We have compiled our “Absorption Rate Snapshot” for the Deer Valley real estate market as of March 1, 2013. Below you will find the highlights of this analysis. We compile these numbers on a monthly basis looking for trends and the overall trend continues to show slow market improvement. We believe that it is necessary to have a good understanding of where the market has been in order to gain a perspective of where it might be going.
When we refer to the overall Deer Valley, Utah real estate market below, we are including the following submarkets: (i) Lower Deer Valley, (ii) Upper Deer Valley, (iii) Empire Pass and (iv) Deer Crest. We compile inventory statistics for each of these submarkets as well as the overall Deer Valley market, so if you would like more specific submarket information, please let us know.
Single Family Homes: As of March 1, 2013, there were 69 current active listings in the overall Deer Valley single family home real estate market (up from 66 in February), 5 under contract (down from 6 for last month) and 41 homes that have closed escrow in the past 12 months.
This represents 22 month’s supply of available single family residential inventory, which is down from last month’s (February 2013) reading of 23 months. The above numbers continue to be skewed upward since the Empire Pass submarket is steady with 40 months of available single family inventory.
The strongest submarket for single family homes for the majority of 2012 had been for the Upper Deer Valley submarket. However, late in the year the Deer Crest submarket moved ahead showing very impressive market improvement and is currently at 11 months of available inventory, which is down from last month’s reading of 12 months of available inventory. As mentioned previously, this is a truly startlingly statistic since the Deer Crest neighborhood started 2012 with 96 months (8years) of available inventory and now is positioned as a “Sellers’ Market,” the first time a submarket of Deer Valley has moved into this category since the financial crisis of 2008.
Condominiums: There are currently 144 active listings in the overall Deer Valley condominium real estate market (up slightly from 143 for last month), 22 under contract (down slightly from last month’s reading of 23) and 111 condominiums that have closed escrow in the past 12 months. This represents 18 months of available inventory, which is up from last month’s February 2013 reading of 17 months. The strongest submarket for Deer Valley condominiums continues to be the Lower Deer Valley neighborhood with 16 months of available inventory.
Although these numbers continue to reflect an overall buyer’s market for the Deer Valley real estate market, the trend for 2013 appears to be continuing from 2012, and that is a market moving back toward equilibrium.
