Midyear report on the outlying areas/developments of Park City

As we look at the mid-year activity in the outlying areas in Park City, we see a 50% decrease in activity but prices have increased. The area in discussion is everything past the White Barn except Jeremy and Pinebrook….so it covers Promontory, Glenwild, Old Ranch Rd, Canyons, Bear Hollow, Redstone, Tuhaye, and the Jordanelle.

Ave sales price $1.295m

Ave ppsf sold $332psf

Ave days on market 175

Ave sales price $1.325m

Ave ppsf sold $303psf

Ave days on market 210

Ave sales price $476,422

Ave ppsf sold $421psf

Ave days on market 357

Ave sales price $570,000

Ave ppsf sold $408psf

Ave days on market 420

Ave sales price $716,000

Ave days on market 111

Ave sales price $802,000

Ave days on market 253

So we see that the properties have taken longer to sell, but once sold, they fetch a higher price than the ones sold in 2007 in the same time period. This goes along pretty well with what we saw in yesterday’s analysis of the ‘in town” properties. However, the one difference is that the 2008 outlying properties in today’s post did not get as close to the asking price as their in-town counter parts.

Our market has slowed, however when compared to the rest of the nation I believe we are still holding our head above water. This can be attributed to the fact that our market is more insulated than the sub-prime markets, and there are still good deals in the area when compared to other Rocky Mountain Resort areas.