Deer Valley Single Family Homes 2002-2012 Average Sold Price Trend Analysis: This graph shows the trend in the average sold price for single family homes, in Lower Deer Valley, Deer Crest, Upper Deer Valley and Empire Pass from 2002 through 2012. Overall, in 2012, the average sold price for single family homes in all of Deer Valley increased 2% from the previous year, with prices rising in all areas except in Lower Deer Valley. In particular, Deer Crest showed marked improvement, and the average sold price increased 33% over the previous year, demonstrating the desirability of this luxury neighborhood. 

As you can see in the graph, the average sold price for single family homes peaked at different times in Deer Valley, depending on the neighborhood.  Prices peaked in Lower Deer Valley in 2009, however, only 6 properties sold during that year (as compared to 14 in 2012), one of the properties sold for over $4 million, and one sale was undisclosed, thereby skewing the numbers.  Empire Pass average sold prices also peaked in 2009, primarily due to 8 closings of very high-end homes, including a Paintbrush home sale of $11.5 million. Deer Crest, which peaked in 2007, was the best performing submarket in 2012 as buyers found value and better ski accessibility with the opening of the new Mountaineer Express high-speed chairlift.  As shown on the graph, the average sold price for Upper Deer Valley homes peaked in 2008, however, this amount should most likely be lower since only 4 homes sold during that year, all with undisclosed sales prices.  In 2012, prices in the Upper Deer Valley neighborhood increased 8% from 2011 when buyers acquired older, well located properties that represented excellent values, but needed renovation.  As these homes are brought back up to the standards of the exceptional quality of the properties in the surrounding Upper Deer Valley neighborhoods, we would expect the average sold prices to continue to increase.

Deer Valley Condominiums 2002-2012 Average Sold Price Trend Analysis:  This graph shows the trend in the average sold price for condominiums in Lower Deer Valley, Deer Crest, Upper Deer Valley and Empire Pass from 2002 through 2012.  Overall, in 2012, the average sold price for condominiums in all of Deer Valley increased 5% from the previous year, with prices showing some signs of strengthening in certain neighborhoods, particularly in Deer Crest and Empire Pass, but continuing to slide 4% in other areas, such as Upper Deer Valley and Lower Deer Valley.

The condominium market was the strongest in Upper Deer Valley, recording the highest number of sales since 2005.  Condominium buyers found great value in the market, in particular at Lookout at Deer Valley, as inventory was absorbed and the market moved back toward equilibrium.  As this market cycle evolves, we would expect the average sold prices to begin to increase.  During 2012, condominium sales were down slightly, primarily due to the tapering of Flagstaff closings in 2011, however, the average sold price in Empire Pass was the highest since its peak in 2008, when the average sold price per square foot was approximately $1,200 (as compared to $1,000 in 2012).  The closings of 10 St. Regis condominiums spurred the rebound in the Deer Crest condominium market, which also recorded the highest average sold price since the peak in 2010.  The average sold price peaked in Lower Deer Valley condominiums in 2007, when 58 properties sold with an average price of $1.2 million; over half of the sales were over $1 million, and one condominium sold for $4.1 million.  By contrast, in 2012 all but one of 44 sales was under $1 million; a Black Diamond Lodge sold for $2.4 million (compared to $4.1 million in 2007) and the average sold price was slightly under $683,000.  Inventory is continuing to be absorbed in Lower Deer Valley as buyers continue to seek values and the market continues to move back toward equilibrium.

Deer Valley Real Estate: 2012 3^rd Quarter Single-Family Sales Summary.  This chart shows a summary of single-family real estate sales for Deer Valley Resort, comparing year-to-date activity from January 1, 2012 through September 30, 2012 to the same period in 2011. Overall, the total sold volume, the total number of single-family homes sold and the average sold price in Deer Valley were up 43%, 29%, and 11%, respectively. The most notable change took place in Deer Crest, where $38 million in sales were recorded through the 3^rd quarter in 2012, compared to $6.6 million during the same period in 2011. Overall, the current trend for the Deer Valley single-family home real estate market is continuing to shift away from an overwhelming buyer’s market to a more balanced market.

