RESORT REPORT | 2018

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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.
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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%
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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%
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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%
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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%
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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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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%
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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%
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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%
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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%
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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%
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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%
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