Deer Valley®
Statistics & Trends
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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Deer Valley Homes: Ski Access Preserves Value
November 16th, 2008 Categories: Deer Valley®, Real Estate, Statistics & Trends
As real estate markets around the country have deteriorated along with the global equities markets, there is a bit of good news for some resort property owners…
Do Deer Valley Home Owners With Ski-In/Ski-Out Access Have Down-side Protection?
This chart demonstrates the importance of ski access to property values in Deer Valley, Utah.
The average sales price of all homes in Deer Valley fell 18.05% to $3,245,576 from 2007 to 2008 (through 10/31/08).
The average sales price of ski-in/ski-out homes increased 12.48% to $6,235,958 during the same period.
You can see this divergence on the chart from 2007-2008.
It could be worse for homes without ski-in/ski-out access.
Since the inclusion of ski-in/ski-out homes in the “All Deer Valley Areas” category boosts the average sales price, the market for homes without ski access may have softened even more than the chart displays.
Based on this chart, now could be an excellent time to hunt for deals in Lower Deer Valley, but don’t expect to see substantial declines in Upper Deer Valley Homes or Homes in Empire Pass.
Related Articles:
Deer Valley Homes: Market Sales Stats
Bald Eagle Club: Deer Valley’s Gold Coast
Land Your Private Jet in Heber City
The Halo Effect of Branded Hotels in Park City & Deer Valley
Park City and Deer Valley’s Best Cash Flow Condos are…
The Best Cash-Flow Condos in Deer Valley (Part II)
Deer Valley Is Not the Only Smart Money Bet in Town (Part III)
St. Regis Resort and Residences, Deer Crest
Dakota Mountain Lodge and Waldorf=Astoria Announcement
Deer Valley Montage Hotel
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Are Deer Valley Condo Prices Holding?
January 20th, 2008 Categories: Deer Valley®, Statistics & Trends
I just received this question from a potential vacation-home shopper in Southern California, wondering how Deer Valley real estate prices are faring amid the turbulent national real estate market.
A Warning About Deer Valley Real Estate Prices…
The numbers are not what you expect in light of the real estate “news” from around the USA. 
Deer Valley condo prices have not only held–they have actually increased!
Why are Deer Valley Prices increasing while prices across the country are falling? At the most basic level, it’s simple supply and demand in action.
Ski-in/Ski-out Deer Valley Real Estate Is Scarce
People have successfully invested in Deer Valley real estate because of the relative scarcity of prime Deer Valley properties. Deer Valley’s “safe-haven”positioning as a second-home and resort community has provided critical insulation from downward national trends.
Deer Valley Owners Have “Staying Power”
With so many cash buyers (about 50% of our clients’ transactions in 2007), we’re also not seeing a surge in foreclosures and “distress” sales. In truth, most sellers don’t “need” to sell their Deer Valley property, like sellers in “primary” home communities.
| CONDOMINIUMS: Pending Sales as of 1-20-2008 (Upper & Lower Deer Valley, Deer Crest, Empire Pass) | ||||
|
|
High |
Low |
Average |
Median |
|
List Price Summary: |
$8,916,550 |
$550,00 |
$3,064,998 |
$2,775,450 |
| CONDOMINIUMS: Summary Statistics Jan-Dec 2007 (Upper & Lower Deer Valley, Deer Crest, Empire Pass) | ||||
|
High |
Low |
Average |
Median |
|
|
List Price: |
$4,395,000 |
$595,000 |
$1,955,381 |
$1,897,000 |
|
Sales Price: |
$4,100,000 |
$570,000 |
$1,904,781 |
$1,886,400 |
| CONDOMINIUMS: Summary Statistics Jan-Dec 2006 (Upper & Lower Deer Valley, Deer Crest, Empire Pass) | ||||
|
|
High |
Low |
Average |
Median |
|
List Price: |
$4,195,000 |
$399,900 |
$1,437,404 |
$1,225,000 |
|
Sales Price: |
$3,775,259 |
$399,900 |
$1,388,741 |
$1,155,000 |
|
Avg Days on Market: 286 |
120 Condos Sold |
Average List price= |
|
Average Sales price= |
The Story Behind the Deer Valley Sales Numbers
One critical component is the weight of “New Construction” in the Deer Valley Condo sales summary. To be fair, many of the pending sales, and sold comps in 2007 were actually sales that pended in 2005 and 2006 when the national market was on fire. Some of these ultra high end ski-in/ski-out condo lodge buildings take 18-36 months to build.
Days On Market Might Not Be What You Think
When you see the days on market stats increase from 286 DOM to 357 DOM from 2006 to 2007, it’s counting from the date the condos are listed for sale until the sale closes (ie when construction is complete). What you’re actually seeing is a long “under-contract” period, and not necessarily properties sitting on the market forever. Does that make sense?
Deer Valley Quality Gets Better Every Year
There’s also been a difference in the quality and location of inventory over the years. The new construction that’s available today is certainly more expensive to build (land, labor, materials) than the “new” construction that was available in 2005. The trend has certainly been towards higher quality materials and construction as developers push to raise their prices with successive projects, much to the delight of “early” buyers who watch their property values rise with each successive release of new inventory.
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