2019 Resort Report

2019 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 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 your real estate options 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. Steamboat Sotheby’s International Realty is committed to educating consumers and assisting them in reaching their real estate 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.

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

STEAMBOAT SPRINGS, CO Year Over Year

2018

2019

% Change

Average Sold Price

$720,456

$792,524

10.0%

Average Sold Price per Sq. Ft.

$353

$371

5.1%

Average Days on Market

85

102

20.0%

Highest Sold Price

$10,000,000

$11,500,000

15.0%

Lowest Sold Price

$152,000

$106,500

-29.9%

Number of Properties Sold

706

712

0.9%

% Sold Price to Original List Price

95.2%

96.6%

1.5%

Total Dollar Volume Sold

$518,728,126

$561,107,312

8.2%

Town of Steamboat Springs, Elk River and 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

ASPEN, CO Year Over Year

2018

2019

% Change

Average Sold Price

$4,027,815

$4,345,999

7.9%

Average Sold Price per Sq. Ft.

$1,504

$1,531

1.8%

Average Days on Market

290

261

-10.0%

Highest Sold Price

$21,500,000

$23,000,000

7.0%

Lowest Sold Price

$430,000

$345,000

-19.8%

Number of Properties Sold

217

232

6.9%

% Sold Price to Original List Price

90.0%

90.0%

0.0%

Total Dollar Volume Sold

$874,035,855

$1,008,271,949

15.4%

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

JACKSON HOLE, WY Year Over Year

2018

2019

% Change

Average Sold Price

$1,776,400

$1,760,000

-0.9%

Average Sold Price per Sq. Ft.

$754

$795

5.4%

Average Days on Market

172

137

-20.4%

Highest Sold Price

$13,500,000

$17,750,000

31.5%

Lowest Sold Price

$167,500

$171,500

2.4%

Number of Properties Sold

435

434

-0.2%

% Sold Price to Original List Price

95.1%

94.6%

-0.5%

Total Dollar Volume Sold

$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

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 JANUARY - DECEMBER 2019 • STEAMBOATSIR.COM

VAIL VALLEY, CO Year Over Year

2018

2019

% Change

Average Sold Price

$1,254,719

$1,262,907

0.7%

Average Sold Price per Sq. Ft.

$515

$532

3.3%

Average Days on Market

115.76

121.60

5.0%

Highest Sold Price

$23,000,000

$20,750,000

-9.8%

Lowest Sold Price

$97,000

$25,000

-74.2%

Number of Properties Sold

1,349

1,399

3.7%

% Sold Price to Original List Price

94.3%

94.3%

0.0%

Total Dollar Volume Sold

$1,692,616,149

$1,766,806,313

4.4%

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

2019

% Change

Average Sold Price

$950,131

$1,139,675

20.0%

Average Sold Price per Sq. Ft.

$524

$568

8.6%

Average Days on Market

60

75

25.0%

Highest Sold Price

$4,700,000

$10,100,000

114.9%

Lowest Sold Price

$155,365

$192,555

23.9%

Number of Properties Sold

703

623

-11.4%

% Sold Price to Original List Price

97.6%

97.3%

-0.3%

Total Dollar Volume Sold

$667,942,076

$710,017,502

6.3%

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

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%

95.5%

-0.5%

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 multifamily 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 JANUARY - DECEMBER 2019 • STEAMBOATSIR.COM

BIG SKY, MT Year Over Year

2018

2019

% Change

Average Sold Price

$960,674

$1,136,998

18.4%

Average Sold Price per Sq. Ft.

$403

$456

13.2%

Average Days on Market

146

113

-22.6%

Highest Sold Price

$4,950,000

$7,100,000

43.4%

Lowest Sold Price

$116,000

$125,000

7.8%

Number of Properties Sold

294

264

-10.2%

% Sold Price to Original List Price

96.7%

96.3%

-0.5%

Total Dollar Volume Sold

$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

NORTH LAKE TAHOE, CA Year Over Year

2018

2019

Average Sold Price

$1,826,186

$1,571,432

% Change -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

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 Year Over Year

2018

Average Sold Price

$727,609

Average Sold Price per Sq. Ft.

2019

% Change

$764,370

5.1%

–

–

Average Days on Market

178

142

-20.2%

Highest Sold Price

$7,000,000

$13,250,000

89.3%

Lowest Sold Price Number of Properties Sold % Sold Price to Average List Price Total Dollar Volume Sold

–

–

760

683

–

–

$552,982,913

–

– -10.1% –

$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 JANUARY - DECEMBER 2019 • STEAMBOATSIR.COM

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