2020 RESORT REPORT
RESORT REPORT 2019 YEAR IN REVIEW Resort communities are each unique and offer an abundance of activities drawing in many to live the sought-after 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, LIV 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 since affluent buyers are attracted to the opulent, and often exclusive, lifestyle that these areas can provide. Seasonality, location, less availability of homes listed for sale, and other factors typically drive home prices in these communities upwards, fueling the continually growing resort luxury home market.
When considering making a real estate investment in one of these incredible resort or mountain communities, take a close look at the market data to ensure that you are making the best financial and lifestyle decision for you and your family. LIV Sotheby’s International Realty is committed to educating consumers and assisting them in reaching their real estate and lifestyle goals.
Seasonality, location, and employment opportunities drive the inventory of affordable homes down and most pricing within resort communities up.
The famous Colorado 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.
coloradomarketreports.com
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*
*LIV SOTHEBY’S INTERNATIONAL REALTY OFFICE
VAIL VALLEY, CO Year Over Year
2018
2019
$1,254,719
$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%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price Number of Properties Sold
1,349
1,399
3.7%
94.3%
94.3%
0.0%
$1,692,616,149
$1,766,806,313
4.4%
% Sold Price to Original List Price Total Dollar Volume Sold
% Change
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 Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price Number of Properties Sold
2019
% 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%
% Sold Price to Original List Price Total Dollar Volume Sold
2018
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
coloradomarketreports.com
CRESTED BUTTE, CO Year Over Year Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market Highest Price Lowest Price Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
2018
2019
% Change
$667,260
$838,671
25.7%
$379
$441
16.4%
182
157
-13.7%
$3,850,000
$4,461,500
15.9%
$68,000
$117,500
72.8%
288
217
-24.7%
96.0%
95.5%
-0.5%
$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 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
$1,525,594
$1,839,532
20.6%
$740
$808
9.2%
326
320
-1.8%
$7,850,000
$16,250,000
107.0%
$140,000
$130,000
-7.1%
209
218
4.3%
94.3%
92.8%
-1.5%
$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 resorts.livsothebysrealty.com
JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM
ASPEN, CO Year Over Year Average Sold Price
2018
2019
% Change
$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%
Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price Number of Properties Sold
217
232
6.9%
90.0%
90.0%
0.0%
$874,035,855
$1,008,271,949
15.4%
% Sold Price to Original List Price Total Dollar Volume Sold
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
% Change
$720,456
$792,524
10.0%
$353
$371
5.1%
Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price
85
102
20.0%
$10,000,000
$11,500,000
15.0%
$152,000
$106,500
-29.9%
706
712
0.9%
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
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
coloradomarketreports.com
NORTH LAKE TAHOE, CA Year Over Year
2018
2019
Average List Price
$1,915,396
$1,658,291
-13.4%
Average Sold Price
$1,826,186
$1,571,432
-14.0%
$631
$618
-2.1%
Average Sold Price per Sq. Ft. Average Days on Market Highest Sold Price Lowest Sold Price Number of Properties Sold % Sold Price to Average List Price Total Dollar Volume Sold
% Change
156
129
-17.3%
$11,750,000
$13,600,000
15.7%
$168,000
$136,000
-19.1%
266
268
0.8%
95.3%
94.8%
-0.6%
$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.”
Brit Crezee
Director of Marketing, Sierra Sotheby’s International Realty
PARK CITY, UT 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
$1,154,441
$1,207,418
4.6%
$329
$341
3.7%
87
100
14.9%
$11,600,000
$32,500,000
180.2%
$70,525
$100,000
41.8%
1,622
1,825
12.5%
95.3%
96.2%
0.9%
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 resorts.livsothebysrealty.com
JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM
BIG SKY, MT 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
$960,674
$1,136,998
18.4%
$403
$456
13.2%
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% 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
coloradomarketreports.com
SANTA FE, NM Year Over Year
2018
2019
% Change
$454,478
$482,328
6.1%
$225
$244
8.4%
75
69
-8.0%
$5,400,000
$7,000,000
29.6%
$9,900
$29,900
202.0%
3,165
3,038
-4.0%
95.0%
100.0%
5.3%
$1,438,423,057
$1,465,313,621
1.9%
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 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 Average Sold Price Average Days on Market Highest Sold Price Number of Properties Sold Total Dollar Volume Sold
2018
2019
% Change
$727,609
$764,370
5.1%
178
142
-20.2%
$7,000,000
$13,250,000
89.3%
760
683
-10.1%
$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 resorts.livsothebysrealty.com
JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.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
coloradomarketreports.com
This Resor t Repor t was 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
JACKSON HOLE SIR
SANTA FE SIR
SIERRA SIR
STEAMBOAT SIR Teton Village, WY • Property ID: MM6W24
SUMMIT SIR
SUN VALLEY SIR
Beaver Creek, CO • Property ID: BEJK2M
RESORT REPORT | 2020 resorts.livsothebysrealty.com
JANUARY - DECEMBER 2019 • COLORADOMICROREPORTS.COM
The life you love.
resorts.livsothebysrealty.com | coloradomarketreports.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.