All of the available homesites in Silver Springs, north of Park City, have been sold, said Jess Reid, principal broker for Jess Reid Real Estate.
Reid said the 62 foreclosed lots in the Silver Springs neighborhood have been sold.Total sales volume on the sales in the past 18 months was $1.2 million.
"This represents a significant bench mark, not only for Silver Springs subdivision but for the entire Park City residential market. We're clearing out the oversupply of inventory, including the lingering lender-owned properties," Reid said.
Jerry Obert of Jess Reid Real Estate said the average sales price for Silver Springs lots was $20,026, including a $1,500 price increase a year ago. Most lots were purchased by people intending to build homes, and some were purchased by professional homebuilders.