Deer Valley Real Estate Market Review of Trends

Nestled in the picturesque landscape of Park City, Utah, Deer Valley real estate stands as a beacon of luxury.  Renowned for its pristine ski slopes and exclusive living experiences, this premier ski resort area has long captured the attention of those seeking a blend of tranquility and luxury.  As we enter 2024, the Deer Valley real estate market continues to demonstrate its allure and robustness. 

Notably, the year has started promisingly, with three Deer Valley properties already under contract as of January 31, signaling a continuation of the area's real estate dynamism.  This comprehensive analysis delves into the trends and nuances of the Deer Valley real estate market, drawing from the rich data of 2023 and projecting the outlook for 2024.

2023 Market Overview

Resilience and Growth: A Snapshot of Deer Valley's Real Estate Market in 2023

In 2023, the Deer Valley real estate market stood as a testament to resilience and sustained growth in the face of evolving economic conditions.  The year was marked by the sale of 107 properties, encompassing 24 exquisite Deer Valley homes and 83 luxury condos and townhomes.  This vibrant activity was a notable shift from the preceding year, where 140 properties were transacted within a price range of $750,000 to $16,850,000, revealing an expansion in market value and investor interest.

One of the defining characteristics of the 2023 market was its persistent low inventory.  Despite a robust demand from buyers, the number of available properties remained limited, a trend that has been consistent in recent years and is anticipated to continue in the foreseeable future.  This scarcity of listings underscores the exclusivity of Deer Valley's real estate and highlights the importance of strategic planning for buyers and sellers in this market.

The median sales figures for 2023 further illuminate the market's health and appeal.  Homes in Deer Valley commanded a median price of $7,700,000, while condos and townhomes reached a median of $3,425,000.  These figures, significantly higher than 2022, reflect the premium quality and lifestyle Deer Valley properties offer beyond their monetary value.

As we analyze these trends, it becomes evident that Deer Valley's real estate market is thriving and adapting to the dynamic needs of discerning buyers and investors.  The data serves as a reliable indicator of the market's past achievements and a promising guide for those looking to engage with this dynamic and stable market in the future.

Detailed 2023 Market Analysis

Unraveling the Dynamics: Sales, Prices, and Trends in Deer Valley

The Deer Valley real estate market in 2023 was a landscape of varied and rich transactions, demonstrating its depth and appeal to a diverse clientele.  The year witnessed the sale of 107 properties, which included a mix of 24 distinguished homes and 83 luxury condos and townhomes.  This diverse range of offerings showcased properties with prices starting from an inviting $925,000 to the pinnacle of mountain luxury at $39,000,000, catering to a wide spectrum of buyers and investors.

Comparing these figures with 2022, we observe a significant evolution.  The previous year saw 140 properties changing hands within a more modest price bracket of $750,000 to $16,850,000.  This expansion in the upper limit of property values from 2022 to 2023 underscores Deer Valley's growing stature as a premier destination for luxury real estate.

A pivotal aspect of the 2023 market was the escalation in median sales prices.  In December, the median home sales price peaked at $11,375,000, representing a 13.8% increase from December 2022.  Concurrently, the median sales price for condos rose marginally by 1.1% to $4,400,000 from the previous year's $4,350,000.  These trends highlight the area's growing appeal and the increasing value placed on its properties.

Furthermore, the median sales price per square foot for Deer Valley properties experienced a healthy increase.  In 2022, this figure was $1,187, which climbed to $1,284 per square foot in 2023, indicating a robust and growing market that continues to attract high-end buyers.

The geographic distribution of sales in Deer Valley revealed a balanced interest across various locales.  Lower Deer Valley led with 35 property sales, followed closely by Empire Pass with 33 sales.  Upper Deer Valley witnessed 32 sales, while Deer Crest accounted for seven transactions.  This spread indicates the widespread appeal of different areas within Deer Valley, each offering unique attributes to prospective buyers and sellers.

In terms of price per square foot, 2023 saw a notable range in Deer Valley.  The lowest price per square foot was recorded in the Lower Deer Valley Area, specifically in Pinnacle, at $612.  In contrast, the highest-priced property per square foot was in St. Regis, fetching a staggering $2,723.  This wide variance highlights Deer Valley's diverse range of properties, catering to various buyer preferences and budgets.

Price Per Square Foot and Market Transactions

Understanding Deer Valley's Property Values

In 2023, the Deer Valley real estate market displayed a compelling range of prices per square foot, offering a window into the diverse property values within the area.  However, it's important to understand that price per square foot is not an exact gauge of a property's value in this unique market.  Factors such as proximity to ski access, the quality of views, age and condition of the home, and other amenities significantly influence the true value of properties.  For instance, a  Deer Valley ski-in-ski-out property offering panoramic mountain views can command a much higher price per square foot than others without these features.

