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, Summit Sotheby’s International Realty, with the help of our other Sotheby’s International Realty affiliates, 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. Summit 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 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.
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3
LEGEND 1. PARK CITY, UTAH
5. CRESTED BUTTE, COLORADO
9. STEAMBOAT SPRINGS, COLORADO
2. ASPEN, COLORADO
6. JACKSON HOLE, WYOMING
10. SUN VALLEY, IDAHO
3. BIG SKY, MONTANA
7. NORTH LAKE TAHOE, CA/NV
11. TELLURIDE, COLORADO
4. BRECKENRIDGE, COLORADO
8. SANTA FE, NEW MEXICO
12. VAIL VALLEY, COLORADO
VAIL VALLEY, CO January - December
2018
2019
% Change
Average Sold Price
$1,254,719
$1,262,907
0.7%
Average Sold Price per Sq. Ft.
$515
$532
3.3%
Average Days on Market
115.76
121.60
5.0%
Highest Sold Price
$23,000,000
$20,750,000
-9.8%
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%
Vail, Beaver Creek, etc.
“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 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.”
Dan L. Fitchett, Jr.
Vice President & Managing Broker, LIV Sotheby’s International Realty, Vail Valley
BRECKENRIDGE, CO January - December
2018
2019
% Change
Average Sold Price
$950,131
$1,139,675
20.0%
Average Sold Price per Sq. Ft.
$524
$568
8.6%
Average Days on Market
60
75
25.0%
Highest Sold Price
$4,700,000
$10,100,000
114.9%
Lowest Sold Price
$155,365
$192,555
23.9%
Number of Properties Sold
703
623
-11.4%
% Sold Price to Original List Price
97.6%
97.3%
-0.3%
Total Dollar Volume Sold
$667,942,076
$710,017,502
6.3%
Breckenridge, Keystone, Copper Mountain, etc.
“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%. 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 short term rentals are still a hot commodity and a great investment.”
Aaron Shriner
Vice President & Managing Broker, LIV Sotheby’s International Realty, Summit County
SUMMITSOTHEBYSREALTY.COM
CRESTED BUTTE, CO January - December
2018
Average Sold Price
2019
$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%
Average Sold Price per Sq. Ft. Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
% Change
Entire MLS
“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.”
Scout Walton
Vice President & Managing Broker, LIV Sotheby’s International Realty, Crested Butte
TELLURIDE, CO January - December Average Sold Price Average Sold Price per Sq. Ft.
2018
2019
$1,525,594
$1,839,532
20.6%
$740
$808
9.2%
Average Days on Market Highest Sold Price Lowest Sold Price
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%
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
% Change
Town of Telluride, Mountain Village
“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 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 trends suggest good news for realistic sellers with moderate increases expected in price per square foot as well as sold price in 2020.”
Peggy Raible
Vice President & Managing Broker, LIV Sotheby’s International Realty, Telluride
RESORT REPORT | 2020 JANUARY - DECEMBER 2019 • SUMMITSOTHEBYSREALTY.COM
ASPEN, CO January - December
2018
2019
% Change
Average Sold Price
$4,027,815
$4,345,999
7.9%
Average Sold Price per Sq. Ft.
$1,504
$1,531
1.8%
Average Days on Market
290
261
-10.0%
Highest Sold Price
$21,500,000
$23,000,000
7.0%
Lowest Sold Price
$430,000
$345,000
-19.8%
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%
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 sign of weakness for sellers is the number of transactions has slowed recently.”
Andrew Ernemann
Owner/Broker, Aspen Snowmass Sotheby’s International Realty
STEAMBOAT SPRINGS, CO January - December
2018
2019
% Change
Average Sold Price
$720,456
$792,524
10.0%
Average Sold Price per Sq. Ft.
$353
$371
5.1%
Average Days on Market
85
102
20.0%
Highest Sold Price
$10,000,000
$11,500,000
15.0%
Lowest Sold Price
$152,000
$106,500
-29.9%
Number of Properties Sold
706
712
0.9%
% Sold Price to Original List Price
95.2%
96.6%
1.5%
Total Dollar Volume Sold
$518,728,126
$561,107,312
8.2%
Specified: Town of Steamboat Springs, Elk River & South Valley
“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 micro-markets. With new projects in development over the next few years, there are exciting opportunities to come. Steamboat Springs continues to offer fantastic value for property owners in a genuine and family-friendly resort community.”
David Baldinger, Jr.
Owner/Broker, Steamboat Sotheby’s International Realty
SUMMITSOTHEBYSREALTY.COM
NORTH LAKE TAHOE, CA January - December
2018
2019
% Change
Average List Price
$1,915,396
$1,658,291
-13.4%
Average Sold Price
$1,826,186
$1,571,432
-14.0%
$631
$618
-2.1%
156
129
-17.3%
$11,750,000
$13,600,000
15.7%
$168,000
$136,000
-19.1%
Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price
266
268
0.8%
95.3%
94.8%
-0.6%
$486,563,550
$421,143,685
-13.5%
Number of Properties Sold % Sold Price to Average List Price Total Dollar Volume Sold
Squaw Valley, Alpine Meadows, Northstar, Martis Camp Areas
“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.”
Peter Strand
President, Sierra Sotheby’s International Realty
PARK CITY, UT January - December Average Sold Price Average Sold Price per Sq. Ft.
