RESORT REPORT | 2018

RESORT REPORT | 2018

RESORT REPORT | 2018

RESORT MARKET at a glance

As the national residential real estate market continues to evolve, it is important to note that markets demonstrating some of the most unique performances in the nation, are those located in resort communities throughout Colorado and the western United States. The Steamboat Sotheby’s International Realty annual Resort Report analyzes data pertinent to the various resort real estate markets located throughout Colorado and the western United States, helping consumers make better real estate decisions, whether purchasing or selling a home in a resort area.

Typically found in desirable, slightly less accessible locations than national mainstream markets, resort markets tend to have a larger volume of luxury offerings to accommodate high-net-worth individuals that are drawn to these areas based on their exclusivity and proximity to world-class, year-round activities. In resort communities, seasonality, location, and employment opportunities often drive the inventory of homes down, and housing prices up. Interestingly, all of the Sotheby’s International Realty resort locations listed below, analyzed within the report, demonstrated increases in both average price and average price per square foot- a clear indicator of consumers’ continued desire for lifestyle-inspired home purchases and willingness to spend more for homes they truly desire.

When contemplating as large a financial commitment as the purchase or sale of a primary or second home in a resort area, market data can make a significant impact on making sound financial decisions. Steamboat Sotheby’s International Realty, and the many respected Sotheby’s International Realty affiliates that contributed to this report, remain committed to helping consumers make better real estate decisions, whether purchasing or selling a home.

Rocky Mountain Ski Resorts

STEAMBOAT SPRINGS COLORADO

Deep in history and long in legend, the mountain community of Steamboat Springs has risen in prominence as one of the true-grit western towns of modern age. The community’s friendly faces, picturesque setting, world-class amenities and healthy climate provide a rewarding environment for all to enjoy. From working cattle and horse ranches to quaint downtown bungalows, or elegant slope side condominiums, residents enjoy the Steamboat Springs lifestyle in a variety of ways.
The Steamboat market is strong, with 2017 showing double-digit growth in total transactions and dollar volume. Supply is down, demand is up, and our sales volume is the highest it’s been since the financial crisis 8 years ago. Even so, Steamboat’s geography allows for a more diverse offering of real estate that is still relatively affordable compared to other resorts.
David Baldinger, Jr.Broker/Owner at Steamboat Sotheby’s International Realty

January – December

2016

2017

% Change

Average Price

$585,365

$608,848

4.0%

Average Price per Sq. Ft.

$320

$368

15.0%

Average Days on Market

127

112

-11.8%

Highest Price

$16,250,000

$9,790,000

-39.8%

Lowest Price

$32,000

$40,500

26.6%

Number of Properties Sold

867

946

9.1%

% Sold Price to List Price

94.00%

95.50%

1.6%

Total Dollar Volume

$507,511,879

$575,969,878

13.5%

CRESTED BUTTE COLORADO

A true mountain town with an easy-going attitude and a lifestyle that you simply don’t find every day, Crested Butte is a must see with plenty of festivals, events and outdoor activities offered year-round. Crested Butte’s steep skiing terrain and endless miles of mountain biking trails just scratch the surface of the town’s offerings. Hiking, world class fishing, camping, outdoor festivals, music events, Nordic skiing, snowmobiling, snowshoeing and so much more await. Visit Crested Butte to see why this place is a true Colorado gem- still at a reasonable value.
A truly remarkable year in our valley—the increase in dollar volume of 32.33% says a lot of the housing market in Crested Butte, Colorado! Crested Butte’s inventory has dramatically reduced without replenishment, and 66% of listings are vacant land. The decrease in inventory will push the market to build ‘new’ for the first time in 10 years, positioning the area for continued growth in 2018 and beyond.
Cathy BensonBroker/Owner of Crested Butte Sotheby’s International Realty

January – December

2016

2017

% Change

Average Price

$571,055

$684,158

19.8%

Average Price per Sq. Ft.

$314

$347

10.4%

Average Days on Market

275

225

-18.2%

Highest Price

$4,300,000

$4,500,000

4.7%

Lowest Price

$43,450

$60,500

39.2%

Number of Properties Sold

287

225

-21.6%

% Sold Price to List Price

94.80%

95.30%

0.5%

Total Dollar Volume

$163,892,798

$216,878,331

32.3%

January – December

2016

2017

% Change

Average Price

$1,443,028

$1,496,730

3.7%

Average Price per Sq. Ft.

