Sales way down, prices holding.
The frozen market may actually be an asset once recovery occurs. Do you believe it? If the answer is NO, then you should read the article below.
Over $1 billion in real estate was sold in 2008, according to the year-end report from the Park City Board of Realtors. That’s nothing to shake a stick at. It’s only been since 2004 that sales that high have been achieved in Summit County.
The number of transactions, however, was so low mostly due to the fourth quarter that the last comparable year was 1992, said board president Lincoln Calder. Now here come the bad news:
For Realtors who depend on quantity of sales for their living, like those who specialize in condo or land sales, it’s a perfect storm. Homeowners in the Park City area typically made their purchase as an investment. They aren’t foreclosing, aren’t interested in selling it cheap and are more than willing to wait until the economy improves, explained Jim Lewis of Summit Sotheby’s.
Shoppers used to seeing real estate markets crash in their hometowns, come to Park City hoping to find similar deals in a highly desirable location. They know they can get a lot for their money in this economy and are looking to make a killing. The result is deadlock.
So what is the good news?
Read the full report here.