The lowest price per square foot in 2023 was observed in the Lower Deer Valley Area, specifically in Pinnacle, at $612.  On the other end of the spectrum, the highest-priced property per square foot was in St. Regis, which reached an impressive $2,723.  This stark contrast in pricing underscores the importance of considering all factors contributing to a property's value beyond the basic price metric per square foot.

Regarding market transactions, a notable trend in 2023 was the prevalence of cash purchases.  A significant majority (67%) of buyers opted to pay cash for their properties, a reflection of the Deer Valley market's financial strength and investment mindset.  This trend represents a shift from the booming market conditions of 2020/2021, where negotiations had become more prevalent.  However, even in this robust market, buyers in 2023 could negotiate purchases at approximately 96% of the listing price, suggesting that while the market is strong, there is still room for negotiation.

Challenges and Opportunities: Inventory and Demand

In 2023, one of the most significant challenges in the Deer Valley real estate market was the continued scarcity of inventory.  This limited availability of properties has been a persistent trend, shaping the market's dynamics and influencing buyer and seller strategies.  Despite strong demand from a discerning clientele, the number of listings remained constrained, which is not expected to see a substantial change soon.  This enduring low inventory scenario underscores the exclusivity and high demand for Deer Valley properties, making it a coveted market for buyers and investors.

For potential buyers, this scarcity means navigating a market where finding a property that perfectly aligns with specific criteria can be challenging.  It emphasizes the importance of being well-prepared and decisive, as desirable properties often receive significant interest and can sell quickly.

On the other hand, sellers find themselves in a favorable position due to this limited inventory.  Properties in desirable locations or unique features are well-positioned to command premium prices.  However, sellers should approach the market with a well-thought-out strategy, considering factors such as pricing, timing, and marketing to attract the right buyers effectively.

Deer Valley's limited inventory versus high-demand scenario creates a unique market environment.  It presents opportunities for sellers to maximize their returns while posing challenges for buyers competing for a limited selection of properties.  This dynamic underscores the importance of having experienced real estate guidance to navigate the complexities of this exclusive market.

2024 Market Outlook: Anticipating Trends in the Year Ahead: A Promising Start for Deer Valley

As we venture into 2024, the Deer Valley real estate market is already showing signs of a robust year ahead.  The early momentum is evident, with Derrik Carlson having three properties under contract in Deer Valley in January alone, signaling a continuation of the market's strength and appeal.  This positive start is a promising indicator for both buyers and sellers, reflecting the enduring allure and resilience of the Deer Valley real estate market.

Looking forward, several factors are poised to influence the market in 2024.  The ongoing scenario of low inventory is expected to persist, driving competition among buyers for the limited properties available.  This trend underscores the need for buyers to act decisively and for sellers to position their properties to stand out in the market strategically.

Mortgage rates and trajectories will also be crucial in shaping buyer behavior.  Should mortgage rates continue to decline, we may see an increase in buyer interest, especially among those looking to leverage financing options.  However, it's important to note that this doesn't necessarily imply a surge in buyers obtaining mortgages for purchases.  Instead, a lower interest rate environment may bolster a positive sentiment towards real estate investment, keeping the Deer Valley market dynamic and attractive.

Despite these favorable conditions, the limited availability of properties remains a critical factor.  This scenario presents a unique opportunity for sellers, who may benefit from the high demand and limited competition.  For buyers, the challenge will be finding the right property amidst the scarce inventory, highlighting the importance of having professional guidance to navigate this exclusive market.  With three under contracts this month, we know how to represent buyers and sellers in Deer Valley.

Conclusion: Professional Guidance in Deer Valley Real Estate

As we reflect on the dynamics of the Deer Valley real estate market, the importance of Realtor guidance cannot be overstated.  Whether you are contemplating selling a property or seeking to invest in this exclusive enclave, the complexity and competitive nature of the market necessitate a nuanced understanding and strategic approach.

In a landscape where every decision can have significant implications, aligning with a professional with deep market knowledge and experience is crucial.  For sellers, this means leveraging expertise to effectively market and price your property, ensuring it stands out to Deer Valley buyers.  For buyers, it involves navigating the market, identifying opportunities, and making well-informed decisions.

As your trusted real estate advisor in Deer Valley, my commitment is to provide you with tailored consultation and guidance.  My extensive experience and intimate knowledge of the market's trends and subtleties are at your disposal to facilitate informed and successful real estate transactions.  I am dedicated to aligning market insights with your objectives, ensuring a smooth and rewarding experience in one of the most coveted real estate markets.

