Salt Lake City and Park City Real Estate Market Conditions
Salt Lake City and Park City Real Estate Market Conditions
Salt Lake Market Conditions
The Salt Lake Utah Real Estate market has slowed considerably over the last year, but is still one of the hottest markets in the United States. In fact Salt Lake City homes, saw prices go up 12.9% in the third quarter 2007 (compared to the same quarter in 2006), that’s the largest appreciation of any State.
| 23rd Oct | Year to Date Median Sales Price |
| 2007 | $249,900 |
| 2006 | $223,000 |
| 2005 | $183,000 |
| 2004 | $164,900 |
The comparative strength in the housing market has been driven by the strong local economy, a large influx of people moving to the area and the regeneration of the downtown Salt Lake City area. The downtown area is undergoing multi billion-dollar redevelopment of the two main shopping centers and surrounding area. This along with the numerous new condo developments currently under construction, are driving up the prices and demand for Salt Lake City condos.
Park City Market Conditions
Just 15 minutes from the Salt Lake Valley, is the ski resort and town of Park City. Park City homes have seen their prices increase dramatically over the last few years. The average sales price has increased from just over $560,000 in the third quarter 2004, to over $1,000,000 in the third quarter 2007. Even with these large increases, the housing market remains healthy, with home prices increasing, albeit at a slower pace.
| Average Sales Price - Single Family Home | Average Sales Price - Condo | |
| 3rd 2007 | $1,091,407 | $883,064 |
| 3rd 2006 | $1,004,079 | $600,085 |
| 3rd 2005 | $702,601 | $421,400 |
| 3rd 2004 | $562,313 | $340,244 |
Tracie Peay and Trela Bird are Salt Lake City real estate agents providing residential services for the Salt Lake and Park City Utah areas.