At Jim Barth & Associates, we stay focused on current market trends and statistics that might have an impact on our clients. For instance, yesterday we compiled our “months of inventory” analysis for the Deer Valley Resort market as of July 1, 2012, and would like to share this information with our readers and clients. We compile these numbers on a monthly basis looking for trends.
When we refer to the overall Deer Valley Resort 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 July 1, 2012, there were currently 59 active listings in the overall Deer Valley single family home real estate market, 2 under contract and 36 homes that have closed escrow in the past 12 months. This represents 20 months of available inventory for single family residences, which is down from last month’s (June 2012) reading of 23 months and further down from the May 2012 reading of 27 months and even further down from the March 2012 reading of 38 months of available inventory. Additionally, these numbers are higher due to the lack of single family sales activity in the Empire Pass submarket, where there is currently 132 months (11 years) of available inventory on the market. Extracting the Empire Pass submarket from the overall analysis, available inventory is further reduced to 17 months as of July 1, 2012. The overall trend continues to shift away from such an overwhelming buyer’s market that we have experienced in the past few years. The strongest submarket for single family homes continues to be in the Upper Deer Valley submarket, with 14 months of available inventory, up slightly from the June reading of 13 months. The submarket providing for the most dramatic improvement in 2012 is the Deer Crest submarket, which topped out in February at 96 months (8 years) and now is at only 15 months, primarily due to absorption of available homes.
Condominiums: There are currently 142 active listings in the overall Deer Valley condominium real estate market, 18 under contract and 160 condominiums that have closed escrow in the past 12 months. This represents 21 months of available inventory overall, which is up slightly from last month’s (June 2012) reading of 18 months of available inventory. Similar to the single family home numbers, the overall yearly trend continues to shift away from such a strong buyer’s market and an uptick in months of inventory this time of year is anticipated due to the seasonality of the resort market. The strongest submarket is the Empire Pass Condominiums, with 19 months of available inventory, up slightly from the June 2012 reading of 18 months of available inventory.
Although these numbers continue to reflect an overall buyer’s market for Deer Valley Resort real estate, the yearly trends continue its movement back toward market equilibrium.
Jim Barth & Associates recently updated the DeerValleyReport website by posting mid-year 2012 Deer Valley real estate market statistics. On the “Deer Valley Stats” page, Jim Barth & Associates compared year-to-date activity for both single-family homes and condominium sales from January 1, 2012 through June 30, 2012 to the same period in 2012 for the Deer Valley real estate market. Additionally, graphs showing the comparison of total dollar sold volume of Deer Valley single-family homes and condominiums by area (Lower Deer Valley, Deer Crest, Upper Deer Valley and Empire Pass) from January 1, 2012 through June 30, 2012 to the same period in 2011 have also been posted. The most significant change was in Deer Crest, where $32 million in single-family home sales were recorded – more than all of 2010 and 2011 combined. For more detailed analysis, statistics and graphs of the Deer Valleyreal estate market, please click the Deer Valley Stats page.
