Steamboat Sotheby’s International Realty Resort Report – Year End 2015

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Steamboat Springs, CO

Steamboat Springs, CO

Resort communities throughout Colorado, the western United States and around the world are prone to unique, heavily saturated luxury markets. Often found in desirable, slightly less accessible locations than national mainstream markets, resort markets tend to have a greater density of luxury offerings as higher net worth individuals are often drawn to them based on their exclusivity and proximity to world class activities year round.

Steamboat Sotheby’s International Realty compiles data from 12 prominent resort communities throughout the western half of the United States in order to provide you quick statistics for each resort area, keeping you up-to-date on the overall housing market in each area, and providing pertinent information in making buying and selling decisions.

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Seasonality, location, and employment opportunities drive the inventory of affordable homes down and most pricing within resort communities up.

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The famous Colorado Rocky Mountains, combined with the vast offerings of the western United States, continue to position the United States as one of the leading resort community destinations worldwide.

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With the increasing desire for lifestyle-inspired home purchases, the resort community market will continue to rise.

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Deep in history and long in legend, the mountain community of Steamboat Springs is a true-grit, family oriented, western town. Its 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 unique lifestyle in a variety of different ways all four seasons of the year.

January through December 2014 2015 % Change
Average Price $584,329 $597,109 2.2%
Average Price per Square Foot $294 $303 3.1%
Average Days on Market 188 205 9.0%
Highest Price $5,700,000 $7,000,000 22.8%
Lowest Price $38,500 $72,000 87.0%
Number of Properties Sold 623 635 1.9%
% Sold Price to List Price   94.0% 95.0% 1.1%
Total Dollar Volume Sold   $364,037,028   $379,164,350 4.2%
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“The Steamboat Springs real estate market improved in every segment of the market in 2015, with the most significant improvement in one of the categories Steamboat is best known for – land, where activity increased a substantial 25% over 2014. Equally impressive is an 11% increase in condo transactions. With the excitement of the downtown and ski village revitalization efforts now taking shape, it is only natural to expect the real estate market in Ski Town, USA, to continue on its upward path.” – Doug Labor, Downtown General Manager/Associate Broker at Steamboat Sotheby’s International Realty

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 “2015 continued to offer healthy growth in Summit County, with a 26% increase of total dollar volume sold compared to 2014. Our number of properties sold also grew by nearly 16% 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.” – Melanie Frank, VP and Managing Broker at LIV Sotheby’s International Realty

Breckenridge has long been celebrated, not only for its world-class skiing, but also for its friendly laid-back character. From quaint Victorian bungalows to incredible shopping, dining, concerts and outdoor activities, the town offers an approachable, vibrant charm in every season. 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.

Single Family Homes and Condos
Summit County: Breckenridge, Keystone, Copper, Frisco, Dillon, Silverthorne

January through December 2014 2015 % Change
Average Price $524,297 $570,900 8.9%
Average Price per Square Foot $326 $354 8.6%
Average Days on Market 194 175 -9.8%
Highest Price $3,640,593 $3,900,000 7.1%
Lowest Price $60,000 $95,000 58.3%
Number of Properties Sold 1,636 1,895 15.8%
% Sold Price to List Price  96.0% 97.0% 1.0%
Total Dollar Volume Sold  $858,135,960 $1,081,855,011 26.1%
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Aspen encompasses 3.66 square miles on a relatively flat valley floor, and is surrounded on three sides by Aspen Mountain, Smuggler Mountain and Red Mountain. Located along the upper Roaring Fork River and White River National Forest, Aspen enjoys the very best of the Rocky Mountains. An internationally renowned resort, Aspen offers the ultimate in dining, shopping, cultural activities and year-round recreation of every sort.

