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UPDATE Deer Valley

Jim Barth & Associates

A HIGHER STANDARD tm

Vol. I Issue 2 Summer 2012

®

P.O. Box 4527 Park City, Utah 84060 | 435-901-3050 | www.DeerValleyReport.com

2012 Year-T0-Date Spotlight

Jim Barth Associate Broker

Single-Family Homes Gain Momentum

Condominium Balance

ingle-family home sales for the first half of 2012 in Deer Valley® Resort increased 57% over the same period last year, according to the Park City Board of Realtors.® The most noteworthy change was in Deer Crest, where $32 million in sales were recorded – more than all of 2010 and 2011 combined. In Lower Deer Valley,® eight sales have recorded so far this year compared to five last year – a good indicator that inventory is being absorbed at a healthier pace.

here seems to be a trend toward growth in the Deer Valley® condominium market, primarily in the Silver Lake Village area. Overall, prices have increased from $1.5 million to $1.75 million, indicating a loosening in the market.

S

Year-to-date, the number of single-family home sales in Upper Deer Valley® are down compared to last year, which was a banner year; however, prices are up 16%.

T

In Empire Pass, condominium sales sharply declined, primarily fueled by last year’s “honeymoon” period at Montage Deer Valley, which closed 10 units in the first half of the year, compared to three closings so far in 2012. Although these figures reflect an overall buyer’s market in the Deer Valley® area, the latest trends indicate positive movement toward market equilibrium.

For more detailed information, contact Jim at 435-901-3050 or JBarth@DeerValleyReport.com.

® - AMILY ® DEER VALLEYDEER SINGLE -F SALES SUMMARY VALLEY CONDOMINIUMS

DEER VALLEY® SINGLE-FAMILY HOMES TOTAL SOLD VOLUME BY AREA MID-YEAR COMPARISON

$70,000,000 CATEGORY

$45,000,000 $39,263,438

$40,000,000

2011

$35,000,000

$32,600,250

2012

$30,000,000 $24,785,000

$25,000,000

$4,650,000

Lower Deer Valley

Deer Crest

$0

Upper Deer Valley

Empire Pass

CATEGORY

1/01/2011 6/30/2011

1/01/2012 6/30/2012

Total Sold Volume

$49,922,438

$78,479,250

16

Average List Price Average Sold Price

$59,629,050

+57%

2012

22

+38% $40,240,000

$3,318,766

$3,802,268

+15%

$29,005,975 $24,113,700

$23,275,000

$3,120,152 $18,345,250

Average Sold Price Per SF $10,000,000

$3,567,239

+14%

$15,967,500

$14,577,100

$488

Average 149 Days Days on $0 Market Lower Deer Valley Deer Crest

$459 265 Days

Upper Deer Valley

-06% +78%

Empire Pass

DEER VALLEY® CONDOMINIUM SALES SUMMARY

- AMILY SALES SUMMARY DEER VALLEY® SINGLE-F

Average Days on Market

16

$20,000,000

$5,000,000

Average Sold Price Per SF

Total Number $50,000,000 of Properties Sold

Average Sold Price

$10,659,000

$0

$78,479,250

% Change

2011

$30,000,000

$16,444,000

Total Number of Properties Sold

$49,922,438

Average List Price

$15,000,000

$0

Total Sold $60,000,000 Volume

$40,000,000

$20,000,000

$10,000,000

TOTAL SOLD VOLUME BY AREA MID-YEAR COMPARISON 1/01/2011 1/01/2012 6/30/2011 6/30/2012

CATEGORY

1/01/2011 6/30/2011

+57%

Total Sold Volume

$118,055,500

$107,098,075

-09%

22

+38%

Total Number of Properties Sold

78

61

-22%

$3,318,766

$3,802,268

+15%

Average List Price

$1,859,450

$1,951,251

+05%

$3,120,152

$3,567,239

+14%

Average Sold Price

$1,513,532

$1,755,706

+16%

$488

$459

-06%

Average Sold Price Per SF

$669

$654

-02%

149 Days

265 Days

+78%

Average Days on Market

122 Days

240 Days

+97%

% Change

1/01/2012 6/30/2012

% Change

SUMMARY INCLUDES LOWER DEER VALLEY, DEER CREST, UPPER DEER VALLEY, AND EMPIRE PASS. STATISTICAL DATA WAS OBTAINED THE Board PARK C BOARD® OF REALTORS®. Summary includes Lower Deer Valley,® Deer Crest, Upper Deer Valley® and Empire Pass.THE Statistical data was obtained directlyDIRECTLY from the FROM Park City ofITY Realtors.

DEER VALLEY® CONDOMINIUM SALES SUMMARY CATEGORY

1/01/2011 6/30/2011

Total Sold Volume

$118,055,500

Total Number of Properties Sold Average

78

1/01/2012 6/30/2012 $107,098,075

435-901-3050

61

|

% Change -09%

www.DeerValleyReport.com -22%

|

Jbarth@DeerValleyReport.com


The highest compliment…

Only Jim Barth…

The highest compliment my clients can give is the referral of friends, family and business associates. Please call if ever I can be of assistance to you or someone you know. And, thank you for your trust.

Vast experience from practicing real estate law in Park City and chairing the Planning Commission translates into more insight for his clients. Call Jim to discuss your real estate needs. 435-901-3050 • Jbarth@DeerValleyReport.com

It is not our intent to solicit clients from other Realtors® with this newsletter.

Gondola Gains Traction

D

eer Valley® Resort has officially entered into discussions with Park City Municipal about the possibility of a Main Street gondola linking the world-class resort to Park City’s downtown. Discussions are mainly centered on the Brew Pub lot, close to the top of Main Street, where the project would provide a competitive edge for Park City over other shopping, dining and entertainment destinations.

Photo courtesy Montage Deer Valley

Montage to Host “Concert in the Sky”

M

ontage Deer Valley announced its first outdoor concert event, Saturday, September 1st, from 6 to 8 p.m., on the Grand Lawn of the hotel. The double-band lineup includes O.A.R. and Bare Naked Ladies. Tickets can be purchased at Smith’s Tix beginning Monday, July 23rd.

According to Bob Wheaton, president and general manager of Deer Valley,® the earliest the gondola could open would be the 2014-2015 ski season. If deemed appropriate, the site would include a ticket office and Deer Valley® retailer along with the gondola terminal.

Jim Barth & Associates

A HIGHER STANDARD tm

P.O. Box 4527 Park City, Utah 84060

Yo De ur S er u Va mme

ll r ey ®

U Re pdat al e o Es n

ta te

Deer Valley 2012 Update  

Deer Valley real estate update including Deer Valley real estate market statistics and news on Montage Deer Valley and Deer Valley - Main St...

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