2022
Resort Report
RESORT REPORT 2021 YEAR IN REVIEW Across the country, demand for resort living has continued to surge over the last two years. Brought on by the events of 2020 and pandemic lifestyle changes, consumers have begun to put a premium on their living situations, choosing to live where they want rather than where they need to. This shift in mentality and the ability to work and stay connected remotely led to a major migration from the city to resort regions throughout the Western United States. LIV Sotheby’s International Realty produces an annual Resort Report that specifically analyzes real estate market data for homes in resort locations, including Aspen, Breckenridge, Crested Butte, Steamboat Springs, Telluride, Vail, Beaver Creek, and Winter Park in Colorado; Park City, Utah; Sandpoint and Sun Valley, Idaho; Jackson Hole, Wyoming; Big Sky and Whitefish, Montana; North and South Lake Tahoe, California/ Nevada; and Santa Fe, New Mexico. New this year, the annual Resort Report is excited to welcome three new resort markets: Winter Park, Colorado, Whitefish, Montana, and Sandpoint, Idaho. All markets represent the most significant trends in resort real estate today, showcasing the demand for living in the mountains, near the water, or best yet, a combination of both as often found in these coveted resort communities. Throughout these resort locations, market speed increased at an expeditious rate. All regions saw a decrease in average days on market, ranging from 187 days at the highest to just seven days at the lowest. Additionally, all areas saw either an increase in the average sold price or total dollar volume sold. The results of 2021 indicate clearly that no matter the location, buyer demand is continuing to go up, and with limited inventory in most areas, sellers will continue to be in an optimal position as we head into 2022.
The incredible mountain ranges and vast recreational offerings of the western resort regions continue to position the United States as one of the leading resort community destinations worldwide.
Seasonality, location, and employment opportunities drive the inventory of affordable homes down and pricing within resort communities up.
Changes in consumer purchasing behavior and lifestyle-inspired home purchases will continue to drive market demand within these coveted resort communities.
Cover Photo Credit (Left Hand): Jack Affleck livresortreport.com
12
9
Montana 10 11
13
Idaho Wyoming 15 16
8 7
Nevada Utah
3 4
1 2 6
5
Colorado
California 14
New Mexico
LEGEND 1 . Vail & Beaver Creek, CO 2. Breckenridge, CO 3. Crested Butte, CO 4. Telluride, CO 5. Winter Park, CO 6. Aspen, CO LIV Sotheby’s International Realty Office
7. Steamboat Springs, CO 8. Park City, UT 9. Whitefish, MT 10. Big Sky, MT 11 . Sun Valley, ID
12. 1 3. 14. 1 5. 16.
Sandpoint, ID Jackson Hole, WY Santa Fe, NM North Lake Tahoe, CA/NV South Lake Tahoe, CA/NV
VAIL & BEAVER CREEK, CO Year Over Year
2020
2021
% Change
$1,570,475
$1,946,595
23.9%
$602
$790
31.2%
114
70
-38.6%
Highest Sold Price
$29,750,000
$34,000,000
14.3%
Lowest Sold Price
$139,500
$261,849
87.7%
1,685
1,629
-3.3%
95.4%
97.8%
2.5%
$2,646,251,179
$3,171,004,292
19.8%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
Vail, Beaver Creek and the Greater Vail Valley
“The Vail Valley’s low-standing inventory, high-demand market continues to amaze us all with our average sale price increasing by 24%. Multiple offer scenarios are a commonplace across many different micro-markets. We continue to see record high sales, and the fact that we surpassed the $3-Billion threshold to close out 2021 is extraordinary.”
Alex Griffin Managing Broker, LIV Sotheby’s International Realty, Vail Valley
BRECKENRIDGE , CO Year Over Year
2020
2021
% Change
$907,733
$1,136,426
25.2%
$527.94
$670.28
27.0%
63
28
-55.6%
Highest Sold Price
$7,000,000
$17,000,000
142.9%
Lowest Sold Price
$98,000
$167,000
70.4%
2,142
2,137
-0.2%
98.4%
101.0%
2.7%
$1,944,942,803
$2,428,542,319
24.9%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
All Summit County MLS Areas
“The town council of Breckenridge implemented an emergency moratorium on Short Term Rental licenses and committed to decreasing the amount of licenses within city limits by 20%. This action has perpetuated Summit’s low inventory scenario and sellers’ market. It has also directed focus of potential investors to other markets often overlooked previously. Areas such as Copper Mountain and Keystone are becoming the new focus for investors.”
