As I have been mentioning over the last several months of blogs, this year in real estate has certainly seemed quite busy. Both for my own perspective and talking with other agents, and the statistics are showing this to be true. Single family home sales across the board were up 24% from 2010 to 2011. 291 sales in 2010 versus 361 in 2011. Also, as I have been saying, sales prices have remained flat. Average sales price for a home in the Park City area for 2010 was $885,564 and $882,259 for 2011. For some specific areas: Old Town Park City showed a 25% increase in numbers of sales, 20 in 2010 compared to 25 in 2011 and a 16% decrease in average sales price. $1,220,000 2010 compared $1,019,000 in 2011. Single Family Home sales in lower Deer Valley decreased 54% from 11 sales in 2010 to 5 sales this year. Again average sales price was basically flat: $2,103,000 in 2010 comp to $2,131,000 in 2011. Upper Deer Valley saw a marked increase in home sales from 4 in 2010 to 11 in 2011, and a slight increase in average sold price, $3,300,000 in 2010 to $3,569,000 in 2011 or an increase of 8%. Going away from the resorts to the residential area of Park Meadows, 17 homes sold in 2010 compared to 24 in 2011 with the average sales price up 9% from $977,000 to $1,065,000. While this increase in home sales was occurring, we saw a significant drop in the number of new listings across the board. For the first half of 2010 we had 1,034 new homes come on the market while in 2011 that dropped to 863 or a 16% decrease.
Condo sales have somewhat followed the same trend. Number of sales across the board increased from 267 in 2010 to 288 in 2011 for an 8% increase, however the average sold price of a condo decreased 29% from $955,000 in 2010 to $678,000 in 2011. Taking specific areas near the resorts, let's start with old town which encompasses the Park City resort where we saw number of sales increased from 35 to 52 and the average sales price decrease from $513,000 to $464,000. As with home sales, Deer Valley again was very popular with condo sales. In lower Deer Valley we sold 18 condos in 2010 compared to 38 in 2011. Where once again we saw average sales price drop from $833,000 to $635,000. Upper Deer Valley was one of the few areas where we saw a decrease in condos sold, 16 in 2010 compared to 11 in 2011. And average sales price down slightly 3% from $1,496,000 in 2010 to $1,452,000 in 2011. The Canyons Resort followed this trend with 25 sales in 2010 compared to 37 in 2011 or 48% increase but a 32% decrease in average sold $716,000 to $485,000. Once again, across the entire board the number of new listings also decreased by 18% from 663 to 541 in 2011.
These numbers verify what everyone has been seeing this year. Numbers of sales are up but prices are not. Buyers are here, they are buying, but they are looking for bargains and distressed sellers. It will be very interesting to see how long this trend continues with the numbers of new listings decreasing. These past couple of weeks most every agent that I talk with has said that they are very very busy, both with buyers in town and agents showing their listings. With some of the changes coming to the mortgage industry that I have talked about in earlier blogs, I expect that the remainder of the summer will continue to be quite busy as buyers continue to snap up bargains and take advantage of favorable interest rates.
This coming weekend I will be competing in the Tuhaye Golf Course Annual Member/Guest Tournament in which my partner and I have won our flight the last two years. I will let you know next week how we did, providing of course that we did well. But it is a great event and typical of Talisker, the food is fabulous and there is no shortage of beverages. Forecast is for the weather to be clear warm and sunny for the next week. So if you are in the western US, this would be a terrific opportunity to experience summer in the mountains. As always, for the inside scoop on the best deals in real estate, contact me by phone, email, or drop into my office in Deer Valley. Until next week, I am off to groom my golf swing.
