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.
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.
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%
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.
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%
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.
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%
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.
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.
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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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.
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%
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.
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%
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 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.
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%
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.
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%
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.
Filed under: Blog, Steamboat Springs Real Estate Market by Josh cook
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