Aaron Shriner Vice President & Managing Broker, LIV Sotheby’s International Realty, Summit County & Grand County
livresortreport.com
CRESTED BUT TE , CO Year Over Year
2020
2021
% Change
$755,624
$903,489
19.6%
$280
$348
24.4%
181
122
-32.6%
Highest Price
$5,150,000
$5,700,000
10.7%
Lowest Price
$45,000
$96,000
113.3%
592
656
10.8%
95.2%
97.5%
2.5%
$447,329,907
$592,689,309
32.5%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold Entire MLS
“After a record-breaking year in 2020, the Crested Butte and Gunnison markets continued to break historic highs in 2021. Our quaint mountain town is officially “on the map” with drastic increases in sales volume seen throughout the region. Demand outweighs supply, which contributes to a 32% decrease in days on market, and a continued increase in pricing. But despite this growth, we remain competitively priced when compared to other mountain areas.”
Jaima Giles-Alsum Managing Broker, LIV Sotheby’s International Realty, Crested Butte
TELLURIDE , CO Year Over Year
2020
2021
% Change
$2,283,312
$2,833,326
24.1%
$910
$1,154
26.8%
244
187
-23.4%
Highest Sold Price
$13,250,000
$39,500,000
198.1%
Lowest Sold Price
$129,500
$149,800
15.7%
396
352
-11.1%
95.4%
97.2%
2.0%
$948,154,548
$997,330,593
5.2%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold Town of Telluride and Mountain Village
“The Telluride and Mountain Village real estate market experienced another benchmark year in 2021. Buyer demand and property values continued to rise, with the average sold price up 24.1% from last year and days on market down 23.4%. As the appeal of our mountain lifestyle and outdoor recreation continues to attract buyers to Telluride’s box canyon, the 2022 market is poised to be exceptionally competitive with limited inventory and rising appreciation values.”
Peggy Raible Vice President & Managing Broker, LIV Sotheby’s International Realty, Telluride
RESORT REPORT | 2022 resorts.livsothebysrealty.com
JANUARY - DECEMBER 2021 | LIVRESORTREPORT.COM
WINTER PARK, CO Year Over Year
2020
2021
% Change
$624,899
$745,463
19.3%
$357
$449
25.8%
122
93
-23.8%
Highest Sold Price
$6,233,370
$4,600,000
-26.2%
Lowest Sold Price
$1,250
$2,000
60.0%
994
994
0.0%
98.2%
101.4%
3.3%
$621,150,452
$740,990,604
19.3%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
Entire MLS for Grand County
“Winter Park has for a long time been considered a hidden gem of a resort community in Colorado but that is over, it’s been discovered! The high end market in Grand County grew 60% from 2020 to 2021 and the average sales price increased 19% over the same time period. The close proximity to Denver, incredible redevelopment in Winter Park and the amazing summer and winter activities are definitely a huge draw for Coloradans and out of towners alike.”
Aaron Shriner Vice President & Managing Broker, LIV Sotheby’s International Realty, Summit County & Grand County
ASPEN, CO Year Over Year
2020
2021
% Change
$7,237,713
$6,884,155
-4.9%
$1,881
$2,153
14.5%
282
184
-34.8%
Highest Sold Price
$32,000,000
$72,500,000
126.6%
Lowest Sold Price
$425,000
$227,500
-46.5%
343
396
15.5%
94.0%
96.0%
2.1%
$2,482,535,400
$2,726,125,269
9.8%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
Entire MLS
“2021 saw record breaking sales and new highs for price per square foot in multiple neighborhoods. The Aspen real estate market operates off a fixed (and finite) supply of property and the inventory available for sale narrowed significantly over the year. A record number of eager buyers continue to look and pay ever increasing prices. On the flip side Aspen owners have a seller advantage contributing to spikes in pricing and negotiating power.”
Lex Tarumianz Broker Associate, Aspen Snowmass Sotheby’s International Realty
livresortreport.com
STEAMBOAT SPRINGS, CO Year Over Year
2020
2021
% Change
$887,138
$1,100,092
24.0%
$379
$507
33.8%
25
7
-72.0%
Highest Sold Price
$14,500,000
$15,000,000
3.4%
Lowest Sold Price
$94,000
$90,000
-4.3%
Number of Properties Sold
1,093
1,066
-2.5%
% Sold Price to Original List Price
97.6%
100.0%
2.5%
$967,867,054
$1,162,796,798
20.1%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Total Dollar Volume Sold Entire MLS
“2021 seemed to be a continuation of the precedent set in 2020, but with a more frenetic pace as inventory continued to fly off the shelf as quickly as it came on. As a result, bidding wars abound, pushing prices to the highest ever seen in our market in every sector.”
