2020 RESORT REPORT
RESORT MARKET 2019 YEAR IN REVIEW Resort communities are each unique and offer an abundance of activities drawing in many to live the sought-after resort lifestyle. These high-altitude homes have the privilege of access to some of the most incredible mountain landscapes and proximity to world-class skiing. Due to the incomparable location of these resort regions, Sotheby’s International Realty produces an annual report that specifically analyzes real estate market data for homes in the mountains. This report helps educate consumers who are looking to buy a home, looking to sell a home, or who are just curious about the latest real estate trends within resort markets.
Tucked away in valleys and hidden behind towering mountain peaks, communities in resort towns tend to feature more luxury listings since affluent buyers are attracted to the opulent, and often exclusive, lifestyle that these areas can provide. Seasonality, location, less availability of homes listed for sale, and other factors typically drive home prices in these communities upwards, fueling the continually growing resort luxury home market.
When considering your real estate options in one of these incredible resort or mountain communities, take a close look at the market data to ensure that you are making the best financial and lifestyle decision for you and your family. Sotheby’s International Realty is committed to educating consumers and assisting them in reaching their real estate goals.
Seasonality, location, and employment opportunities drive the inventory of affordable homes down and most pricing within resort communities up.
The famous Colorado Rocky Mountains, combined with the vast recreational offerings of the western United States, continue to position the United States as one of the leading resort community destinations worldwide.
With the increasing desire for lifestyle-inspired home purchases, the resort community market will continue to rise.
LEGEND
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1. ASPEN, COLORADO
5. NORTH LAKE TAHOE, CA/NV
9. BRECKENRIDGE, COLORADO
2. BIG SKY, MONTANA
6. PARK CITY, UTAH
10. SUN VALLEY, IDAHO
3. CRESTED BUTTE, COLORADO
7.
4. JACKSON HOLE, WYOMING
8. STEAMBOAT SPRINGS, COLORADO
• SANTA FE, NEW MEXICO
• SOTHEBY’S INTERNATIONAL REALTY SANTA FE OFFICE
11. TELLURIDE, COLORADO 12. VAIL VALLEY, COLORADO
SANTA FE, NM Year Over Year
2018
Average Sold Price
% Change
Year Over Year
2018
$454,478
$482,328
6.1%
Average Sold Price
$225
$244
8.4%
Average Sold Price per Sq. Ft.
75
69
-8.0%
Average Days on Market
$5,400,000
$7,000,000
29.6%
Highest Price
$9,900
$29,900
202.0%
3,165
3,038
-4.0%
95.0%
100.0%
5.3%
% Sold Price to Original List Price
$1,438,423,057
$1,465,313,621
1.9%
Total Dollar Volume Sold
Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
2019
CRESTED BUTTE, CO
Santa Fe MLS
Lowest Price
2019
% Change
$667,260
$838,671
25.7%
$379
$441
16.4%
182
157
-13.7%
$3,850,000
$4,461,500
15.9%
$68,000
$117,500
72.8%
288
217
-24.7%
96.0%
9.6%
-90.1%
$192,171,104
$181,991,635
-5.3%
Number of Properties Sold
Entire MLS
“The Santa Fe real estate market remains buoyant as we enter 2020. According to the local MLS the average sales price in 2019 increased 6% from the year prior. The number of homes sold between $1M and $2M increased by 6%. Average days on market decreased by 9%. Thanks to expanded service to the Santa Fe Regional Airport access is easier than ever with 4 flights daily on
“In 2019, the residential market in Crested Butte experienced a contraction of supply (-11%) compared to 2018 and a rise in average sold price (+26%). As a result, more spec home projects are breaking ground with rising prospects for multi-family developments on the horizon. The full impact of Vail Resorts’ 2018 purchase of the ski area has yet to take effect. Opportunities abound for buyers and sellers alike across the property & price spectrum.”
American Airlines through Phoenix or Dallas, and beginning in March, the addition of a 4th flight daily on United through Denver.”