$574

$603

5.1%

Average Days on Market

163

152

-6.7%

Highest Price

$8,900,000

$8,350,000

-6.2%

Lowest Price

$110,000

$146,000

32.7%

Number of Properties Sold

282

155

-45.0%

% Sold Price to List Price

95%

95%

-0.1%

Total Dollar Volume

$406,933,763

$231,993,088

-43.0%

LAKE TAHOE CALIFORNIA

Considered the jewel of the Sierra, Lake Tahoe is consistently recognized for its world-class skiing, year-round outdoor recreation and unsurpassed natural beauty. The lake itself is known for the clarity of its water and the panorama of surrounding mountains on all sides. At 6,229 feet above sea level, Lake Tahoe is the highest lake of its size and the second deepest in the United States. Voted “Best Lake In America” by USA Today and named “Best Summer Lake Town” by NBC News, Lake Tahoe has an average of 300 days of sunshine annually and is surrounded by more than a dozen ski resorts, each with their own distinct mountain flavor and appeal.
Surrounded by the highest concentration of ski resorts in the country, the Lake Tahoe, Truckee and surrounding Reno-area real estate market revealed a continued uptrend in values, with fewer days on market, as compared to 2016. Because of the diverse landscape of the Lake Tahoe market, it’s best to contact a local expert to understand values and identify opportunities that best fit your financial goals and lifestyle, when considering the sale or purchase of a home.
Peter StrandPresident of Sierra Sotheby’s International Realty

January – December

2016

2017

% Change

Average Price

$1,119,270

$1,164,909

4.1%

Average Price per Sq. Ft.

$271

$291

7.4%

Average Days on Market

94

87

-7.4%

Highest Price

$17,100,000

$13,500,000

-21.1%

Lowest Price

$75,000

$67,000

-10.7%

Number of Properties Sold

1,161

1,283

10.5%

% Sold Price to List Price

94.77%

94.77%

0.2%

Total Dollar Volume

$1,299,472,785

$1,494,577,807

15.0%

PARK CITY UTAH

Framed by the craggy Wasatch Range, Park City is bordered by Deer Valley Resort and Park City Mountain Resort, both known for their incredible ski slopes. Park City’s turn-of-the-century character, as established by silver miners of old, is alive and well. Park City offers world class skiing, endless recreational opportunities, luxurious dining, and a calendar full of concerts and events. Home to the Sundance Film Festival, the United States Ski Team, the 2002 Olympic bobsled/ skeleton/luge track, and many golf courses, Park City is a destination not to be missed.
The Park City, Utah, real estate market demonstrated growth year-over-year with the number of properties sold, up 10%, and the total dollar volume sold, up by 15%. A 4.1% increase in the average sold price, along with a sold price to original list price ratio holding at 0.2%, demonstrated continued-competitive conditions in the Park City real estate market.
Thomas WrightPresident of Summit Sotheby’s International Realty

VAIL VALLEY COLORADO

Set against the backdrop of the picturesque Colorado Rocky Mountains, the Vail Valley is like no other place on earth. Dotted with iconic alpine villages that feature luxurious amenities at every turn, the Vail Valley offers both fine lifestyle opportunities, combined with world-class skiing. Vail Mountain is one of the largest and most recognized ski destinations worldwide, and just west of Vail lies Beaver Creek ski resort, which hosts the international “Birds of Prey” World Cup ski races. Beaver Creek’s intimate village core features world-class dining, shopping, and fine art galleries. Vail Valley residents and visitors can also spend their time on the greens. The Valley is a golfer’s paradise, with over 7,000 acres of mountain top splendor, four golf courses, and private, Eagle River fishing for anglers.
The Vail Valley continues its steady growth through 2017, with increases in nearly all categories. The statistic that is the most telling, is days on market. The inventory is at low levels and coupled with a steady market, properties are taking less time to sell and sellers are achieving prices closer to list price. If this condition continues, 2018 could be a good year to sell for those who have been waiting for the market to catch up to values experienced in 2007 and 2008.
Dan Fitchett, Jr.Managing Broker at LIV Sotheby’s International Realty, Vail

January – December

2016

2017

% Change

Average Price

$1,009,996

$1,129,637

12%

Average Price per Sq. Ft.

