Deer Valley® 2019 Market Report

Lower Deer Val l ey / Snow Park

Upper Deer Val l ey / S i lver Lake

2019 vs . 201 8

2019 vs . 201 8

Marke t Ins ight s

Re s ident ial Stat s

Re s ident ial Stat s

Marke t Ins ight s

Steady as she goes! Lower Deer Valley is the most consistent neighborhood year over year in the Deer Valley market. Why? Because it delivers a variety of Homes, Townhomes and Condominiums at ‘entry level’ Deer Valley pricing. The average price per square foot in Lower Deer Valley is approximately $500 versus $725 in Upper Deer Valley, $1,085 in Deer Crest, and $1,185 in Empire Pass. In addition, families like the convenient location to Snowpark base area and Main Street. The ‘entry level’ price point causes properties here to trade faster as well, with Days on Market (DOM) typically being around 6 months versus 1+ years in the other neighborhoods. We don’t see this steadiness changing but the average price will continue to rise as a result of the new construction pricing that is well over $1,000 per square foot.

Transactions

13

4%

Transactions 43% Total Dollar Volume $202,957,986 35% High Sales Price $8,900,000 23% Low Sales Price $640,000 16% Avg Sales Price $3,075,121 6% Avg Days on Market 369 16% Pending Transactions 12 Current Inventory 54 66

Upper Deer Valley and the Silver Lake Village had a very strong 2019 over 2018, and 2018 was a good year. In 2019 there was an additional $50 million in sales volume that was driven by an equal mix of 10 more homes and 10 more condominiums purchased over 2018. There was no stand out project or neighborhood that drove the increase in sales. We believe it was the draw of the nearby Village, recognition by the market of the values from a price per square foot perspective, plus more and more buyers in market are accepting of the ‘classic mountain’ style versus ‘mountain modern’. This is a push back against the design trends we saw from 2010 through 2018 for modern style homes. In some ways that trend has passed.

Total Dollar Volume $62,922,496

1%

High Sales Price Low Sales Price Avg Sales Price

$23,750,000 $1,250,000 $4,840,192

28%

71% 2%

Avg Days on Market

390

7%

Pending Transactions 3 Current Inventory 22

New Deve l opment

New Deve l opment

Stein Eriksen Residences, Homes & Condos Total Properties.........................................54 Sq Ft Range............................. 2,100 - 8,200 Price..........................Starting at $3,195,000 Website.......... SteinEriksenResidences.com

St. Regis Snow Park Residences Total Properties.......................................... 9 Sq Ft Range..............................2,150 - 4,400 Price......................... Starting at $2,700,000 Website.............. DeerValleyRealEstate.com

STEIN ERIKSEN RESIDENCES DEER VALLEY

Contemporary residences inspired by Utah’s only 5-star resort.

Currently under construction. All St. Regis amenities included. New restaurant and bar. Owners’ Lounge.

Area Overvi ew

Area Overvi ew

Known as Park City’s first mining settlement, Silver Lake Village is located in Upper Deer Valley above Park City’s historic Main Street and is very easily accessible from Lower Deer Valley or Marsac Avenue. With its European village charm, the area features many restaurants and a handful of shops. The Upper Deer Valley real estate area is among the most desired areas to own property. It is situated mid-mountain and stretches from Silver Lake Village past Bald Eagle Club down to Evergreen and American Flag. Upper Deer Valley offers ski homes and luxurious condominium lodges.

Named after the early ski resort that preceded Deer Valley Resort, Snow Park is the neighborhood at the base of the Deer Valley® ski area. It is host to many World Cup ski competitions in the winter, and world-renowned music in the summer and home to the St. Regis Hotel. Many of the condominiums in Lower Deer Valley have fantastic views and are all within 0.5 miles from the lifts. Lower Deer Valley real estate is in great demand during all four seasons as a result of their ideal location and close proximity to both slopes and Park City’s Main Street.

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