Townhomes Lower Deer Valley Update
The Lower Deer Valley area has 14 townhome subdivisions, with a total of 436 units. Currently in this area there are only 2 townhomes for sale. Year-to-date there were 14 townhomes sold. Of the 14 closed sales, 8 were cash purchases. It is common to see cash purchases in this market, with cash sales consistently averaging more than 50% of all closed sales.
Over the last 5 years, there has been an average of 23 townhomes sold per year in Lower DV. While the current number of sales this year is lower than normal, with only 2 units available for sale, this part of the market is still in favor of the seller.
Lower DV townhomes sales are doing better than single family homes sales and also better than the overall market
Lower Deer Valley Area Townhome
| Active Listings | # Sold YTD | Absorption Rate |
| 2 | 13 | 1.5 month’s supply |
Compare to Lower Deer Valley Area
Single Family Homes
| Active Listings | # Sold YTD | Absorption Rate |
| 3 | 6 | 5 month’s supply |
Lower DV townhomes sales are doing better than single family homes sales and also better than the overall market
All Townhomes in Park City Limits
| Active Listings | # Sold YTD | Absorption Rate |
| 19 | 61 | 3 month’s supply |
Compare to all Single Family Homes
in Park City Limits
| Active Listings | # Sold YTD | Absorption Rate |
| 53 | 94 | 5.5 month’s supply |
Conclusions
As mentioned earlier many sales in Park City are cash rather than finance, but that’s not to say that high interest rates are not a factor. When interest rates started to climb last year, buyer traffic and # of sales slowed. But at the same time the available inventory has remained relatively low.
Overall values pulled back by about 8% – 10% last year and have since remained mostly stable, thanks to the low inventory. For those considering selling, it certainly is a good time.
What is your townhome worth in today’s market? Call or email (435.647.3727 / [email protected]) and I’ll provide a complimentary, no obligation market analysis for you. If you just want to track the market and sales in your townhome subdivision, let us know and we’ll make that happen. Trust me; I hate spam as much as anyone! You can count on receiving pertinent market info going forward and can always unsubscribe.
Is it time? With a townhome listing specialist, selling is a breeze.
Get started by contacting us today.
Tom Ward, Realtor
CLA, CSA, CRS, e-Pro, GRI, SRS
Winderemere Real Estate – Utah
I’ve been a full-time agent in Park City since 1994. I have a passion for the art & science of home resales, and a track record of delivering results that “move you”. Don’t hesitate to contact me for information regarding the selling process. It’s never too early to start preparing for a sale! And if you’re next purchase is a right-sizing move, let me help you find a perfect fit.
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