$452

$474

5.0%

Average Days on Market

137

124

-9.5%

Highest Price

$17,500,000

$23,000,000

31.0%

Lowest Price

$43,500

$137,700

216.6%

Number of Properties Sold

1,365

1,376

0.8%

% Sold Price to List Price

94.0%

94.3%

0.3%

Total Dollar Volume

$1,378,644,308

$1,554,380,694

12.7%

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BRECKENRIDGE COLORADO

Breckenridge has long been celebrated, not only for its world-class skiing, but also for its friendly, laid-back character. Quaint Victorian bungalows dot Breckenridge’s historic Main Street, which is constantly bustling with visitors and residents alike enjoying the many incredible shopping, dining and entertainment opportunities the town offers. Breckenridge embodies the stunning beauty and laid-back atmosphere of living in a Colorado ski town. Neighboring ski towns such as Keystone, Copper and Frisco offer year-round recreation with close proximity to Denver, located less than a two hour drive away.
2017 continued to offer healthy growth in Summit County, with a 16.8% increase in average sales price compared to 2016. Our average days on market also decreased by over 22% in the same time frame. Summit County offers a unique appeal to our second-home owners, offering four world-class ski areas including Breckenridge, Keystone, Copper Mountain and A-Basin—only 90 minutes from Denver, in addition to an abundance of other year-round recreational activities.
Melanie FrankSenior Vice President and Managing Broker at LIV Sotheby’s International Realty, Breckenridge

January – December

2016

2017

% Change

Average Price

$599,586

$700,377

16.8%

Average Price per Sq. Ft.

$399

$445

12.0%

Average Days on Market

80

62

-22.5%

Highest Price

$5,675,000

$6,100,000

7%

Lowest Price

$100,000

$170,000

70.0%

Number of Properties Sold

1,862

1,973

6.0%

% Sold Price to List Price

97.1%

98.4%

1.3%

Total Dollar Volume

$1,116,446,950

$1,381,843,993

23.8%

January – December

2016

2017

% Change

Average Price

$3,295,592

$4,325,623

31.3%

Average Price per Sq. Ft.

$1,271

$1,456

14.5%

Average Days on Market

257

276

7.4%

Highest Price

$24,000,000

$30,000,000

25.0%

Lowest Price

$95,152

$149,000

56.6%

Number of Properties Sold

189

274

45.0%

% Sold Price to List Price

93.0%

94.0%

1.1%

Total Dollar Volume

$622,866,827

$1,185,220,729

90.3%

ASPEN COLORADO

A luxurious resort community, known for its vibrant charm in every season, Aspen is known as one of Colorado’s most iconic resort towns. Encompassing 3.66 square miles on a relatively flat valley floor, Aspen is surrounded on three sides by Aspen Mountain, Smuggler Mountain and Red Mountain- providing unparalleled opportunities for skiing. Located along the upper Roaring Fork River and White River National Forest, Aspen enjoys the very best of the Rocky Mountains, in addition to a vibrant, year-round cultural scene. An internationally renowned resort, Aspen offers some of the finest dining, shopping, and entertainment offerings world-wide.
Over the past 5+ years the Aspen real estate market enjoyed a steady climb in prices and activity (coupled with a corresponding drop in listing inventory), followed by a reversal of those trends in 2016, only to reverse course once again in 2017. It should be noted that although the Aspen real estate market had a strong rebound in 2017 from 2016, the overall level of sales still fell short of 2015.
Andrew ErnemannBroker Associate at Aspen Snowmass Sotheby’s International Realty

January – December

2016

2017

% Change

Average Price

$1,310,325

$1,358,171

3.7%

Average Price per Sq. Ft.

$608

$619

1.8%

Average Days on Market

383

366

-4.4%

Highest Price

$7,500,000

$7,850,000

4.7%

Lowest Price

$135,000

$125,000

-7.4%

Number of Properties Sold

270

347

28.5%

% Sold Price to List Price

92.20%

93.70%

1.6%

Total Dollar Volume

$353,787,704

$471,285,289

33.2%

TELLURIDE COLORADO

The Telluride real estate market had another very encouraging year with the number of properties sold up by almost 29% and the total dollar volume sold up by over 33%. A 3.7% increase in the average sold price, along with a 1.8% difference between the sold price and original list price, shows a coming together of buyers and sellers when valuing properties. Market trends suggest sold price and price per square foot will increase in 2018, great news for sellers..
The Telluride real estate market had another very encouraging year with the number of properties sold up by almost 29% and the total dollar volume sold up by over 33%. A 3.7% increase in the average sold price, along with a 1.8% difference between the sold price and original list price, shows a coming together of buyers and sellers when valuing properties. Market trends suggest sold price and price per square foot will increase in 2018, great news for sellers
Nels CaryBroker/Owner of Telluride Sotheby’s International Realty