For further information or to discuss your real estate needs in Deer Valley, I invite you to reach out for a personalized consultation.  Together, we can explore the possibilities and navigate the market with confidence and clarity.

For any inquiries or to schedule a consultation, please contact me, Derrik Carlson, at 435.200.5478.

Historical Data Analysis

Examining Deer Valley's Real Estate Trends Through Historical Lenses

A thorough analysis of historical data is essential to understand the evolution of the Deer Valley real estate market.  This retrospective examination provides valuable insights into trends over the years, particularly for single-family homes and condos, which constitute the core of this luxury market.  The following analysis delves into these segments, uncovering the patterns and shifts that have shaped the current state of Deer Valley real estate.

Single-Family Homes: A Year-Over-Year Comparative Study

  1. Lower Deer Valley

    • 2019-2022 Trends: From 2019 to 2022, Lower Deer Valley experienced a significant increase in sales volume and median prices.  While sales peaked in 2020, there was a notable decline in subsequent years, with only eight in 2022.  However, the median price continued to climb, reaching $4,500,000 in 2022, a substantial rise from $2,250,000 in 2019.
    • Analysis: This trend indicates a growing demand for luxury real estate in Lower Deer Valley despite decreased sales volume.  The rising median prices reflect the market's resilience and the increasing value of properties in this area.
  2. Deer Crest

    • 2019-2022 Trends: Deer Crest's market dynamics were marked by sales volume and median price fluctuations.  Sales peaked in 2020 but saw a sharp decline by 2022.  However, the median price in 2022 skyrocketed to $12,950,000, almost doubling from 2019.
    • Analysis: These figures suggest a shift towards ultra-luxury properties in Deer Crest, with buyers focusing on high-end homes, driving up median prices despite fewer transactions.
  3. Upper Deer Valley

    • 2019-2022 Trends: Upper Deer Valley showed consistent sales volume from 2019 to 2021 but declined in 2022.  The median price steadily increased, reaching $6,450,000 in 2022.
    • Analysis: This steady rise in median prices reflects the sustained demand for luxury homes in Upper Deer Valley, maintaining its appeal among high-end buyers.
  4. Empire Pass

    • 2019-2022 Trends: Empire Pass saw sporadic activity, with no sales in 2019, a surge in 2020 and 2021, but a significant drop in 2022.  The median price peaked in 2021 but decreased slightly in 2022.
    • Analysis: The fluctuating sales and prices in Empire Pass indicate a market highly responsive to broader economic and real estate trends, focusing on premium properties.

Condo Sales: Trends from 2019 to 2022

  1. Lower Deer Valley

    • 2019-2022 Trends: Condo sales in Lower Deer Valley saw an overall volume and median prices increase from 2019 to 2022, peaking in 2021.  Despite a drop in sales volume in 2022, the median price reached its highest at $1,802,500.
    • Analysis: This trend highlights a strong demand for condos in Lower Deer Valley, with buyers willing to invest more in these properties.
  2. Deer Crest

    • 2019-2022 Trends: Deer Crest experienced an initial increase in condo sales and median prices, peaking in 2021.  However, 2022 saw a drastic reduction in sales volume and a significant increase in median prices.
    • Analysis: The steep rise in median prices amidst reduced sales volume in 2022 suggests a market inclination towards higher-end condos.
  3. Upper Deer Valley

    • 2019-2022 Trends: Upper Deer Valley's condo market witnessed growth in sales volume and median prices until 2021, followed by a decline in 2022.  However, median prices remained stable.
    • Analysis: Despite reduced sales volume, this stability in median prices indicates a continued interest in luxury condos in Upper Deer Valley.
  4. Empire Pass

    • 2019-2022 Trends: Empire Pass showed a remarkable sales volume and median price increase, particularly between 2019 and 2021.  However, 2022 experienced a significant decrease in sales volume while median prices increased.
    • Analysis: The trend in Empire Pass reflects a strong market for high-end condos, with a consistent increase in property values over the years.

