Park City Real Estate Prices Rebounding

This graph represents one small neighborhood at Promontory.  #1 is the price of a lot sold in 2007, #2-6 are the subsequent sale prices, and #7 is a lot that recently closed this year.

This graph really tells the story of our market.  It has hit bottom.  Prices are slowly coming back up.

I just received an offer on one of my listings from a Las Vegas couple looking for a second home.  They offered approximately 50% of the list price.  My clients were so offended they countered at 100% of list price.  The days when you could steal a home for half of what it is worth are over.

The price increases in Park City are similar to what is going on in other parts of the country.  We tend to be 6-12 months behind the California market, and their market is on fire right now.  One of my clients received 7 offers on her California home the first week she listed it.

Park City real estate prices are rebounding while interest rates are bottoming out.   How much lower do you think the interest rates will go?  What does that mean for buyers?

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