shut down on Park City real estate figures, which is not exactly the case nationally.

As things stand the Park City real estate sector should continue the uptrend on the back of an increase in the numbers of sales, a market absorption rate at an ideal 5.7 months for condos as well as homes, a gentle rise in the median prices and a record low for active listings. With $1.1 billion in closed sales in 2013 already, Park City is also significantly ahead the entire 2012 sales. 


Nick Coleman, Park City Realtor

By Nick Coleman
Call 435-640-7781 or email [email protected] 
to find your Dream Park City Home.

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