Whoa, mama, are you ready for a big post? I promised to stop when it stopped being interesting but all these numbers are interesting. Here is the official report:
2016 Q2 – PCR Rolling 12 – Short-2
What I’m poring over here is the 12 month rolling, year over year, July 2015-June 2016 vs. July 2014-June 2015. I’ve used medians here because we can have sales at $1M and $7M in the same MLS area, but some of our sample sizes are so small that medians are skewed as well. The notes are in italics, and are either my insights or ones gleaned from my colleagues in the statistics committee.
And here are the PCMLS Trend Statistics Graphs (you know I love the graphs):
TL;DR (Too Long; Didn’t Read)
Our market continues to be highly complex and highly segmented. We are seeing some buyer resistance to prices in the Park City Proper (84060) areas, and an increase in number of sales in Snyderville Basin (84098), and a particular migration in single family home purchases to Summit Park, Pinebrook and Jordanelle. Outlying areas with properties under $500,000 are very active. Some segments of our market are back to highs of 2008 but the majority of areas have not reached pre-recession heights.
Properties priced at or below the median sell in a quarter of the time properties priced higher do.
Condos in Park City limits (84060) at or below the median price of $660,000 have an absorption rate of 4.6 months; over median price absorption rate moves o 15.4 months.
Single Family homes in the Park City limits at or below the median price of $1.58M have an absorption rate of 4 months; over the median price the absorption rate jumps to 17.4 months.
Condos in Snyderville Basin priced at or below the median price of $427,000 have an absorption rate of only 2 months; over median price the absorption rate becomes 8.7 months.
Single Family homes in Snyderville Basin priced at or below the median price of $955,000 have an absorption rate of 4.1 months; over median price the absorption rate jumps to 13.2 months.