This September was the most beautiful that I have seen here in Park City. Every day was bright blue skies and warm balmy days. With some early cold weather that we had in August and all of the rain in June, the trees turned a little earlier than normal, but were particularly vibrant this year. Then today arrived, September 30, 2009 and we were reminded that we do live in the mountains. A very strong cold front arrived during the night with thunder, lightening and howling winds. We woke up this morning to rain which quickly changed to snow. It has been snowing all day here in Park City and while it is not sticking to the ground here in town the mountains are certainly white. The extended forecast is for more snow off and on for the next week. A certain reminder that winter is on its way and ski season is not far. While the resorts generally open in mid November, I have seen excellent skiing on Halloween…perhaps this will be one of those years.
In real estate news the real estate recovery seems to be continuing here in Park City. After a dismal start to the year the summer months were stronger than last year and the trend is continuing. For example, the number of properties under contract but not yet closed is down this year from last. There have been 750 homes pended this year and 912 in 2008. The number of pending sales increased for the month of August, 116 this year compared to 110 in 2008. Year to date, condos and land pending sales were down 16% and 42%. However during the month of August, condo sales were up 79% and while land sales were still down compared to last year they were down less than 30%. In numbers of actual closed listings year to date, we are off about 34%, 635 closed this year compared to 969 in 2008. The number of single family homes sold in the month of August was even last year and condo sales were off about 15%. The big drop in sales so far this year compared to last year is in vacant land, only 9 parcels closed this year compared to 22 in 2008. This reflects the caution of spec builders right now. With the lack of new home starts here in Park City and the likelihood that there will not be many for the next year to year and a half, newly completed homes are a rarity and are sought after if they are within the city limits. In the Deer Valley area there are less than a handful of newly completed homes for buyers to choose from. Everything else is either an existing older home or at best an older home that has been remodeled or updated. I expect that as a result of this new homes may be in demand this ski season. Scarcity has always been a significant driving factor in real estate.
With the new snow in the mountains as a backdrop for the bright gold’s and red’s, if there is any way to come out to the mountains this is the time to do it.