Scout Walton
Gregg Antonsen
Vice President & Managing Broker, LIV Sotheby’s International Realty, Crested Butte
Senior Vice President & Qualifying Broker, Sotheby’s International Realty, Santa Fe
BRECKENRIDGE, CO Year Over Year
2018
Average Sold Price
% Change
TELLURIDE, CO Year Over Year
2018
$950,131
$1,139,675
20.0%
$524
$568
8.6%
60
75
25.0%
Average Days on Market
$4,700,000
$10,100,000
114.9%
Highest Sold Price
$155,365
$192,555
23.9%
Lowest Sold Price
703
623
-11.4%
Number of Properties Sold
97.6%
97.3%
-0.3%
% Sold Price to Original List Price
$667,942,076
$710,017,502
6.3%
Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
2019
Breckenridge, Keystone, Copper Mountain, etc.
Average Sold Price Average Sold Price per Sq. Ft.
Total Dollar Volume Sold
2019
% Change
$1,525,594
$1,839,532
20.6%
$740
$808
9.2%
326
320
-1.8%
$7,850,000
$16,250,000
107.0%
$140,000
$130,000
-7.1%
209
218
4.3%
94.3%
92.8%
-1.5%
$318,849,087
$401,017,928
25.8%
Town of Telluride, Mountain Village
“The Summit County real estate market has maintained a steady incline year-over-year for the past few years and 2019 was no exception as we saw an increase in average sales price of 19.95%.
“The Telluride real estate market experienced another strong year in 2019 with total dollar volume sold and average transaction prices up significantly over the previous year. Residential home
Summit County provides a bit of a buffer to the outside economy with Breckenridge being the most visited ski resort in North America experiencing over 1 million skier visits per year, this means
and condominium sales in the towns of Telluride and Mountain Village remained the most popular amid some inventory constraint. Given the continued interest in the Telluride area, market
short term rentals are still a hot commodity and a great investment.”
trends suggest good news for realistic sellers with moderate increases expected in price per square foot as well as sold price in 2020.”
Aaron Shriner
Peggy Raible
Vice President & Managing Broker, LIV Sotheby’s International Realty, Summit County
Vice President & Managing Broker, LIV Sotheby’s International Realty, Telluride
RESORT REPORT | 2020 sothebyshomes.com/santafe
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JANUARY - DECEMBER 2019
ASPEN, CO Year Over Year
2018
2019
% Change
VAIL VALLEY, CO Year Over Year
2018
2019
% Change
Average Sold Price
$4,027,815
$4,345,999
7.9%
Average Sold Price
$1,254,719
$1,262,907
0.7%
Average Sold Price per Sq. Ft.
$1,504
$1,531
1.8%
Average Sold Price per Sq. Ft.
$515
$532
3.3%
Average Days on Market
290
261
-10.0%
Average Days on Market
115.76
121.60
5.0%
Highest Sold Price
$21,500,000
$23,000,000
7.0%
Highest Sold Price
$23,000,000
$20,750,000
-9.8%
Lowest Sold Price
$430,000
$345,000
-19.8%
Lowest Sold Price
$97,000
$25,000
-74.2%
Number of Properties Sold
1,349
1,399
3.7%
% Sold Price to Original List Price
94.3%
94.3%
0.0%
Total Dollar Volume Sold
$1,692,616,149
$1,766,806,313
4.4%
Number of Properties Sold
217
232
6.9%
% Sold Price to Original List Price
90.0%
90.0%
0.0%
Total Dollar Volume Sold
$874,035,855
$1,008,271,949
15.4%
Vail, Beaver Creek, etc.
Aspen and Snowmass
“The Aspen Snowmass real estate market continues to be one of the premier resort markets in the world. 2019 closed out with records tied or set with regard to the number of sales over $15 million, over $20 million and the first $5,000+ sq ft sale for a downtown Aspen condo. Overall listing inventory is down more than 50% from the peak several years ago. The only true
“The Vail Valley real estate market finished strong in 2019 and in balance with sellers having a slight edge. Inventory in all areas is low and there are buyers looking to buy now, which bodes well
sign of weakness for sellers is the number of transactions has slowed recently.”
for sellers who have positioned their homes appropriately in the market. It is anticipated that in 2020 the market will mirror 2019 with continued moderate but steady growth.”
Andrew Ernemann
Dan L. Fitchett, Jr.
