The 2015 Summit Sotheby’s International Resort Report is a comparison of the leading western United State’s resort markets in California, Colorado, Idaho, Utah and Wyoming.

The famous Rocky Mountains, combined with the vast offerings of the western United States continue to position the United States as one of the leading resort community destinations worldwide, and with the increasing desire for lifestyle-inspired home purchases; the resort community market will continue to rise. Resort communities throughout the western United States and around the world are prone to unique, heavily saturated luxury markets. Often found in desirable, slightly less accessible locations than national mainstream markets, resort markets tend to have a greater density of luxury offerings as higher net worth individuals are often drawn to them based on their exclusivity and proximity to world class activities year round. Seasonality, location, and employment opportunities drive the inventory of affordable homes down and most pricing within resort communities up.

Vail, Colorado
Vail Valley’s market began to stabilize at the end of 2014 with the highest yearly sales volume since 2008, as well as the highest number of transactions since 2007. Moving away from the investor-dominated market share, more residences were purchased and used by primary residents and secondary home owners. Homes are spending less time on the market and offers are being presented close to list price, with inventory remaining low. The steady upswing in our market is growing rapidly at 20% and is expected to rise throughout 2015.

Breckenridge, Colorado
Breckenridge has seen a very strong start in 2015 with a 27%  increase in luxury sales volume over $1M in the first quarter over the same period in 2014. A 17% increase in number of properties sold over $1M reflects Buyers’ confidence that now is  the right time to invest in the resort market.

Aspen, Colorado
Aspen continues to be an exceptional place to own real estate. The resort has seen strong growth in all segments of the real estate market. In 2014 we saw an almost 20% increase in selling price, price per square foot, and dollar volume. Properties have held strong at 94% of the asking price.

Telluride, Colorado
After multiple years of a slow recovery, 2014 recorded very positive trends over the previous year and a very strong picture of how 2014 resembles the last record year of 2007. While the market still fluctuates up and down, it’s an optimistic picture.

Crested Butte, Colorado
Crested Butte’s 2014 overall housing market was very similar to 2013 with average sold price, number of properties sold and total volume being close to even. Positives in the 2014 market were that price per square foot was up and days on market were down. 2015 is expected to see gains in total sales volume and average sold price. Crested Butte is already off to a stronger start in the first quarter compared to 2014.

Park City, Utah
The Park City resort market remains very complex and segmented by micro-location and price point. While the number of closed transactions was flat, the “Vail Affect” sparked greater interest which drove up the median sold price. It is anticipated that there will continue to be a shortage of inventory, which will fuel moderate increases in price and a reduction in overall days on the market.

Lake Tahoe, California
Much like the San Francisco Bay Area feeder markets, the overall Tahoe/Truckee real estate market continues to be defined by a lack of inventory, resulting in a sales volume decline accompanied by increased valuations across most of the region’s neighborhoods. More inventory is gradually coming on the market, which is providing welcome relief for buyers in search of the right home. Early 2015 sales are encouraging as we head into the prime spring/ summer home-buying season.

Jackson Hole, Wyoming
The housing market in the Jackson Hole region is kept competitive due to all but approximately three percent of the land in Teton County being state and federally protected. The robust market benefits from the sale of large land parcels and an active market in resort-based fractional units – neither of which is included in this report. A lack of available real estate inventory is the rate-limiting factor within the Jackson Hole region.

Big Sky, Montana
Today, Big Sky is enjoying a renaissance under the combined leadership of Boyne USA, Cross Harbor, Montage Resorts and the Lone Mountain Land Company. Big Sky, Moonlight Basin and the Spanish Peaks Mountain Club ski resorts have been combined under the Banner of Big Sky Ski Resort. The sky is the limit! There are already three new ski accessible cabin developments under construction, each designed with a contemporary, mountain look and feel.

Sun Valley, Idaho
The market in Sun Valley continues to rebound solidly from the recession, showing gains in volume over the last couple of years that suggest steady, long-term growth. The number of transactions has decreased, and the median sales price in the Resort Core has increased dramatically. The ethos in Sun Valley is to maintain the small mountain town atmosphere. It is anticipated that inventory will tighten into the summer months.

View more information in the Summit SIR_2015 Full Resort Report