We thought it might help those of you who have been tracking the Park City real estate market to see a quick summary of the year-end market wide sales stats.

All real estate markets are highly localized, so it may not be safe to assume that what’s happening in your back-yard is the same as what’s happening in Deer Valley & Park City, Utah.

Here are the key takaways from the year-end 2011 Park City real estate market…

• The number of units sold is up for the second straight year
• Total sales volume increased for the second straight year
• Median price of sold units decreased for the fourth straight year
• Average sales prices decreased for the fourth straight year

Different areas of town are tracking different trends, so it may help you to break it down further and look at your specific areas of interest.  The markets for Park City homes, condos, and land are all different.

Here is a link to the complete 12 page summary of the Park City real estate market trends.

We joined Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS® for lunch last week.  Dr. Yun was enthusiastic for the continued recovery of resort real estate market conditions in the Park City & Deer Valley Resort areas.

Dr. Lawrence Yun-NAR Chief Economist & Erik Asarian-Branch Broker Keller Williams

Here is the rest of the story about Dr. Yun’s Park City & Deer Valley real estate market forecast

Never have we seen a deal this good–not at auctions, trustee’s sales, tax sales, foreclosures, divorce sales, or any other highly motivated seller. How’s this for a good deal–a $2 million home–ABSOLUTELY FREE!

HGTV Park City Utah Dream Home

You’ve likely seen the massive promotional campaign launched by Home & Garden Television featuring their “Dream Home” giveway.

Each year, HGTV builds a luxury home someplace beautiful, and they give it away to one lucky family.  This year the HGTV Dream Home is in Midway, Utah just 15 minutes outside of Park City.

The home is located in a spectacular setting, walking distance from the Blue Ribbon Middle Provo River, and under the shadows of Mount Timpanogos–the tallest peak in the Wasatch Mountain Range.

You can register to with the HGTV Dream Home here…

We just finished crunching the numbers from 2011, and here are the key takeaways.   The number of units (homes, condos, land) sold increased for the third consecutive year…

Total sales volume exceeded $1 billion for only the seventh year in the history of Park City and Deer Valley real estate.

Median single family home prices increased for the second straight year.  The median home price on the Park City MLS is now $523,500.

Short sales and foreclosures accounted for 8% of the active listings on the Park City MLS in the 4th quarter of 2011, but they represented 25.6% of the closed transactions.

Looking at the pipeline of properties that could become next quarter’s foreclosures, the number of property owners 90+ days delinquent on their loans increased slightly Q3, but the quarterly number of Notices of Default is still much, much lower than we saw in 2009…

The number of properties listed for sale across the Park City MLS dropped again this quarter.  It’s now  very clear that the market has bottomed and started to recover–there is only a little over one year of supply based on the 2011 absorption rate.  This is down from nearly 40 months of available supply at the market lows.

Properties are now twice as likely to sell as they were in 2009.  At the market lows, there was only a 20% probability that your home would sell.  Now that metric has increased to a 40% chance on average.  But if you own Park City or Deer Valley real estate and you’re considering selling, don’t despair…

Your chances of selling can be dramatically greater than this.  Our team actually sold 71% of the properties that we listed last year–nearly twice the average.

Most of these graphs are backwards-looking, so what data can we look at to help us estimate where prices are heading in the near future?

Based on the available inventory rapidly shrinking in many, if not most, Deer Valley and Park City neighborhoods it won’t be long until median and average prices  begin to move upward with more velocity.

You can download a pdf of our complete folio of 4th Quarter 2011 Park City Real Estate Market stats and graphs here.

Remember back when St. Regis Deer Valley was pre-selling condos back in 2005-2008 while the resort was under construction?

No surprise–given the volatile economy–some of the prospective purchasers who had St. Regis condos and residences under contract were not able to secure financing, and they did not complete their purchases.

Here’s why their misfortune spells opportunity for you!

Some of these buyers forfeited their earnest money deposits–to the tune of hundreds of thousands of dollars per unit.

Since the developer retained (and rightly so…) deposits from some of the failed sales, these units might be good targets for acquisition at great prices!

Timing is Critical to Getting the Best Deals in Deer Valley

We have no authority to represent how the developer might respond to any aggressive purchase offers…but we strongly believe that this could be your best chance ever to acquire a St. Regis Deer Valley condo at the lowest possible price.