Owner/Broker, Aspen Snowmass Sotheby’s International Realty
Vice President & Managing Broker, LIV Sotheby’s International Realty, Vail Valley
STEAMBOAT SPRINGS, CO Year Over Year
2018
2019
% Change
NORTH LAKE TAHOE, CA Year Over Year
2018
2019
% Change
Average Sold Price
$720,456
$792,524
10.0%
Average List Price
$1,915,396
$1,658,291
-13.4%
Average Sold Price per Sq. Ft.
$353
$371
5.1%
Average Sold Price
$1,826,186
$1,571,432
-14.0%
Average Days on Market
85
102
20.0%
Average Sold Price per Sq. Ft.
$631
$618
-2.1%
Highest Sold Price
$10,000,000
$11,500,000
15.0%
Average Days on Market
156
129
-17.3%
Lowest Sold Price
$152,000
$106,500
-29.9%
Highest Sold Price
$11,750,000
$13,600,000
15.7%
Number of Properties Sold
706
712
0.9%
Lowest Sold Price
$168,000
$136,000
-19.1%
% Sold Price to Original List Price
95.2%
96.6%
1.5%
Number of Properties Sold
266
268
0.8%
Total Dollar Volume Sold
$518,728,126
$561,107,312
8.2%
% Sold Price to Average List Price
95.3%
94.8%
-0.6%
Total Dollar Volume Sold
$486,563,550
$421,143,685
-13.5%
Specified: Town of Steamboat Springs, Elk River & South Valley
Squaw Valley, Alpine Meadows, Northstar, Martis Camp Areas “The Steamboat Real Estate market had another record year in 2019, seeing small increases in dollar volume sold and average sale price as compared to 2018. The average sale price increased by 10%, and the total dollar volume was up 8%, but the number of properties sold was nearly the same year over year, primarily due to the limited inventory. Steamboat’s real estate market is diverse, with significant differences in the micromarkets. With new projects in development over the next few years, there are exciting opportunities to come. Steamboat Springs continues to
“2019 was another good year for Lake Tahoe, Truckee and the surrounding area real estate markets with Northern California and Nevada resort properties continuing to be a popular investment. The allure of the lake, California’s outdoor lifestyle and Nevada’s tax friendly climate continued to attract buyers and second homeowners across all price points while demand remained high for quality, move-in-ready homes.”
offer fantastic value for property owners in a genuine and family-friendly resort community.”
Peter Strand
David Baldinger, Jr.
President, Sierra Sotheby’s International Realty
Owner/Broker, Steamboat Sotheby’s International Realty
RESORT REPORT | 2020 sothebyshomes.com/santafe
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JANUARY - DECEMBER 2019
BIG SKY, MT Year Over Year
2018
Average Sold Price
2019
$960,674
Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price
$1,136,998
2018
2019
% Change
Average Sold Price
$1,154,441
$1,207,418
4.6%
Average Sold Price per Sq. Ft.
$329
$341
3.7%
Average Days on Market
87
100
14.9%
Highest Sold Price
$11,600,000
$32,500,000
180.2%
Lowest Sold Price
$70,525
$100,000
41.8%
Number of Properties Sold
1,622
1,825
12.5%
% Sold Price to Original List Price
95.3%
96.2%
0.9%
Total Dollar Volume Sold
1,872,503,686
2,203,537,006
17.7%
$403
$456
13.2%
146
113
-22.6%
$7,100,000
43.4%
$116,000
$125,000
7.8%
294
264
-10.2%
96.7%
96.3%
-0.5%
$282,213,092
$300,167,429
6.4%
% Sold Price to Original List Price
Year Over Year
18.4%
$4,950,000
Number of Properties Sold
Total Dollar Volume Sold
% Change
PARK CITY, UT
Entire MLS
Entire MLS
“Home to two world-renowned resorts, the Sundance Film Festival and the nation’s first action-sports resort, Park City is no longer Utah’s best kept secret. The markets of Park City, Deer “New direct flights into Bozeman Yellowstone International Airport and over a billion dollars in planned expansion of the Big Sky Ski Resort and the resort communities have changed life
Valley and the surrounding areas continued to trend upward in 2019, due in part to the explosive growth of the Silicon Slopes and proximity to Salt Lake International Airport. With Park
here. With so many more amenities and great skiing, skiers and outdoor enthusiasts are flocking to Big Sky. We have a backlog of buyers with little inventory to sell. The numbers say it all.”