Single Family Homes and Condos

January through December 2014 2015 % Change
Average Price $3,715,308 $3,959,729 6.6%
Average Price per Square Foot $1,161 $1,248 7.4%
Average Days on Market 278 251 -9.7
Highest Price $26,000,000 $29,500,000 13.5%
Lowest Price $107,000 $97,973 -8.4%
Number of Properties Sold 264 251 -4.9%
% Sold Price to List Price  91.8% 90.0% -2.0%
Total Dollar Volume Sold   $980,841,212 $1,164,160,314 18.7%
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“The ultra-luxury end of the Aspen real estate market ($10M+) posted its strongest year ever in 2015 and there continues to be a shortage of inventory for contemporary and new construction properties at all price points. Perhaps the very early signs of the market finding some upward price resistance has manifested in the form of rising inventory for the first time since the recession, although the ratio of sale-to-list price continues to tighten and has exceeded 95% for the first time since 2008 in some segments of the market.” – Andrew Ernemann, Broker Associate at Aspen Snowmass Sotheby’s International Realty

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“2014 was the best year on record since 2007 with the influence of a constrained supply of inventory throughout the market. We have seen a minor decrease in volume and average sold price in 2015, which is not an unusual trend to see. I am feeling positive about the increased interest in higher end properties in the region.” – Nels Cary, Broker/Owner of Telluride Sotheby’s International Realty

Telluride is located in the Southwest corner of Colorado in the San Juan Mountains. Born as a mining town, Telluride eventually became notorious in the early 70’s for its white gold- the construction of its first ski lifts. This quiet resort area is famous for its world class skiing, golf, festivals, luxurious hotels and residences. Known for its natural beauty and abundance of outdoor activities Telluride has seen increased growth over the last decade, while keeping the character of its boisterous mining era nature.

Single Family Homes and Condos

January through December 2014 2015 % Change
Average Price $1,206,948 $1,149,376 -4.8%
Average Price per Square Foot $543 $567 4.3%
Average Days on Market 425 364 -14.4%
Highest Price $9,300,000 $14,000,000 50.5%
Lowest Price $137,700 $135,000 -2.0%
Number of Properties Sold 299 278 -7.0%
% Sold Price to List Price 91.4% 93.4% 2.2%
Total Dollar Volume Sold  $360,877,401 $319,526,614 -11.5%
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Vail Valley is an iconic example of luxurious alpine villages among the breathtaking Rocky Mountains. Vail Mountain boasts one of the largest and most popular ski destination resorts. Just West of Vail is the ski resort of Beaver Creek which hosts the annual “Birds of Prey” World Cup, and recently the 2015 FIS Alpine World Ski Championships. Its intimate village core has world-class dining, shopping, and fine art galleries. Vail Valley residents and visitors can also spend their time on the greens. Cordillera has it all with over 7,000 acres of mountain top splendor, four golf courses, and private Eagle River fishing.

Single Family Homes and Condos

Eagle County: Vail, Beaver Creek, Edwards, Bachelor Gulch, Cordillera, Avon

January through December 2014 2015 % Change
Average Price $1,121,484 $1,085,744 -3.2%
Average Price per Square Foot $446 $455 2.0%
Average Days on Market 175 151 -9.7
Highest Price $19,000,000 $15,750,000 -17.1%
Lowest Price $102,000 $130,000 27.5%
Number of Properties Sold 1,153 1,263 9.5%
% Sold Price to List Price  93.7% 94.0% 0.3%
Total Dollar Volume Sold   $1,293,071,186 $1,371,294,169 6.0%
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“The overall real estate market has been very consistent in 2015. Gross sales have increased 6%, and days on market have dropped from 175 to 151, a reduction of 14%. Additionally, we have remained steady with the percentage of sold price to list price at 94%. We are optimistic that similar trends will be experienced in 2016.” – Dan Fitchett Jr., Managing Broker at LIV Sotheby’s International Realty

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“We are very optimistic about sales growth for all the Nevada and California markets we cover, as continued snowfall in the new year fuels demand for ownership. 2015 earmarked the most significant growth in new home construction in over a decade with hundreds of new builds recorded in North Lake Tahoe, South Lake Tahoe and Truckee. End-of-year statistics combined with an uptick in luxury sales at the onset of 2016 suggest that Sierra Sotheby’s International Realty is on target for a monumental year.” – Peter Strand, President of Sierra Sotheby’s International

Recognized for world-class skiing, year-round outdoor recreation and unsurpassed natural beauty, Lake Tahoe is considered the jewel of the High Sierra. 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 and is surrounded by more than a dozen ski resorts, each with their own distinct mountain flavor and appeal.