Deer Valley Real Estate: 2012 3^rd Quarter Condominium Sales Summary.  During the first three quarters of 2012, the total sold volume and the total number of condominiums sold were down 9% and 14%, respectively. However, the average sold price increased 6% from $1.6 million to $1.7 million.  The strongest sub-market occurred in the Silver Lake Village area in Upper Deer Valley, where the total volume sold increased by a whopping 122% and the total number of condominiums sold doubled.  In particular, sales occurring at the Lookout at Deer Valley subdivision were very strong.  Condominium sales volume in Empire Pass declined, although prices rose by 3%.  Even though the figures for the overall Deer Valley condominium market reflect a buyer’s market, the latest trends indicate positive movement toward market equilibrium.

Year-to-Date Deer Valley Single-Family Homes Total Sold Volume Comparison.  This graph compares the total dollar sold volume of Deer Valley single–family homes by area (Lower Deer Valley, Deer Crest, Upper Deer Valley and Empire Pass) from January 1, 2012 through September 30, 2012 to the same period in 2011.  Overall, single-family home sales were up 43%.  The most noteworthy change was in Deer Crest, where $38 million in sales were recorded during the first three quarters of the year – more than all of 2010 and 2011 combined.  In Lower Deer Valley, 11 homes sold in the first nine months of 2012, compared to 7 during the same period last year – a good indicator that inventory is being absorbed at a healthier pace.  Year-to-date, the number of single-family home sales in Upper Deer Valley as well as the total sales volume are down compared to last year, which was a banner year.  However, prices for Upper Deer Valley single-family homes are up 11%.

Year-to-Date Deer Valley Condominiums Total Sold Volume Comparison. This graph compares the total dollar sold volume of Deer Valley condominiums by area (Lower Deer Valley, Deer Crest, Upper Deer Valley and Empire Pass) from January 1, 2012 through September 30, 2012 to the same period in 2011.  Overall, condominium sales were down 9%.  However, in the Silver Lake area of Upper Deer Valley, the number of condominiums sold and the total dollar sold volume increased 100% and 122%, respectively.  In particular, sales at Lookout at Deer Valley and Stag Lodge were very strong.  In Lower Deer Valley, sales declined 42% primarily influenced by the bulk sale of the Silver Baron Lodge in 2011.  In Empire Pass, condominium sales declined, primarily fueled by last year’s “honeymoon” period at Montage Deer Valley, which closed 13 units during the first three quarters of the year, compared to five closings so far in 2012.  Although the data still reflects an overall buyer’s market in the Deer Valley area, the latest trends indicate positive movement toward market equilibrium.

Deer Valley Real Estate: 2012 Mid-Year Single-Family Sales Summary.  This chart shows a summary of single-family real estate sales for Deer Valley Resort, comparing year-to-date activity from January 1, 2012 through June 30, 2012 to the same period in 2011. Overall, the total sold volume, the total number of single-family homes sold and the average sold price in Deer Valley were up 57%, 38%, and 14%, respectively. The most notable change took place in Deer Crest, where $32 million in sales were recorded in the first half of 2012, compared to zero during the same period in 2011. Overall, the current trend for the Deer Valley single-family home real estate market is continuing to shift away from an overwhelming buyer’s market to a more balanced market.

Deer Valley Real Estate: 2012 Mid-Year Condominium Sales Summary.  During the first half of 2012, the total sold volume and the total number of condominiums sold were down 9% and 22%, respectively. However, the average sold price increased 16% from $1.5 million to $1.75 million.  The strongest sub-market occurred in the Silver Lake Village area in Upper Deer Valley, where both the total volume sold and the total number of units sold increased 82%.  In particular, sales occurring at the Lookout at Deer Valley subdivision were very strong.  Condominium sales volume in Empire Pass sharply declined, although prices rose by 19%.  Even though the figures for the overall Deer Valley condominium market reflect a buyer’s market, the latest trends indicate positive movement toward market equilibrium.

Year-to-Date Deer Valley Single-Family Homes Total Sold Volume Comparison.  This graph compares the total dollar sold volume of Deer Valley single–family homes 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.  Overall, single-family home sales were up 57%.  The most noteworthy change was in Deer Crest, where $32 million in sales were recorded during the first half of the year – more than all of 2010 and 2011 combined.  In Lower Deer Valley, nine homes sold in the first six months of 2012, compared to five during the same period last year – a good indicator that inventory is being absorbed at a healthier pace.  Year-to-date, the number of single-family home sales in Upper Deer Valley as well as the total sales volume are down compared to last year, which was a banner year.  However, prices for Upper Deer Valley single-family homes are up 16%.

