Deer Valley Real Estate Statistics for 2019-2022

KEYPOINTS: A Deer Valley Resort Market Update for Real Estate where we will review the sales data for Deer Valley homes and condos for 2019 through the end of 2022.  This data is complementary to the in-depth Deer Valley Resort Real Estate page, where we show every listing for sale from every Deer Valley broker on the Park City MLS.  However, due to the graphs not being mobile-friendly, we have chosen to post the stats on our blog.

A Brief of 2019 through 2022: 2019 felt like a typical year selling Deer Valley real estate.  I was on track for a banner year until the end of the year when buyers started whispering about COVID-19 and how it would change the market.  Towards the end of the year, Deer Valley buyers had hit the pause button, and by early 2020, the lockdowns had begun.  You can read more about this period on our Park City Real Estate Trends from the real estate boom of 2020 to today.

The market began to move towards the end of the first quarter of 2020, and we were off to the races selling real estate.  At this time, we had no idea that Deer Valley inventory would be stripped, and there was a point where Derrik had 75% of the properties under contract in Lower Deer Valley. So we essentially sold out of the real estate by the end of 2020, which pulled the 2021 numbers down by 46%.

In 2021 and 2022, we sent letters to owners, called past clients, and did anything we could to find inventory for buyers.  Although the market started to relax in mid-2022, inventory was still tight.  Even towards the end of the year, we sent letters to a specific neighborhood in Upper Deer Valley to ask owners to see if they wanted to sell their property.  We continue to see a considerable demand for ski-in-ski-out properties, and some argue that Deer Valley real estate is still increasing in value. 

Heading into 2023, we were in a more traditional balanced market.  However, if you are searching for a ski-in-ski-out home, you'll need to act quickly when the property hits the market or contact us to find an off-market home.

The Real Estate Statistics graphs below combine the four areas of Deer Valley.  The four areas of Deer Valley Resort Real Estate are as follows:

  1. UPPER DEER VALLEY comprises 35 subdivisions in the Silver Lake area, close to various restaurants, shops, and renowned lodges.  In addition, many properties have premiere ski access to America's top mountain ski resorts.
  2. LOWER DEER VALLEY includes 30 subdivisions at the base of Deer Valley Resort.  This area of DV provides excellent views, and it is easy to walk to downtown Park City.  This area of Deer Valley offers single-family homes as well as condos.
  3. DEER CREST offers ski-in-ski-out access for nearly all the properties for sale, excluding Snowtop. Homes and condos offer stunning views of Bald Mountain and Jordanelle Reservoir with easy access to Park City and the Salt Lake City International Airport.  Contact us to discuss new development opportunities for condos in Deer Crest.
  4. EMPIRE PASS is a master-planned community and the newest neighborhood in the Deer Valley resort area.  Aside from ski homes, Empire Pass offers the Talisker membership that provides access to the Talisker Club, shuttle service, and amenities in Tuhaye, including golf.

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 Resort 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%

Current Inventory:

The current Deer Valley Inventory has a total of 42 listings.  It feels as though we have limited inventory because buyers typically narrow their search to a specific area of Deer Valley and narrow their search between homes and condos.  For example, if you're searching for a ski-in-ski-out home in Deer Valley, Lower Deer Valley isn't an option - this leaves the buyer with only eleven options, and the bed, bath, budget, and year will trim the search down in half.  Scroll down to the bottom of this page to click the links for Deer Valley home and condo listings.

Current Inventory Homes Condos Total Area
Lower Deer Valley 2 13 15
Deer Crest 2 5 7
Upper Deer Valley 5 7 12
Empire Pass 4 4 8
Deer Valley Total 13 29 42

In Summary:

Deer Valley Resort real estate is functioning normally, but when the stats are reviewed, there appears to be a significant dropoff in 2022.  Sales did start to slow in 2022 because of higher interest rates and uncertainty in the economy. However, there are still plenty of buyers searching for a ski property in Deer Valley.

Stats don't tell everything, especially with such a small sample size and every property in Deer Valley being unique.  After listening to national news, buyers may feel the market has shifted, but sellers who are standing strong continue to receive acceptable offers. 

For the final statistic, I pulled the list price to the sales price from the Park City MLS for Deer Valley sales.  I searched for the past 90 days, and the property had to be under contract within 180 days to remove new construction from the equation. What the numbers show is the past 24 sales in Deer Valley have sold for 96% of the asking price.

Deer Valley Realtors

Please get in touch with Derrik Carlson if you have found the information above to be helpful and considering buying or selling a Deer Valley property.  As a top-producing Park City and Deer Valley real estate team, we strive to provide professional customer service throughout real estate transactions.

We are happy to schedule a time to speak on the phone before you arrive in town to view Deer Valley real estate for sale.  We don't believe a multi-million dollar buyer or seller of Deer Valley real estate can have their arm twisted to jump into a transaction, so the sales process is always at the client's own pace - this process can take seven days to seven years.

Derrik Carlson is a Realtor that specializes in selling luxury resort real estate in Deer Valley and the Park City area.  During the time period mentioned above, 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: The data and information above are only reviewing the real estate market for the Deer Valley Resort area.  Park City real estate trends can be found by accessing the link towards 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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