City’s fourth resort, Mayflower Mountain Resort, slated to open in 2021 and the ever-growing demand for both primary and investment properties, we expect the greater Park City area to see continued growth.”
Cathy Gorman
Thomas Wright
Broker/Owner, Big Sky Sotheby’s International Realty
President & Principal Broker, Summit Sotheby’s International Realty
JACKSON HOLE, WY Year Over Year Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
2018
2019
% Change
$1,776,400
$1,760,000
-0.9%
$754
$795
5.4%
172
137
-20.4%
$13,500,000
$17,750,000
31.5%
$167,500
$171,500
2.4%
435
434
-0.2%
95.1%
94.6%
-0.5%
$772,737,000
$748,723,000
-3.1%
SUN VALLEY, ID January through December Average Sold Price Average Days on Market Highest Sold Price Number of Properties Sold Total Dollar Volume Sold
2018
2019
% Change
$727,609
$764,370
5.1%
178
142
-20.2%
$7,000,000
$13,250,000
89.3%
760
683
-10.1%
$552,982,913
$522,065,377
-5.6%
Entire MLS
Teton County, WY
“Jackson Hole reported another record year in 2019 for total sales volume although the sales volume for residential units, single family homes and condo units, slipped 3% reflecing a decline in
“Sun Valley’s 2019 market was very close performance-wise to 2018 which was our market’s strongest year since 2005. Buyer demand has remained strong, however, residential
the availability of more afffordable properties. Sales of single family homes above $1.5 million rose 6% while unit volumes under $1.5 million fell 25%. Average prices of condos however, declined
inventory was down in 2019 and there was not enough inventory to fulfill this demand. Currently, Sun Valley is a seller’s market, especially in the lower price range. The highest
10%. Average price per square foot for all residential units increased 5%. Demand has driven Days on Market down 20%, to the lowest level in 8 years.”
recorded residential sale in history was sold at $13,250,00 in 2019. Signs point to more activity in the luxury market with an increase in high-end inventory”
Leonard Kleiman
Stuart Hoag
Regional Controller, Jackson Hole Sotheby’s International Realty
Managing Broker, Sun Valley Sotheby’s International Realty
RESORT REPORT | 2020 sothebyshomes.com/santafe
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JANUARY - DECEMBER 2019
This Resor t Repor t was created cour tesy of LIV Sotheby’s International Realy. Thank you to our par ticipating Sotheby’s International Realt y af filiates:
SANTA FE SIR Steamboat Springs, CO • Property ID: DWTQHR
Santa Fe, NM • Property ID: 0576428
Crested Butte, CO • Property ID: E2WJ94
BIG SKY SIR
JACKSON HOLE SIR
ASPEN SNOWMASS SIR
Squaw Valley, CA • Property ID: VEJR5B
Park City, Utah • Property ID: QYCW9E
Teton Village, WY • Property ID: MM6W24
SIERRA SIR
STEAMBOAT SIR
SUMMIT SIR
Big Sky, MT • Property ID: BTXMQ6
Snowmass Village, CO • Property ID: RQJREB
Beaver Creek, CO • Property ID: BEJK2M
SUN VALLEY SIR
RESORT REPORT | 2020 sothebyshomes.com/santafe
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JANUARY - DECEMBER 2019
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All data contained within this report is based on information from Aspen Board of Realtors MLS, SAR MLS, Vail Board of Realtors, Steamboat Springs Board of Realtors MLS, Gunnison County MLS, Telluride Association of Realtors MLS, Park City MLS, Tahoe Sierra MLS, Teton Board of Realtors MLS, Sun Valley Board of Realtors MLS, Southwest Montana MLS, and Santa Fe Association of Realtors MLS. This representation is based in whole or in part on data supplied by these providers, and these providers do not guarantee nor are in any way responsible for its accuracy. MLS data may not reflect all real estate activity in the market. Data within this report does not include land sales. © Sotheby’s International Realty, Inc. All rights reserved. Sotheby’s International Realty® is a registered trademark. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal Housing Opportunity.