Deer Valley Single Family Home Stats 

Sales Data for Deer Valley Single Family Homes Year over Year Comparison Report - 12 Month Rolling Average thru Q4-2022 for condo sales

Lower Deer Valley

#Sold % Chg Volume % Chg Median % Chg
2019 13   32,150,002   2,250,000  
2020 28 115% 74,859,141 133% 2,525,000 12%
2021 15 -46% 53,673,275 -28% 3,495,000 38%
2022 8 -47% 35,210,000 -34% 4,500,000 29%

Deer Crest

Qty Sold % Chg Volume % Chg Median % Chg
2019 5   45,910,000   6,810,000  
2020 12 140% 78,609,833 71% 6,438,900 -5%
2021 8 -33% 56,213,384 -28% 6,650,000 3%
2022 2 -75% 25,900,000 -54% 12,950,000 95%

Upper Deer Valley

Qty Sold % Chg Volume % Chg Median % Chg
2019 22   110,114,858   4,450,000  
2020 22 0% 105,665,666 -4% 4,612,500 4%
2021 22 0% 138,219,355 31% 5,980,000 30%
2022 14 -36% 106,073,000 -23% 6,450,000 8%

Empire Pass

Qty Sold % Chg Volume % Chg Median % Chg
2019 0   0   0  
2020 6   35,565,000   5,850,000  
2021 8 33% 80,725,000 127% 8,875,000 52%
2022 2 -75% 16,200,000 -80% 8,100,000 -9%

Deer Valley Condo Sales Stats

Deer Valley Single Condo Sales Trends: 2019-2022: Below is a Year over Year Comparison Report - 12 Month Rolling Average thru Q4-2022 for condo sales.

Lower Deer Valley

Qty Sold % Chg Volume % Chg Median % Chg
2019 42   48,340,000   1,063,750  
2020 53 26% 60,528,801 25% 990,000 -7%
2021 64 21% 117,399,300 94% 1,477,500 49%
2022 37 -42% 70,393,750 -40% 1,802,500 22%

Deer Crest

Qty Sold % Chg Volume % Chg Median % Chg
2019 8   17,012,500   1,868,750  
2020 9 13% 22,627,000 33% 2,500,000 34%
2021 12 33% 34,405,000 52% 2,950,000 18%
2022 2 -83% 8,865,380 -74% 4,432,690 50%

Upper Deer Valley

Qty Sold % Chg Volume % Chg Median % Chg
2019 44   92,843,134   1,790,000  
2020 63 43% 153,323,500 65% 2,100,000 17%
2021 56 -11% 163,916,868 7% 2,485,000 18%
2022 27 -52% 78,841,250 -52% 2,481,250 0%

Empire Pass

Qty Sold % Chg Volume % Chg Median % Chg
2019 21   59,249,250   2,400,000  
2020 52 148% 155,547,614 163% 2,670,000 11%
2021 82 58% 304,287,633 96% 3,355,000 26%
2022 46 -44% 177,883,009 -42% 3,625,000 8%

Summary for 2019 - 2022: Analyzing Deer Valley's Real Estate Dynamics

The real estate market at Deer Valley Resort has exhibited a typical operational pattern from 2019 to 2022, yet a closer examination of the statistics reveals some noteworthy trends.  The year 2022, in particular, marked a distinct shift in the market's momentum.  This change was largely influenced by rising interest rates and prevailing economic uncertainties, contributing to a slowdown in sales.  Despite these challenges, the demand for ski properties in Deer Valley remained consistently strong, indicating a sustained interest from buyers in this exclusive market.

However, it's important to recognize that statistics alone do not fully capture the uniqueness of the Deer Valley real estate market.  With a relatively small sample size and each property offering its distinct features and appeal, the market dynamics are far more complex than numbers suggest.  This complexity is especially evident when considering the impact of national economic trends on buyer perceptions.  While some buyers may hesitate due to the broader market shifts reported in the news, sellers in Deer Valley who maintain firm valuations continue to receive offers that align closely with their expectations.

To better understand the current market situation, I analyzed data from the Park City MLS, specifically focusing on Deer Valley sales.  This analysis, covering the past 90 days and excluding new construction by only considering properties under contract within 180 days, sheds light on the latest transaction trends.  This analysis shows that the last 24 sales in Deer Valley have transacted at approximately 96% of the asking price.  This figure reflects the market's resilience and underscores the importance of setting realistic prices and understanding market dynamics for both buyers and sellers.

This summary offers a nuanced perspective of the Deer Valley real estate market over the past four years.  It highlights the importance of considering both statistical data and market-specific factors to comprehensively understand the current and future potential of real estate investments in this premier ski resort area.

Derrik Carlson is a Realtor specializing in selling luxury resort real estate in Deer Valley and the Park City area.  During the abovementioned period, he has been a top two agent for Keller Williams in Utah and the #35 agent nationally for the largest real estate franchise in the United States.

Editor's Note: This page was originally posted on January 19, 2023; the most recent update was January 31, 2024.  The data and information above only review the real estate market for the Deer Valley Resort area.  Park City real estate trends can be found by accessing the link at the top of this page.  The data in this report was supplied or pulled directly from the Park City MLS and is deemed reliable but not guaranteed.  Derrik Carlson and his team members on The Carlson Real Estate Team adhere to the Realtor code of ethics.

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