Please email us for more info and let’s discuss the possibilities.

PS:  If you’re curious about retail prices of St. Regis Deer Valley Condos and Residences on the Park City MLS go here:

St. Regis Deer Valley Condos & Residences for sale

PPS:  Our buyer clients don’t pay retail prices when they invest in Deer Valley right now   Email us for additional info…

Notice:

Let’s be really clear…  Park City Real Estate Guide® does not represent the developer or operator of the St. Regis Resort & Residences, Deer Crest, nor is Keller Williams Park City Real Estate the listing brokerage for the project.   We are in no way affiliated with or authorized to speak on behalf of the owner, developer, or operator of the resort.

We are simply expressing our opinions about trends and opportunities we see in the Deer Valley and Park City real estate marketplace.

In short, these luxury condos are walking distance to the slopes at Deer Valley resort as well as the St. Regis and on the free bus line just a couple minutes from Park City’s Main Street.

We have helped a couple buyers secure fantastic deals there in the past few months and now there is some extreme motivation on the part of the bank that owns two units there. Seems the bank has bumped up against its debt limit and they are now being forced to fire sale their remaining units in Red Stag. There will be a 20% price reduction on these two units in the next couple days.

These are two bedroom, three full bath beautifully appointed condos with private hot tubs and full kitchens.

These condos sold three years ago for well over a million dollars and they will now be dropped to just $499,000! Similar sized units next door in Powder Run are on the market for twice as much! There are two of these units available and when the price change hits the MLS there will be immediate interest as this is an extreme value for its location.  Click here for details and photos Red Stag Deer Valley Best Buys

One more great Deer Valley buy is higher on the mountain in the Ridgepoint complex.

These upper Deer Valley condos offer ski in and out access to the complex, great views, as well as tennis courts and a pool.

This particular unit is priced $250,000 less than another similar unit and is the lowest priced upper Deer Valley condo available. This is also an extreme value and will go quickly.  Ridgepoint Best Buy

If you have been waiting for the right time to get a great deal in Deer Valley, your time has come!

Contact one of our team to take advantage of these incredible opportunities…

Warning:  Don’t assume  the “MORE BAD NEWS…”  you see in the national media holds true in all micro-markets.

We just finished crunching the numbers for some of Park City, Utah’s hottest luxury neighborhoods, and the reduction in available luxury ski homes is staggering. Yes–you heard that correctly.

There’s now a real scarcity of well-priced properties in the luxury market between $3-6 million.

Take The Colony at White Pine Canyon, for instance.  At the beginning of the 2010/11 ski season in November 2010, there were 19 homes on the market.  Fast forward a mere 120 days, and 8 pending/closed sales later, there are only 11 homes left.    Don’t take our word for it…see for yourself:

Colony Homes sold winter 2010-11 Market Snapshot

Winter 2010-11 Colony Home Sales

Hollywood Heavy-Hitter Buys Colony Home in Private Sale

We hope you paid attention to the math and noticed there was a missing sale…there was an additional closed sale of an unlisted property to an Hollywood A-List Couple.

We won’t blow their cover here on the blog, but if you come to Park City we’ll clue you in…

What’s currently available for sale in The Colony at White Pine Canyon?

As you’ll see above, there are only a couple of options left under $5 million.  One is debt-free and motivated to sell.  The other is still living in fantasy-land regarding the value of their property in today’s marketplace.  It is over-encumbered, and could be headed towards a Trustee’s foreclosure sale.

Hint: call us immediately if you’re looking for a home in The Colony and we’ll catch you up to speed on this developing opportunity…

Click here to search for all Colony Homes For Sale in Park City Utah

The opening of Montage Deer Valley was the biggest Deer Valley news event of the 2010/11 ski season.

Montage had been pre-selling residences during the challenging economy of 2010, and began the ski season with three pending sales.  The developer kept to their construction schedule, and the first owners of Montage Deer Valley Residences took possession of their condos in late December 2010.

Deer Valley Montage: “Build it and They Will Come!”

As the ski season progressed, so did sales momentum at Montage Deer Valley.  So far, 5 Montage Residences have sold, and 5 more are pending sale, bringing the total number of sold/pending Montage Deer Valley residences to 10.  On top of those ten sales, the developer is working with prospective buyers on a couple of additional sales.

