Archive for August, 2009
Deer Valley Home Sales: Market Update
August 9th, 2009 Categories: Deer Valley®, Statistics & Trends
Homes In Deer Valley, Utah Still Selling!
Deer Valley homes are still selling, in spite of the challenging economy.
What’s interesting is that the demand in the marketplace for ultra-exclusive Ski-in/ski-out homes has remained strong, while homes with less convenient access are sitting on the market for long periods of time with relatively few sales.
Deer Valley Home Sales Prices Increasing–What’s the Catch?
If you look at average sales prices of homes sold in Deer Valley 2009 year to date, you might be surprised to see that the average sales price actually increased in 2009.
So far, 15 homes have sold 2009 YTD.
In a surprising statistic, 12 of the 15 were ski-in/ski-out properties!
Buyers of these properties are apparently much less impacted by the difficulty of the current lending environment.
The market for homes in Lower Deer Valley with no ski access has been minimal–only three such properties have sold so far.
Here’s the good news about Deer Valley Homes…
There are some Deer Valley home sellers who NEED to sell.
They’re past the point of waiting until they can get their optimal price. We’re even beginning to see a few foreclosures and short sales.
…But how do you know which ones are the best deals?
It’s easy–just ask us!!!
If you have been waiting for a great deal on a Deer Valley home, now is the time to start throwing out some low offers to see who bites!
Please help us understand what type of home you’re looking for, and we’ll let you know as soon as any homes that meet your criteria hit the market.
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Deer Valley Condos: Current Sales Stats
August 9th, 2009 Categories: Deer Valley®, Dining & Entertainment, Local Services, Real Estate, Statistics & Trends
We just received a great question from one of our subscribers, who asked…
“How does current inventory and list prices of Deer Valley condos compare to the last 5 years?”
Quick answer: Inventory is increasing, and average sales prices are dropping. Not surprising, based on national real estate trends.
It’s interesting to note that prices of ski-in/ski-out condos are holding their value better than Deer Valley condos with less convenient ski access.
Average sales prices of ski-in/ski-out condos have re-traced back to 2006 levels, whereas Deer Valley condos without ski-in/ski-out access have dropped back to 2004-05 levels.
Why do we see this divergence in the sales numbers?
Are Deer Valley Condos with Ski Access Better Investments?
Time will tell…
Lending probably plays a big role. Cautions lenders have reduced maximum loan amounts, increased documentation requirements, and have generally made condo financing more difficult and more expensive than it was during the real estate boom of 2004-2007 in Park City & Deer Valley.
Today’s purchasers of new luxury condo in Empire Pass, Grand Lodge, Flagstaff, Silver Strike Lodge, Ironwood, and others may still have the resources to pay cash for their purchases.
Buyers of less-expensive resale condos in Lower Deer Valley may be more reliant upon financing for a portion of the purchase price.
Deer Valley Condo Market: The Influence of Financing Changes
As it has become more difficult and more expensive to obtain financing, fewer investors who qualify for loans are active in the current market.
This has caused an increase in inventory, decrease in prices, and we’re seeing fewer condos sold.
Don’t jump to the wrong conclusion when you see the YTD 2009 numbers.
We’ll have to revisit these stats at the year-end, after the long awaited St. Regis Resort & Residences condos close in October/November! That should contribute another 60 condo sales by year end, not to mention whatever other sales transpire between now and Jan 1st.
This is the Time to Get a Great Deal On A Condo In Deer Valley!
One big change in the recent statistics is the change in the list price to closed price ratio. For the first time in 8 years, the ratio dropped below 90%!
True, there’s less new construction reflected in the 2009 sales numbers. Over the past few years, it wasn’t uncommon for sales prices to be 100% of list price for new construction properties.
But still, there’s no denying that there are plenty of motivated sellers in today’s marketplace.
Are you serious about finding a great deal and taking advantage of a motivated seller in today’s market? We can help! Let us know what you’re looking for:
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