As you've heard me say many times, September is the best month in Park City. Bright blue skies, chilly nights, warm days and COLORS! It is amazing the difference since last Monday. Almost all the maples have turned and the aspens are beginning to turn as well. It is truly a magical time to be in the mountains.
Last Sunday was our annual fall classic, the Tour de Suds bike race. This is a mountain bike race from City Park in Park City to the top of Guardsman's Pass, which divides the Park City side of the Wasatch mountains and the Salt Lake city side, 7 1/2 miles in length and 2,700 vertical feet. So named "Tour de Suds" as it originally started at the Brew Pub on Main St, rode to the top and back down for what else, brews! This has developed into an annual event with most riders dressing in some sort of wacky costume. Other than that it's pretty quiet in town these days. Most music is done, all festivals but the Park Silly Sunday Markets are done and the restaurants are empty.
In real estate news, probably the thing affecting us the most is the erratic economy: one day stocks are up 300 points, the next down 400 and so the yo-yo goes. In looking at August 2010 versus August 2011 it's clear the uncertainty in the US and world economies is having an effect. Home sales for August 2010 were basically flat: 73 in 2010 compared with 75 in 2011. However the average sales price was down 12.6% from $755,900 in 2010 to $660,700 in 2011. Number of condo sales was up slightly: 37 in 2010 compared to 44 in 2011, for a 18.9% increase. But the average sold price increased quite dramatically, up 70%: $502,900 in 2010 to $854,000 in 2011. While this would appear to be great news, in looking at the numbers, the average sales price was skewed by five sales in Empire Canyon of Deer Valley with average sales price of almost $3.5M compared to 2 sales in 2010 with average sales prices of $2.5M and one sale in St. Regis in Deer Crest with a price of $3.2M where in August 2010 no sales in St. Regis. Another area that helped skew the prices was lower Deer Valley, 2 sales in August 2010 with average sales price of $894,500 and 3 sales in August 2011 with average sales price of $1,715,00, or up almost 92%. What this does show is that all aspects of the market are selling and high-end buyers are not afraid to jump in right now.
Last weekend was cold, rainy, and our first forecast with the snow level in it (albeit at 10,000 feet); a sure sign winter is on its way. So continue your ski workouts and let's go skiing when you're in town!