Jill Limberg Managing Broker, Steamboat Sotheby’s International Realty
PARK CIT Y, UT Year Over Year
2020
2021
% Change
$1,446,676
$2,014,661
39.3%
$536
$697
30.0%
97
52
-46.4%
Highest Sold Price
$19,250,000
$19,450,000
1.0%
Lowest Sold Price
$42,500
$32,500
-23.5%
Number of Properties Sold
2,913
2,792
-4.2%
% Sold Price to Original List Price
97.4%
99.0%
1.6%
$4,096,871,211
$4,765,311,640
16.3%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Total Dollar Volume Sold Entire MLS
“Building upon 2020’s momentum, 2021 broke all records in the resort communities of Park City and Deer Valley. Despite supply chain and material challenges, new construction and developments led much of our market’s total sales volume and transaction sides. Due to Park City’s proximity to both Salt Lake City International Airport and the new Mayflower Mountain Resort, we anticipate continued buyer demand from major metropolitan feeder areas into 2022.”
Thomas Wright President and Principal Broker, Summit Sotheby’s International Realty
RESORT REPORT | 2022 resorts.livsothebysrealty.com
JANUARY - DECEMBER 2021 | LIVRESORTREPORT.COM
WHITEFISH, MT Year Over Year
2020
2021
% Change
$815,630
$1,062,689
30.3%
$328
$498
51.8%
142
135
-4.9%
Highest Sold Price
$7,650,000
$29,000,000
279.1%
Lowest Sold Price
$107,000
$175,000
63.6%
678
597
-11.9%
95.0%
92.0%
-3.2%
$552,997,158
$634,425,738
14.7%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
Entire MLS
“Whitefish saw an extreme increase in values in early 2021. The market continues to appreciate but at a slightly slower rate. The current aggressive list prices are giving buyers the luxury of more time to consider their purchases. Priced appropriately, properties continue to sell quickly. Our advice is that buyers should not wait to see if values will fall. With the current low inventory, we will likely see values continue to increase in 2022.”
Stephanie Skinner Realtor Associate, Glacier Sotheby’s International Realty
BIG SKY, MT Year Over Year
2020
2021
% Change
$1,628,542
$1,881,734
15.5%
$565
$729
29.0%
142
99
-30.3%
Highest Sold Price
$9,350,000
$11,918,750
27.5%
Lowest Sold Price
$180,000
$259,000
43.9%
376
337
-10.4%
96.18%
98.6%
2.5%
$612,331,718
$634,144,431
3.6%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
Greater Big Sky Area
“Our market continues to offer value and a lifestyle that is in high demand. Standing inventory is increasingly tight with only 48 available residential properties. Sellers are incentivized with rising sale prices, but where is the next best place to move? The pending drawer is promising with 120 properties under contract (a large portion are new construction). Our agents keep on connecting buyers and sellers to realize their resort real estate dreams.”
Mitch Immenschuh Managing Broker, Big Sky Sotheby’s International Realty
livresortreport.com
SUN VALLEY, ID Year Over Year
2020
2021
% Change
$1,112,136
$1,263,881
14.0%
-
-
-
146
107
-24.0%
Highest Sold Price
$23,000,000
$14,250,000
-38.0%
Lowest Sold Price
-
-
-
838
746
-11.0%
-
-
-
$931,969,911
$942,691,346
1.0%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold Entire MLS
“Similar to other resort communities throughout the Mountain West, Sun Valley saw strong buyer demand from those looking to relocate or add a mountain lifestyle property to their real estate portfolio. With low standing inventory being the overarching storyline of Sun Valley and the surrounding communities, we project a continued increase in average sales price and price per square foot.”
Jim Loyd Managing Broker, Sun Valley Sotheby’s International Realty
SANDPOINT, ID Year Over Year
2020
2021
% Change
$489,169
$694,365
41.9%
$235
$337
43.4%
101
86
-14.9%
Highest Sold Price
$5,800,000
$21,800,000
275.9%
Lowest Sold Price
$35,000
$35,000
0.0%
1,674
1,476
-11.8%
98.6%
99.3%
0.7%
$818,869,048
$1,024,883,578
25.2%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold Entire MLS
Photo Credit: Schweitzer Mountain Resort
“2022 will continue with strong sales along with a very limited inventory. Buyers will be rewarded who are prepared when it comes time to write offers. For sellers, the old phrase “it’s always a good time to sell” applies. With spring being the traditional time to list property, winter can be excellent as well. The luxury market has continued to increase, with 2021 showing us a growing buyer demand of exclusive homes.”