Single Family Homes and Condos

January through December 2014 2015 % Change
Average Price $1,420,821 $1,349,119 -5.0
Average Price per Square Foot $569 $528 -7.2%
Average Days on Market 152 170 11.8
Highest Price $7,050,000 $8,950,000 27.0%
Lowest Price $120,000 $171,500 42.9%
Number of Properties Sold 240 181 -24.6%
% Sold Price to List Price 95.0% 96.0% 1.0%
Total Dollar Volume Sold  $340,997,136 $244,190,549 -28.4%
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Crested Butte is 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 year round. Crested Butte’s steep skiing terrain and endless miles of mountain biking trails just scratch the surface of what there is to do. 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 at a reasonable value.

Single Family Homes and Condos

January through December 2014 2015 % Change
Average Price $481,790 $562,501 16.8%
Average Price per Square Foot $261 $283 8.1%
Average Days on Market 265 245 -5.3
Highest Price $3,900,000 $4,000,000 2.6%
Lowest Price $44,900 $42,500 -5.3%
Number of Properties Sold 264 245 -7.2
% Sold Price to List Price  91.9% 93.6% 1.9%
Total Dollar Volume Sold   $127,192,590 $137,812,909 8.3%
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 “As we reflect on 2015, it was exceptional with consistent growth throughout the year. Our overall market grew 9% over 2014 with ‘pocket’ markets exceeding all expectations. Land sales increased 56%. We are seeing a healthy diverse population increase with our fall school enrollment up by 50 new students. Crested Butte has become a healthy year round community with summer actually surpassing our winter business.” – Cathy Benson, Broker/Owner of Benson Sotheby’s International Realty

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“The Park City resort market remains very complex and segmented by micro-location and price point. While the number of closed transactions was flat, the “Vail Affect” sparked greater interest which drove up the median sold price. It is anticipated that there will continue to be a shortage of inventory, which will fuel moderate increases in price and a reduction in overall days on the market.” – Thomas Wright, President of Summit Sotheby’s International Realty

Park City is a unique combination of easy access and remote appeal. Park City’s turn-of-the-century character, as established by silver miners of old, is alive and well. This year-round haven offers world class skiing, endless recreational opportunities, 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 golf courses.

Single Family Homes and Condos

January through December 2014 2015 % Change
Average Price $1,008,677 $1,085,533 7.6%
Average Price per Square Foot $366 $373 1.9%
Average Days on Market 119 90 -24.4%
Highest Price $12,500,000 $12,750,000 2.0%
Lowest Price $49,400 $82,000 66.0%
Number of Properties Sold 1,160 1,193 2.8%
% Sold Price to List Price 95.6% 96.7% 1.2%
Total Dollar Volume Sold  $1,170,065,521 $1,295,041,159 10.7%
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Big Sky, Montana is a world-class Rocky Mountain community, a hidden outdoor playground, and a magical year-round mountain destination for families, couples, and groups. It’s home to the biggest skiing in America, with the most ski-able terrain in the U.S. with two inter-connected world-class ski resorts, the Gallatin River, with whitewater rafting and blue ribbon trout fishing, and numerous lodging and dining opportunities, from guest ranches to mountain homes. Minutes to Yellowstone National Park.

Single Family Homes and Condos

January through December 2014 2015 % Change
Average Price $866,374 $777,989 -10.2%
Average Price per Square Foot $283 $312 10.2%
Average Days on Market 197 184 -6.6%
Highest Price $17,000,000 $9,825,000 -42.2%
Lowest Price $37,000 $82,500 123.0%
Number of Properties Sold 251 203 -19.1%
% Sold Price to List Price 91.4% 95.4% 4.3%
Total Dollar Volume Sold  $217,460,013 $157,931,951 -27.4%
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“Buyer interest is high in Big Sky however, after years of no new development, a lack of quality inventory in all segments of the market has left Buyers frustrated. The very high-end homes ares elling and there are over 100 homes now under construction valued from $5M. 2015 statistics show that while interest is up the total sales volume of built product was slightly less than in 2014, the total number of sales was lower and the average sales price was also lower. Something of note is that lot sales doubled in 2015.”– Cathy Gorman, Broker/Owner at Big Sky Sotheby’s International Realty

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“Sales volume in the Jackson Hole market surged 29% vs. 2014 on a 4% increase in unit volume, our best year since the peak year of 2007. In the Town of Jackson, sales volume nearly doubled rising 97% while Teton Village reported an increase of 62%. Single family homes were the focus of buyers in 2015 as volume rose 45% on a 16% rise in units sold. In particular, unit sales of properties priced over $5 million jumped 171% to 19 units and sales volume tripled rising 206%. Under $5 million, sales volume rose 11% and unit volumes 10%.” – Leonard Kleiman, Manager of Operations at Jackson Hole Sotheby’s International Realty

The Jackson Hole region sits at the base of the Tetons in western Wyoming. The beautiful and rugged landscape is epitomized by neighboring Grand Teton and Yellowstone National Park and is iconic of 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.

