JHSIR Resort Report 2020

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 soughtafter 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, Jackson Hole Sotheby’s International Realty 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 as affluent buyers are attracted to the lifestyle that these areas can provide. Seasonality, location, reduced inventory of homes listed for sale, and numerous other factors typically drive home markets in these communities, fueling the continually growing resort luxury home market.

While the resort markets featured within this report feature similar lifestyle benefits, each community—and their current real estate market—is unique. When evaluating your real estate options in any of these incredible resort or mountain communities, consider the following introductory market data and consult a trusted real estate advisor. Jackson Hole Sotheby’s International Realty is committed to educating consumers and assisting them in reaching their real estate goals, and is backed by a global affiliate network of more than 23,000 local experts. Wherever you call home, Jackson Hole Sotheby’s International Realty has the tools to guide you on your journey.

Seasonality, location, and employment opportunities are the primary drivers of the inventory of affordable homes within resort communities.

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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LEGEND 1. ASPEN, COLORADO

5. NORTH LAKE TAHOE, CA/NV

9. BRECKENRIDGE, COLORADO

2. BIG SKY, MONTANA

6. PARK CITY, UTAH

10. SUN VALLEY, IDAHO

3. CRESTED BUTTE, COLORADO

7. SANTA FE, NEW MEXICO

11. TELLURIDE, COLORADO

4. JACKSON HOLE, WYOMING

8. STEAMBOAT SPRINGS, COLORADO

12. VAIL VALLEY, COLORADO

BIG SKY, MT Year Over Year

2018

Average Sold Price

$1,136,998

18.4%

$403

$456

13.2%

Average Days on Market

Lowest Sold Price

146

113

-22.6%

$4,950,000

$7,100,000

43.4%

$116,000

$125,000

7.8%

294

264

-10.2%

96.7%

96.3%

-0.5%

$282,213,092

$300,167,429

6.4%

Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold

% Change

$960,674

Average Sold Price per Sq. Ft.

Highest Sold Price

2019

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 Year Over Year Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold

2018

2019

% Change

$1,776,400

$1,760,000

-0.9%

$754

$795

5.4%

172

137

-20.4%

$13,500,000

$17,750,000

31.5%

$167,500

$171,500

2.4%

435

434

-0.2%

95.1%

94.6%

-0.5%

$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% reflecing a decline in the availability of more afffordable 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

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SANTA FE, NM Year Over Year

2018

2019

% Change

Average Sold Price

$454,478

$482,328

6.1%

Average Sold Price per Sq. Ft.

$225

$244

8.4%

Average Days on Market

75

69

-8.0%

Highest Sold Price

$5,400,000

$7,000,000

29.6%

Lowest Sold Price

$9,900

$29,900

202.0%

Number of Properties Sold

3,165

3,038

-4.0%

% Sold Price to Original List Price

95.0%

100.0%

5.3%

Total Dollar Volume Sold

$1,438,423,057

$1,465,313,621

1.9%

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 through December

2018

2019

% Change

Average Sold Price

$727,609

$764,370

5.1%

Average Days on Market

178

142

-20.2%

Highest Sold Price

$7,000,000

$13,250,000

89.3%

Number of Properties Sold

760

683

-10.1%

Total Dollar Volume Sold

$552,982,913

$522,065,377

-5.6%

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 307.733.9009

JANUARY - DECEMBER 2019 • JHSIR.COM

VAIL VALLEY, CO Year Over Year

2018

Average Sold Price

% Change

$1,262,907

0.7%

$515

$532

3.3%

115.76

121.60

5.0%

$23,000,000

$20,750,000

-9.8%

$97,000

$25,000

-74.2%

1,349

1,399

3.7%

94.3%

94.3%

0.0%

$1,692,616,149

$1,766,806,313

4.4%

Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold

2019

$1,254,719

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 Year Over Year

2018

Average Sold Price

% Change

$950,131

$1,139,675

20.0%

$524

$568

8.6%

60

75

25.0%

$4,700,000

$10,100,000

114.9%

$155,365

$192,555

23.9%

703

623

-11.4%

97.6%

97.3%

-0.3%

$667,942,076

$710,017,502

6.3%

Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold

2019

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

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CRESTED BUTTE, CO Year Over Year

2018

2019

% Change

Average Sold Price

$667,260

$838,671

25.7%

Average Sold Price per Sq. Ft.

$379

$441

16.4%

Average Days on Market

182

157

-13.7%

Highest Price

$3,850,000

$4,461,500

15.9%

Lowest Price

$68,000

$117,500

72.8%

Number of Properties Sold

288

217

-24.7%

% Sold Price to Original List Price

96.0%

9.6%

-90.1%

Total Dollar Volume Sold

$192,171,104

$181,991,635

-5.3%

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 Year Over Year

2018

2019

% Change

Average Sold Price

$1,525,594

$1,839,532

20.6%

Average Sold Price per Sq. Ft.