2018
2019 $1,207,418
$329
$341
3.7%
87
100
14.9%
$11,600,000
$32,500,000
180.2%
$70,525
$100,000
41.8%
Average Days on Market Highest Sold Price Lowest Sold Price Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
% Change
$1,154,441
4.6%
1,622
1,825
12.5%
95.3%
96.2%
0.9%
$1,872,503,686
$2,203,537,006
17.7%
Entire MLS
“Home to two world-renowned resorts, the Sundance Film Festival and the nation’s first actionsports resort, Park City is no longer Utah’s best kept secret. The markets of Park City, Deer 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 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.”
Thomas Wright
President & Principal Broker, Summit Sotheby’s International Realty
RESORT REPORT | 2020 JANUARY - DECEMBER 2019 • SUMMITSOTHEBYSREALTY.COM
BIG SKY, MT January - December
2018
2019
% Change
Average Sold Price
$960,674
$1,136,998
18.4%
Average Sold Price per Sq. Ft.
$403
$456
13.2%
Average Days on Market
146
113
-22.6%
Highest Sold Price
$4,950,000
$7,100,000
43.4%
Lowest Sold Price
$116,000
$125,000
7.8%
Number of Properties Sold
294
264
-10.2%
% Sold Price to Original List Price
96.7%
96.3%
-0.5%
Total Dollar Volume Sold
$282,213,092
$300,167,429
6.4% Entire MLS
“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 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.”
Cathy Gorman
Broker/Owner, Big Sky Sotheby’s International Realty
JACKSON HOLE, WY January - December
2018
2019
% Change
Average Sold Price
$1,776,400
$1,760,000
-0.9%
Average Sold Price per Sq. Ft.
$754
$795
5.4%
Average Days on Market
172
137
-20.4%
Highest Sold Price
$13,500,000
$17,750,000
31.5%
Lowest Sold Price
$167,500
$171,500
2.4%
Number of Properties Sold
435
434
-0.2%
% Sold Price to Original List Price
95.1%
94.6%
-0.5%
Total Dollar Volume Sold
$772,737,000
$748,723,000
-3.1% 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% reflecting a decline in the availability of more affordable 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 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.”
Leonard Kleiman
Regional Controller, Jackson Hole Sotheby’s International Realty
SUMMITSOTHEBYSREALTY.COM
SANTA FE, NM January - December
2018
Average Sold Price
2019
$454,478
$482,328
6.1%
$225
$244
8.4%
Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price
75
69
-8.0%
$5,400,000
$7,000,000
29.6%
$9,900
$29,900
202.0%
3,165
3,038
-4.0%
95.0%
100.0%
5.3%
$1,438,423,057
$1,465,313,621
1.9%
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
% Change
Santa Fe 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 American Airlines through Phoenix or Dallas, and beginning in March, the addition of a 4th flight daily on United through Denver.”
Gregg Antonsen
Senior Vice President & Qualifying Broker, Sotheby’s International Realty, Santa Fe
SUN VALLEY, ID January - December
2018
Average Sold Price
$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%
Number of Properties Sold Total Dollar Volume Sold
% Change
$727,609
Average Days on Market Highest Sold Price
2019
Entire MLS
“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 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 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”
Stuart Hoag
Managing Broker, Sun Valley Sotheby’s International Realty
RESORT REPORT | 2020 JANUARY - DECEMBER 2019 • SUMMITSOTHEBYSREALTY.COM
Steamboat Springs, CO • Property ID: DWTQHR
Squaw Valley, CA • Property ID: VEJR5B
Big Sky, MT • Property ID: BTXMQ6
Telluride, CO • Property ID: F4GWFR
Park City, Utah • Property ID: QYCW9E
Snowmass Village, CO • Property ID: RQJREB
SUMMITSOTHEBYSREALTY.COM
This Resor t Repor t was created in cooperation with our resor t par tners. Thank you to our par ticipating Sotheby’s International Realt y af filiates:
ASPEN SNOWMASS SIR Crested Butte, CO • Property ID: E2WJ94
BIG SKY SIR
JACKSON HOLE SIR
LIV SIR
Teton Village, WY • Property ID: MM6W24
SANTA FE SIR
SIERRA SIR
STEAMBOAT SIR
Beaver Creek, CO • Property ID: BEJK2M
SUN VALLEY SIR
RESORT REPORT | 2020 JANUARY - DECEMBER 2019 • SUMMITSOTHEBYSREALTY.COM
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1101 Park Avenue Park City M o nt Ce rvin Pla za #105 D e e r Va lley, Park City 18 35 Thre e Kings Dr ive, #70 S ilve r S ta r, Park City 8 417 E Ranc h Club Tra il Dr ive Pro m o n to r y, Park City
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All data contained within this report is based on information from sources including Park City Board of REALTORS® MLS for the period 1-1-2019 through 12-31-2019; information not verifiable by Park City Board of REALTORS®, 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, Tahoe Sierra MLS, Teton Board of Realtors MLS, Sun Valley Board of Realtors MLS, Southwest Montana MLS, and Sante Fe Association of Realtors MLS. ©MMXX Sotheby’s International Realty Affiliates, Inc. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Each Office Is Independently Owned And Operated. Copyright© Summit Sotheby’s International Realty 2020.