Single Family Homes and Condos

January through December 2014 2015 % Change
Average Price $1,169,418 $1,534,591 31.2%
Average Price per Square Foot $517 $620 19.9%
Average Days on Market 239 203 -15.1%
Highest Price $11,500,000 $20,500,000 78.3%
Lowest Price $99,000 $220,000 122.2%
Number of Properties Sold 355 386 8.7%
% Sold Price to List Price 88.7% 90.5% 2.0%
Total Dollar Volume Sold  $415,143,368 $592,351,989 42.7%
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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. Known as “The City Different”, Santa Fe encourages a range of pursuits including golfing, biking, skiing, rafting, and hiking, to dining out in one of town’s many acclaimed restaurants; taking in one of the open-air productions of the world-renowned Santa Fe Opera; and exploring shops, galleries, and museums. With clear blue skies and crisp fresh air, a visit to Santa Fe offers no limit to rejuvenation, recreation, and culture.

Single Family Homes and Condos

January through December 2014 2015 % Change
Average Price $430,951 $425,001 -1.4%
Average Price per Square Foot $213 $231 8.5%
Average Days on Market 172 162 -5.8%
Highest Price $4,450,000 $3,500,000 -21.3%
Lowest Price $29,900 $27,500 -8.0%
Number of Properties Sold 1,819 1,971 8.4%
% Sold Price to List Price 86.0% 87.0% 1.2%
Total Dollar Volume Sold  $783,901,364 $837,678,390 6.9%
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“The real estate market in Santa Fe throughout 2015 showed a continued pattern of upbeat results. In addition to a great 2015, pending sales near the end of the year were up 4 % compared to one year ago. Closed sales for the year were up nearly 10%. This was accompanied by a decrease in days on market in all price categories. Santa Fe remains an attractive, affordable and stable destination market. Experience the unique qualities of all that life has to offer in The City Different.” – Gregg Antonsen, Senior VP and Qualifying Broker at Sotheby’s International Realty – Sante Fe

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“The Sun Valley housing market continues to grow steadily, with the greatest growth in Hailey, the county seat. Commercial and residential construction in Ketchum and Sun Valley is booming with inventory in the city cores reflecting the demand for in-town living. Sun Valley is hosting national ski and snowboard championships throughout the winter, and room counts and projections are indicative of the surge in winter traffic. With home and condo prices about 1/3 less than our sister markets, we anticipate a terrific 2016.” – Derek Svennungsen, Marketing Coordinator at Sun Valley Sotheby’s International Realty

Sun Valley is the name of the world-famous ski resort, as well as the small,European-styled village east of Ketchum. The name also encompasses the 30-mile stretch that is the Wood River Valley, an area filled with
towns, rivers, mountains, gulches, campgrounds, and cliffs. Sun Valley is home to phenomenal mountain scenery, unlimited year-round recreational offerings, and down-to-earth people. All of this makes the Sun Valley area, whether it is Ketchum, Hailey, Bellevue, or elsewhere, an incredibly desirable place to live.

Single Family Homes and Condos

January through December 2014 2015 % Change
Average Price $676,757 $629,130 -7.0%
Average Days on Market 213 235 -10.3%
Highest Price $10,000,000 $11,750,000 17.5%
Number of Properties Sold 540 596 10.4%
Total Dollar Volume Sold  $365,448,861 $374,961,754 2.6%

RESORT REPORT year-end 2015 | Steamboatsir.COM

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 Sante 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.

About the Author
Josh Cook
Josh Cook is The Boyd Team’s Digital Marketing Specialist. In today’s online world, having someone who knows the industry and trends is a must. Real Estate has become increasingly internet-centric, having Josh on the team to meet those needs sets The Boyd Team apart. He continues to strive to make the Boyd Team’s internet presence as expansive as possible enhancing each listing’s presence.