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2011-08-15 11:26:44
Land Sales Stats

SUMMIT COUNTY (including Park City)
Stats Summary
1 Jan - 13 August 2011


Median Price

The sold median price for vacant land is down almost 50% in the last tow years as buyers scoope up bargin lots from the banks.  The median price year to date fell from $350,000 to $182,000 but the median list price remains $269,000 (down only 11% this period).  For every month during the last two years, the median price of land has fallen 2.64%.

Supply and Demand

In July 2009, there were 800 parcels of land for sale.  The market was absorbing about 13 per month.  That meant there was 60 months of inventory on the market.

In July 2011, there were about 600 parcels of land for sale but the market was absorbing only 9 of them each month.  That means there is 65 months of inventory currently on the market.

What This Means For Buyers

The motivation for buying land at the current time is because buyers want to build a home to their exact specifications.  It is generally not the case that you can buy land/build and end up with the property being cheaper than if you had purchased an existing property.  That said if you are looking to build, there are some fantastic buys on land and now is a time when you can press sellers on the price point. 

We've actually seen a huge turn-over in land in Park City communities like Promontory (local private, gated golf community close to the ski slopes) as buyers have snapped up bank-owned properties at huge discounts.

Download the Summit County - Park City Land Sales stats

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2013-11-28 03:59:39
Sterling Q3 stats for Park City Real Estate

Click here to see ALL articles.

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