BIG SKY MONTANA

Big Sky, Montana is a world-class, four-season resort that is quickly gaining notoriety as a town offering much more than deep powder, but also, vast and diverse ski terrain, sunny days and no lift lines. Summer offers a myriad of outdoor activities, without the crowds. Commercial growth in Big Sky is changing. New development includes the Town Center’s full-service grocery store, movie theater, the Big Sky Medical Center, specialty retail shops, boutiques, and terrific new restaurants. In addition, the Bozeman Yellowstone Airport continues to add more direct flights to and from all major U.S. cities.
The secret is out that Big Sky, Montana is a world-class, four-season resort community and the area’s future, as it relates to real estate and growth, is bright. The number of properties sold year-over-year in Big Sky is up by 17%, with the total dollar volume sold demonstrating an increase of over 35%. For Big Sky’s Main Street having just been formed last year, market growth in this diverse year-round resort community is thriving.
Tallie LanceyBroker Associate at Big Sky Sotheby’s International Realty

January – December

2016

2017

% Change

Average Price

$702,026

$813,937

15.9%

Average Price per Sq. Ft.

$309

$358

15.8%

Average Days on Market

188

182

-3.2%

Highest Price

$5,900,000

$3,800,000

-35.6%

Lowest Price

$87,500

$115,000

31.4%

Number of Properties Sold

229

268

17.0%

% Sold Price to List Price

91.90%

94.20%

2.5%

Total Dollar Volume

$160,764,070

$218,135,238

35.7%

JACKSON HOLE WYOMING

Nestled adjacent to the Grand Tetons in western Wyoming and Yellowstone National Park, Jackson Hole features both rugged and beautiful landscapes, epitomizing the American West. The region is home to both the Jackson Hole Mountain Resort and Grand Targhee Resort, which are consistently ranked among the top ski resorts in North America for terrain and snowfall. The town of Jackson is home to a thriving art, entertainment and cultural scene that belies its small size. World-class outdoor recreation and adventure opportunities exist for all levels regardless of the season.
Unit sales of condominiums and single-family homes fell 8% in 2017, reflecting a decline in available inventory of nearly 11%. Our “middle” market ($1.5 to $3 million), was the most active segment, as unit volumes rose 5% and prices increased by 6%. Demand and sales of higher end properties (above $3 million), pushed average prices up 7.2%, although on weaker unit volumes. Selling prices have been consistently about 92% to 93% of the listed price.
Leonard KleimanManager of Operations at Jackson Hole Sotheby’s International Realty

January – December

2016

2017

% Change

Average Price

$1,302,665

$1,397,073

7.3%

Average Price per Sq. Ft.

$574

$618

7.7%

Average Days on Market

188

169

-10.1%

Highest Price

$10,250,000

$10,850,000

5.9%

Lowest Price

$240,000

$180,000

-25.0%

Number of Properties Sold

381

349

-8.4%

% Sold Price to List Price

91.63%

91.57%

-0.1%

Total Dollar Volume

$496,315,438

$487,578,317

-1.8%

January – December

2016

2017

% Change

Average Price

$412,049

$444,506

7.9%

Average Price per Sq. Ft.

$258

$287

11.2%

Average Days on Market

144

112

-22.2%

Highest Price

$5,400,000

$5,160,000

-4.4%

Lowest Price

$5,500

$8,000

45.5%

Number of Properties Sold

2,450

2,751

12.3%

% Sold Price to List Price

94%

94%

0.0%

Total Dollar Volume

$1,009,520,231

$1,223,282,733

21.2%

SANTA FE NEW MEXICO

Santa Fe is recognized worldwide for its natural beauty, relaxed lifestyle, diverse culture, vibrant culinary and art scene, unique architecture, and abundance of recreational options. There is no place quite like Santa Fe. Encouraging a wide range of pursuits, including golfing, biking, skiing, rafting, and hiking, to dining out in one of town’s many acclaimed restaurants, there is no shortage of activity in Santa Fe. For the ultra-adventurous, taking in an open-air production of the world-renowned Santa Fe Opera, or experiencing an immersive visit to the Meow Wolf exhibit, are exciting Santa Fe experiences not to miss.
Statistics from the Santa Fe Association of Realtors have recorded 2017 as the best year for home sales in over a decade. Average sales price, number of properties sold and dollar volume, all trended up, while average days on market declined by 22%. Compared to other resort markets in the West and Southwest, Santa Fe remains an attractive and affordable marketplace, and 2018 is off to a robust beginning.
Gregg AntonsenSenior Vice President and Qualifying Broker at Sotheby’s International Realty—Santa Fe

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