Year-end stats confirm it's a buyer's market in Park City

(Park Record) The Park City Board of Realtors' 2009 year-end report reveals total sales volume for the greater area were down 17 percent from the previous year.

Still, some areas saw improvement, but not all Realtors believe that's evidence of recovery quiet yet.

The Board of Realtors' press release puts the 17 percent decline in context: Vail, Colo. was down 60 percent. Park City fared better because it's a residential or bedroom community as much as a destination resort town, explained board president Mark Seltenrich.

Park City-area Realtors are finding willing buyers, as evidenced by the fact that 2009 actually saw nine more single-family home sales than the year before probably more if not for the frozen credit market.

The reason total sales volume was down is two-fold: the total number of transactions of all types of property was down 18 percent, and second, because those buyers with financing are still looking for the best deals, Seltenrich said.

The median price in Park City dropped from $1.8 million to $1.385 because more homes sold in the lower price range than in the upper.

Original Article