Deer Valley Real Estate Statistics
The Park City Board of Realtors just released the Park City real estate market stats for the trailing 12 months. In spite of slightly higher interest rates, the Park City and Deer valley real estate markets remain strong.
Key Takeaways from the New Park City Real Estate Market Stats
2023 Q1 link above has stats press release & commentary, and then breaks down our whole market by neighborhood. Looking at the bottom line of that report on p 34, Number of units sold is down 40%, total volume of sales is down 34%, average prices are up 9% and median prices are up 18% over the trailing 12 months.
And while demand is certainly down from the peak of covid mania, there’s still lots of wealth on the sidelines waiting for good properties to hit the market. This is particularly true for the very top of our market. Over the past month both the Montage penthouse (under contract) and the St. Regis penthouse (closed) found buyers in the $20m price band—a new record for DV condos! Tear-down homes in Bald Eagle (above Silver Lake) are trading for $10m and buyers are bulldozing the old homes to start fresh on premium view lots. A pre-construction home in Red Cloud at the top of Empire Pass with an asking price of $33.5m went under contract last week.
In premium neighborhoods (like across Deer Valley, The Colony, and other coveted areas within the PC School District) the numbers are even more pronounced than the market-wide stats. Some of these stats below reflect a very small sample size (the attached home and condo reports show qty sold) but still…check out the massive increases in average/median prices across most DV neighborhoods over the trailing 12 months:
Deer Valley Condo Stats:
Upper DV Condos up 20%/5%
Deer Crest Condos up 70%/67% (St. Regis penthouse closed for $19.5m—highest condo sale price in DV history)
Lower DV Condos down 16%/up 4% (but St. Regis Phase III put 10 of their 12 residences under reservation at avg/med prices of $5.8m and $5.3m and pending sales aren’t reflected in these stats—only closed sales.)
Empire Pass condos down 6%/up 3% (Montage Penthouse under contract but not yet closed so next quarter the average is going to surge)
Deer Valley Homes Stats
Upper DV Homes up 19%/8%
Deer Crest Homes up 32%/6%
Lower DV Homes up 24%/27%
Empire Pass Homes -25%/-9% (only 2 closed home sales. A Red Cloud home listed for $33.5m just went under contract)
How Long will these Deer Valley Real Estate Stats Trends Last?
In terms of what could cause prices to actually pull-back significantly, big macro changes (interest rates doubling from here, nuclear war, US defaulting on nat’l debt, etc) could force some folks to have to sell. Other than that, where we would get a flood of new supply?
Brand-new developments and pre-construction is one possibility. Sommet Blanc is the only trophy development parcel of any significance left on the upper mountain. The Snow Park parking lots will add some supply when DV gets that project approved. But most of the new construction will be over at Mayflower Mountain.
Park City Real Estate Market Stats: Demand vs. Supply
From a higher altitude perspective, our entire market is still in a “below normal” inventory environment.
Overall supply of homes/condos/land for sale across Summit & Wasatch Counties has been in the 1250 to 1500 units range since June of 2022. That’s compared to pre-covid “normal supply” levels that were typically 1900 to 2200 units. So while we jumped from Jan 2022 lows of approx. 500 units, we’re in a prolonged 10 month long stable-supply period right now. And the new listings in April were lower than the number of new listings in 2022 and 2021, so We're not expecting a big seasonal surge in new listings...Posted by Erik Asarian on