$740

$808

9.2%

Average Days on Market

326

320

-1.8%

Highest Sold Price

$7,850,000

$16,250,000

107.0%

Lowest Sold Price

$140,000

$130,000

-7.1%

Number of Properties Sold

209

218

4.3%

% Sold Price to Original List Price

94.3%

92.8%

-1.5%

Total Dollar Volume Sold

$318,849,087

$401,017,928

25.8%

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 307.733.9009

JANUARY - DECEMBER 2019 • JHSIR.COM

ASPEN, CO Year Over Year

2018

Average Sold Price

2019

$4,027,815

$4,345,999

7.9%

$1,504

$1,531

1.8%

290

261

-10.0%

$21,500,000

$23,000,000

7.0%

$430,000

$345,000

-19.8%

217

232

6.9%

90.0%

90.0%

0.0%

$874,035,855

$1,008,271,949

15.4%

Average Sold Price per Sq. Ft. 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

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 Year Over Year Average Sold Price

2018

2019 $792,524

$353

$371

5.1%

85

102

20.0%

$10,000,000

$11,500,000

15.0%

$152,000

$106,500

-29.9%

706

712

0.9%

Average Sold Price per Sq. Ft. 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

$720,456

10.0%

95.2%

96.6%

1.5%

$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 micromarkets. 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

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NORTH LAKE TAHOE, CA Year Over Year

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%

Average Sold Price per Sq. Ft.

$631

$618

-2.1%

Average Days on Market

156

129

-17.3%

Highest Sold Price

$11,750,000

$13,600,000

15.7%

Lowest Sold Price

$168,000

$136,000

-19.1%

Number of Properties Sold

266

268

0.8%

% Sold Price to Average List Price

95.3%

94.8%

-0.6%

Total Dollar Volume Sold

$486,563,550

$421,143,685

-13.5%

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 Year Over Year

2018

2019

% Change

Average Sold Price

$1,154,441

$1,207,418

4.6%

Average Sold Price per Sq. Ft.

$329

$341

3.7%

Average Days on Market

87

100

14.9%

Highest Sold Price

$11,600,000

$32,500,000

180.2%

Lowest Sold Price

$70,525

$100,000

41.8%

Number of Properties Sold

1,622

1,825

12.5%

% Sold Price to Original List Price

95.3%

96.2%

0.9%

Total Dollar Volume Sold

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 action-sports 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 307.733.9009

JANUARY - DECEMBER 2019 • JHSIR.COM

6705 Sublette Woods Road • Property ID: 77JDVX

7469 Granite Loop Road • Property ID: 4947NF

Four Seasons Resort & Residences • Property ID: Q658VH

3655 W Esther Way • Property ID: Y49G2S

3070 Garnet Road • Property ID: HLYBMP

3723 Michael Drive, #17 • Property ID: MEJ98W

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TETON VILLAGE SPOTLIGHT Jackson Hole Sotheby’s International Realt y of fers more slopeside listings at Jackson Hole Mountain Resor t than any other brokerage.

Discover the latest of ferings via five convenient Teton Village sales of fices.

FOUR SEASONS RESORT & RESIDENCES 3193 W Washakie Road • Property ID: 9Z6NHT

HOTEL TERRA

SNAKE RIVER LODGE & SPA

TETON MOUNTAIN LODGE & SPA

Lot 4 Sublette Woods • Property ID: CTP25C

VILLAGE MARKET

3695 W Curtis Drive • Property ID: SCDZJ7

RESORT REPORT | 2020 307.733.9009

JANUARY - DECEMBER 2019 • JHSIR.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

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The Resor t Repor t is 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

LIV SIR

SANTA FE SIR

Teton Village, WY • Property ID: MM6W24

SIERRA SIR

STEAMBOAT SIR

SUMMIT SIR

Beaver Creek, CO • Property ID: BEJK2M

SUN VALLEY SIR

RESORT REPORT | 2020 307.733.9009

JANUARY - DECEMBER 2019 • JHSIR.COM

MAIN OFFICE

FOUR SEASONS RESORT

185 W. BROADWAY

7680 GRANITE LOOP ROAD

EAST BROADWAY

HOTEL TERRA

110 E BROADWAY

3335 WEST VILLAGE DRIVE

JACKSON HOLE RACQUET CLUB

SNAKE RIVER LODGE & SPA

3535 NORTH MOOSE-WILSON ROAD

7710 GRANITE LOOP ROAD

TETON PINES RESORT

TETON MOUNTAIN LODGE

3415 NORTH PINES WAY

3385 WEST CODY LANE

TETON VALLEY, IDAHO

VILLAGE MARKET

1 SOUTH MAIN STREET

3200 MCCOLLISTER DRIVE

307.733.9009 | jhsir.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 compiled by LIV Sotheby’s International Realty. 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.