Chris Neu Sales Associate, Tomlinson Sotheby’s International Realty
RESORT REPORT | 2022 resorts.livsothebysrealty.com
JANUARY - DECEMBER 2021 | LIVRESORTREPORT.COM
JACKSON HOLE , W Y Year Over Year
2020
2021
% Change
$2,720,558
$3,231,565
18.8%
$937
$1,258
34.3%
174
119
-31.5%
Highest Sold Price
$22,000,000
$60,000,000
172.7%
Lowest Sold Price
$331,000
$385,000
16.3%
557
463
-16.9%
94.18%
96.92%
2.9%
$1,515,350,952
$1,496,214,412
-1.3%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
Teton County, WY & Alta, WY
“Jackson Hole experienced very high demand in an already tight housing market as reflected in a 18.8% increase in Average Sold Prices and a decline of 31.5% in Days on Market. The number of properties sold fell nearly 17% in a region with limited availability of homes and condos for sale. Demand for properties in resort areas, especially those in low or no tax states, will continue to attract buyers. Sellers may be enticed to “test the market” given the increase in average prices over the past two years, which have risen 90% since 2019.”
Leonard Kleiman Regional Controller, Jackson Hole Sotheby’s International Realty
SANTA FE , NM Year Over Year
2020
2021
% Change
$595,812
$698,662
17.3%
$286
$334
16.7%
59
33
-44.1%
Highest Sold Price
$6,260,000
$8,500,000
35.8%
Lowest Sold Price
$58,000
$50,000
-13.8%
2,410
2,692
11.7%
96.0%
99.0%
3.1%
$1,435,908,603
$1,880,799,685
31.0%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold
Entire MLS
“Santa Fe’s strong seller’s market remained vigorous in 2021. The number of homes sold between $1M and $2M increased by 62%. Total dollar volume of homes sold increased by 31%. Santa Fe remains one of the best priced destination markets with an average price sold of $698,662. With average days on market decreasing by 44.1% year over year, inventories remain tight in almost all price ranges.”
Drew Lamprich Vice President & Qualifying Broker, Santa Fe Sotheby’s International Realty
livresortreport.com
NORTH L AKE TAHOE , CA & NV Year Over Year
2020
2021
% Change
$1,345,787
$1,749,163
30%
$2,437
$2,918
20%
69
41
-41%
Highest Sold Price
$27,500,000
$47,500,000
73%
Lowest Sold Price
$123,000
$160,000
30%
2,430
1,853
-24%
98%
100%
2%
$3,270,262,076
$3,233,799,009
-1%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold North Shore and Truckee
“Fueled by fierce demand for the lakefront, ski and golf lifestyle, the North Lake Tahoe real estate market continues to be defined by fast-paced activity where home sales are turning over more quickly than available inventory can accommodate across all sectors.”
Anne Wulff Vice President & Managing Broker, Sierra Sotheby’s International Realty
SOUTH L AKE TAHOE , CA & NV Year Over Year
2020
2021
% Change
$887,683
$1,093,155
23%
$415
$548
32%
103
72
-30%
Highest Sold Price
$38,000,000
$21,000,000
-45%
Lowest Sold Price
$148,000
$205,000
39%
1,338
1,061
-21%
97%
99%
2%
$1,187,720,521
$1,159,837,195
-2%
Average Sold Price Average Sold Price per Sq. Ft. Average Days on Market
Number of Properties Sold % Sold Price to Original List Price Total Dollar Volume Sold East Shore and South Lake Tahoe
“South Lake Tahoe’s natural splendor, small-town vibe with big city amenities and incredible year-round outdoor recreation earned this resort town recognition as Zillow’s “most popular place of 2021”. It was also named the “most popular small town” and “most popular vacation town.”
Ellen Camacho Managing Broker, Sierra Sotheby’s International Realty
RESORT REPORT | 2022 resorts.livsothebysrealty.com
JANUARY - DECEMBER 2021 | LIVRESORTREPORT.COM
RESORT REPORT | 2022 JANUARY - DECEMBER 2021 | LIVRESORTREPORT.COM
This Resort Report was created in cooperation with our resort partners. Thank you to our participating Sotheby’s International Realty affiliates:
Aspen Snowmass SIR Steamboat SIR Summit SIR
Glacier SIR Big Sky SIR Sun Valley SIR Tomlinson SIR
Jackson Hole SIR Santa Fe SIR Sierra SIR
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, Selkirk MLS, Whitefish, MT MLS, Grand County MLS and Santa 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.