Year-to-Date Deer Valley Condominiums Total Sold Volume Comparison. This graph compares the total dollar sold volume of Deer Valley 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.  Overall, condominium sales were down 9%.  However, in the Silver Lake area of Upper Deer Valley, the number of condominiums sold and the total dollar sold volume increased 82%.  In particular, sales at Lookout at Deer Valley and Stag Lodge were very strong.  In Lower Deer Valley, sales declined 40% primarily influenced by the bulk sale of the Silver Baron Lodge in 2011.  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.  In all four areas, prices in the first half of 2012 are either the same or up over the same period in 2011.  

2001-2011 Average Sold Price Trend Analysis.  This graph shows the trend in the average sold price for single family homes, condominiums, and residential lots in Lower Deer Valley, Deer Crest, Upper Deer Valley and Empire Pass from 2001 through 2011.  Overall, in 2011, prices showed some signs of strengthening in certain neighborhoods, particularly in Upper Deer Valley and Empire Pass, but continued to slide as much as 28% in other areas, such as Deer Crest and Lower Deer Valley.

The average sold price for single family homes peaked in 2007, primarily due to closings of very high-end homes in Upper Deer Valley, Deer Crest and Empire Pass. The sharp increase in the average sold price of single family homes from 2008 to 2009 was due in large part to 8 closings in Empire Pass, including a Paintbrush home sale of $11.5 million. The average price of residential lots peaked in 2009 however only three lots sold, with two sales occurring in Empire Pass for over $3.8 million.

Year-to-Year Condominiums Total Sold Volume Comparison.  This chart compares the total dollar sold volume of Deer Valley condominiums for the year ending December 31, 2011 to the same period in 2010. Overall, the total dollar volume of condominiums sold in Deer Valley was down 14%.  

The Lower Deer Valley condominium market was heavily influenced by the bulk sale of the Silver Baron Lodge, resulting in a 31% increase in the total sold volume and a 66% increase in the number of condominiums sold. In Deer Crest, 18 St. Regis residences sold in 2010, compared to 7 in 2011, thus producing a 71% decline in the total sold volume. The Upper Deer Valley condominium market experienced a 23% decline in total sold volume, although the average sales price increased 9%. While the total dollar volume of condominium sales in Empire Pass remained relatively flat in 2011, the average sales price increased by 33%, primarily due to closings at Montage Deer Valley and Flagstaff. 

Year-to-Year Single Family Homes Total Sold Volume Comparison.  This chart compares the total sold volume of Deer Valley single family homes for the year ending December 31, 2011 to the same period in 2010. Overall, the total dollar volume of single family homes sold in Deer Valley was up 12%, primarily due to the dramatic increase in single family home sales in Upper Deer Valley.

In 2011, there were 19 closings of single family homes in Upper Deer Valley compared to 7 in 2010. The average sold price increased 8%, and the months of listing inventory declined from over 34 months in 2010 to just under 12 months in 2011. Total sold volume for single family homes decreased 36% in Lower Deer Valley, while the average sold price declined only slightly, and the average sold price per square foot increased from $317 in 2010 to $324 in 2011. There were not any sales of single family homes in Empire Pass in 2011, and there were only 2 home sales in Deer Crest 2011, compared to 5 in 2010.

2001-2011 Total Sold Volume Trend Analysis.  This graph shows the trend in the total sold volume for single family homes, condominiums, and residential lots in Lower Deer Valley, Deer Crest, Upper Deer Valley and Empire Pass from 2001 through 2011. Overall, in 2011, total sold volume in Deer Valley dropped 15% from the previous year, with marked decline in condominium sales from $228 million in 2010 to $174 million in 2011. Total sold volume for single family homes increased in 2011, primarily due to the increased volume of closings in Upper Deer Valley. 

The total sold volume for all property types peaked in 2007, largely due to closings of high-end condominium developments in Upper Deer Valley and Empire Pass.  In 2010, the total sold volume increased significantly from the previous two years, again largely due to the volume of closings of very high-end condominiums, in particular St. Regis in Deer Crest, and Silver Strike Lodge and Flagstaff in Empire Pass.