Living in a resort community offers a unique and attractive lifestyle, abundant with scenic views, recreational opportunities, and like-minded people. Buying and selling real estate in resort communities is unlike most transactions, which is why LIV Sotheby’s International Realty compiles an Annual Resort Report focused on these one-of-a-kind communities.
The Annual Resort Report is aimed to inform consumers about 12 prominent resort markets and specify what makes them unique. The report analyzes the performance of: Summit County (Breckenridge, Keystone, Copper Mountain, etc.), Vail Valley (Vail, Beaver Creek, etc.), Crested Butte, Telluride, Aspen, Steamboat Springs, Lake Tahoe (California/Nevada), Park City (Utah), Big Sky (Montana), Jackson Hole (Wyoming), Santa Fe (New Mexico), Sun Valley (Idaho).
There are many factors that can impact real estate in these resort communities, for example the changing seasons, available amenities, transportation offerings, and shifts in employment due to seasonality of job needs. In order for consumers to make sound financial decisions regarding real estate, it’s important to be knowledgeable of the metrics especially focusing on any shifts in average price and average days on market. Monitoring the real estate performance will set a potential buyer or seller up for success when entering the typically complicated process.
Reporting good news, most of the communities showed a notable increase in demand for 2018, with an increase in average sold price and average sold price per square foot, in combination with a decrease in average days on market. Summit County delivered impressive results including a 9.67% increase in average sold price from $701,775 in 2017 to $769,647 in 2018. Average days on market also dropped a remarkable amount to only 51 days on market in 2018, just under two months, a 17.10% decrease from 62 days in 2017. 51 days on market is the lowest compared to the 11 other resort communities, a testament to the competitive prices in Summit County.
“Last year we saw a lot of traction with real estate in Summit County and we are expecting this will continue as more people want to invest in the Colorado mountain lifestyle, but without the extremely high price tags that some resort areas require,” added Aaron Shriner, vice president and managing broker of LIV Sotheby’s International Realty’s Breckenridge office.
The Vail Valley also reported notable increases in the market, including an impressive 11.08% increase in average sold price from $1,129,622 in 2017 to $1,254,810 in 2018. In addition, average days on market dropped almost 7% to 116 days in 2018, an extremely quick transaction time for a resort location.
“The vast recreational opportunities available in the Vail Valley continue to position this area as a highly sought-after destination for buyers in the Denver Metro area, and around the world,” said Dan Fitchett Jr., vice president and managing broker of LIV SIR’s Vail Valley offices.
Understanding the market and local economy is a critical piece to real estate success for both buyers and sellers. This report provides detailed information to help interested buyers have a pulse on the community, and for potential sellers to keep current with local real estate trends.
LIV Sotheby’s International Realty is proud to provide various reports as resources for consumers. Visit ColoradoMarketReports.com to access the firm’s reports today.