Park City Real Estate Trends

Deer Valley Real Estate Sales Half-Way 2014

By Todd Anderson
Feb 25, 2014

Half-way 2014? Yes, we are now just over half way through the ski season for 2013-2014. And it is time to look at how real estate sales are shaping up in Deer Valley and Park City, UT.

 

So far for the 2013-2014 ski season the greater Deer Valley area Lower Deer Valley, Upper Deer Valley, Deer Crest and Empire Pass) has seen 23 sales. The sales include 1 building lot, 17 condominiums and 5 single family homes. These numbers are way down when compared to the 41 sales for the same period last ski season (8 lots, 25 condos and 8 homes). In terms of snowfall and ski season visitors, the season has been very similar to last year. So what has changed?

Ski condo

 

Inventory: Inventory levels have changed in multiple ways. The amount of inventory on the market to choose from has diminished. There are currently 64 homes, 158 condominiums and 33 building lots available in the greater Deer Valley area. Many of the homes and condominiums for sale are in need of updating. The quick reservations that were put in on the Stein Eriksen Residences show that the market is ready for new contemporary finishes (although some of these reservations are likely speculative purchase reservations).

 

Pricing: Prices are rising quickly on the more affordable condominiums in the area (possibly beyond what the market will bear) and nearly 70% of the available condominiums in the Deer Valley area have asking prices over $1M.

 

Pending Sales: There are currently more pending Deer Valley real estate sales than there were sales in the past two months. If these sales all close, the number of sold units in Deer Valley will be much closer to that of the 2012-2013 ski season.

 

When I spoke with a few other area realtors about the Deer Valley real estate sales stats for the ski season so far, a few offered that the impact of Vail running Canyons Resort may be having an adverse impact on Deer Valley sales. The sales stats show the Canyons area to be flat compared to last year, so there has been little to no impact yet from Vail Resorts taking over operations at Canyons.

 

When taking everything into account, homes and condos in Deer Valley are selling. The options that are well priced and updated move quickly and while prices are increasing due to lack of inventory, the jump may not be as rapid as some Sellers would like. For more information and assistance in Buying or Selling a Deer Valley or Park City property contact a local real estate professional at YouInParkCity.com (888)968-4672.

 

Park City Mountain Ski Homes

By Todd Anderson
Dec 06, 2010

             The ski and snowboard season opening is upon us in Park City, Utah.  Park City real estate sales statistics for the year have shown that property in Park City is selling. Here we will take a more in-depth look at which homes and condominiums in Park City are selling with a focus on ski and snowboard slope-side locations at Park City Mountain Resort.             Park City Mountain Resort offers the fewest opportunities for true ski-in/ski-out real estate in Park City, UT (in comparison to Deer Valley and Canyons Resort areas). Due to this fact, we will broaden the scope of the analysis to include walk-to skiing and riding homes and condominiums. There are three lift access points to consider in determining a walk-to-ski/ride home or condominium at Park City Mountain Resort: The Park City Mountain Resort Base Area, The Town Lift / Historic Old Town Area and the Silver Star Lift area.

Silver Star at Park City

            Of the just under 100 homes and condominiums that have been sold in the Historic Old Town area of Park City this year, over 40 of them can be counted in the walk-to-ski category. There have been over 950 home and condominium sales in the greater Park City area this year.  Many Park City real estate sales are to buyers looking for vacation and second home properties, but not all of the properties are ski-in/ski-out or walk-to-ski.             One quarter of the sales of the Park City Mountain Resort walk-to-ski/ride properties have been in the Silver Star at Park City subdivision. There are still a few developer owned condominiums at Silver Star, but the sales within Silver Star have been both re-sales and developer owned models. This indicates that the market has found the correct sales price and buyers are responding. The sales prices at Silver Star this year represent an average of nearly 30% off the historic high asking prices.             For more information on Park City Mountain Resort (which opened for the season on Nov. 20) ski-in/ski-out or walk-to-ski homes and condominiums contact a realty professional with YouInParkCity.com.

 
 
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