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2011-08-15 11:43:38
Condo Sales Stats

Park City and Summit County
Stats Summary
1 January - 13 August 2011

Median Price

The median price for condos in Summit County (including Park City) is down about 30%.  Median prices declined $161,000 in the last two years.  In fact, over the last 24 months, condos have consistently lost about 1.5% of their value each month.

Price Per Square Foot

In July 2009, condos in Summit County were listed for$569 per square foot and were selling for $466 per square foot.

In July 2011, condos are being listed at $473 per square foot and selling for $$263 per square foot.   That is a two year decline in the sold price per square foot of 43% and the list price per square foot of 17%.

Sales Absorption

In July 2009, the market was absorbing about 3% of the total condos listed.

In July 2011, we saw recent months with absorption over 7% and as high as 8.5%.  Buers seem to buying as the prices adjust with the depreciation that has occurred.

Supply and Demand

In July 2009, there were approx. 1100 condos on the market.

Today there are closse to 600 ... with about 30 condos selling every month.  This means the market has a 20 month supply ... half of what we saw two years ago.

What This Means For Buyers

We're seeing the market stop it's downward trend and flatten out as the sales inventory drops and absorption rates improve.  This is the sort of historical cycle that we've seen just before the market turns upward.  There are definitely some real deals to be had and expect that we'll see the deals to be had through this coming ski season.

Download a copy of the Summit County - Park City Condominium Sales stats

 
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