Montage Deer Valley Sales Statistics, as reported by the Park City MLS

Montage First Tracks Discounts: Going, Going….

The developer is offering 20% discounts, ability to choose from nearly any residence in the building, and a smorgasbord of additional benefits to only the first 15 buyers at Montage Deer Valley.   You’ll find a summary of the Montage First Tracks incentives here:

http://blog.parkcityrealestateguide.com/montage-deer-valley-first-tracks-incentives/

Want More Montage Deer Valley Info?

Please send us a quick note and we’ll help you quickly and easily learn whatever you want to know about Montage Deer Valley.

Related Deer Valley Montage Hotel Posts:

Montage Deer Valley Utah Location

Montage Deer Valley Residences For Sale

Montage Deer Valley Floor Plans

Montage Deer Valley “First Tracks” Prices and Incentives

Deer Valley Montage Hotel

Inventory is being snapped up by savvy buyers, at great prices, and is not being replaced. Many of these great deals have been distressed sales, or simply very motivated sellers, but the buyer’s advantage in Park City may be nearing its end.

• In Hidden Meadows, Deer Valley, there are only 2 homes on the market today…and 5 sales over the past year.
• In The Colony at White Pine Canyon, inventory was reduced by more than 42% in the past 120 days.
• At Promontory, there is less than one year of supply of available lots for sale after more than 70 parcels sold in the past 12 months.  See below…

How much more evidence you need that many neighborhoods in Park City have hit the bottom and prices will turn around soon?

Pre-Foreclosure Notice of Defaults and Trustee sales are down markedly in Summit County, Utah.

That is not to say there will not be more foreclosure properties that come to market, but they will be fewer in number and the competition for them will be greater. Already this year we have seen numerous multiple offer scenarios on bank owned properties as soon as they hit the market.

If you are not actively following the market; or, more importantly, don’t have a local real estate agent working for you, you frankly do not have a chance of scoring the great deal you are dreaming about because the competition is too fierce for the best deals.

One telling example of the change in our market that began last year and is really manifesting itself now is at Promontory.

Promontory: From ‘REO Row’ to ‘Picked Over’

This luxury golf course development has been through well documented travails in the past, however, the jokes of a couple years ago regarding inventory there are long forgotten. The future is bright and the days of buying homes for pennies on the dollar there are numbered. Bank owned inventory is down to its lowest level in years, with just a couple bank controlled properties now on the market!

In 2010, there were 53  homes and 71 lots sold in Promontory. Thus far in 2011, there have been 17 homes sold or pended (eleven of those in the past 30 days!) and more than 40 lots have sold or pended.  That leaves less than a year’s supply of homes and lots in this exclusive area, representing a staggering change in the market dynamic there. Indeed, the price of homes is rising, despite the sale of many bank owned properties

A membership drive offering incentives available through the end of April 2011 (call us for details) and a forthcoming new clubhouse are adding value, convincing more and more buyers that the time is now to pursue the dream of owning a piece of this world class resort community.

Park City  2011  Looking ahead to a Seller’s Market

Other neighborhoods and areas in and around Park City have similar story lines, while there is still plenty of inventory overall, properties are selling every day, the best deals are going quickly, and there are fewer distressed properties to put pressure on other sellers to reduce their prices. Eventually, the advantage buyers have now will shift back to sellers

This year could very well be the turning point in Park City…what are you waiting for?

Allow us to help you achieve your goals. Call or email us today and tell us what you are looking for in a Park City and we will help you make it a reality.

The Montage Spa and Restaurants opened to the public on December 8, 2010.  Hotel guests were able to stay in the hotel beginning  one week later–December 15, 2010.

Here are all of the available Montage Deer Valley Condos for Sale.

In previous posts, we shared extensive information about the new Deer Valley Montage hotel.  Here are the links…

Related Deer Valley Montage Resort Information:

Montage Deer Valley Sales Update Spring 2011

Montage Deer Valley Utah Location

Montage Deer Valley Residences For Sale

Montage Deer Valley Floor Plans

Montage Deer Valley “First Tracks” Prices and Incentives

Deer Valley Montage Hotel