Record-Breaking Data Revealed in the 2022 Annual Resort Report by LIV Sotheby’s International RealtyChloe Elliott
Once thought of as seasonal destinations, resort communities from Colorado to California have surged in popularity over the last few years. Fueled by a shift in a consumer mentality and the technological ability to work where we play, the year-round attraction of these mountain towns has driven demand up and supply down. This desire to migrate to the mountains and live in these scenic and recreationally abundant areas is why LIV Sotheby’s International Realty (LIV SIR) produces an annual Resort Report on these prominent markets.
This year, LIV SIR welcomed three new markets to the 2022 Resort Report: Winter Park, Colorado, Whitefish, Montana, and Sandpoint, Idaho. These new additions plus the original locations, including Aspen, Breckenridge, Crested Butte, Steamboat Springs, Telluride, and Vail Valley in Colorado; Park City, Utah; Sun Valley, Idaho; Jackson Hole, Wyoming; Big Sky, Montana; North and South Lake Tahoe, California/Nevada; and Santa Fe, New Mexico, bringing the total number of markets featured in the 2022 Resort Report up to 16.
Providing an unparalleled living experience, these resort communities are seeing strong demand and competitive market trends. Throughout the Western United States, 2021 proved to be another abundantly fruitful year, with all resort areas seeing either an increase in the average sold price or total dollar volume sold. Market speed continued to increase from last year, with the average days on market decreasing throughout all resort locations, ranging from 187 days at the highest to just seven days at the lowest.
“Colorado’s allure has always centered around mountain living, and now the attraction of the Rocky Mountains is progressing at a pace never seen before, catching the attention of buyers from all over the country,” said Dan Fitchett, president of LIV SIR’s Colorado Resort Markets. “As these resort communities continue to develop, the connectivity and social resources that make year-round living and working possible will only continue to drive market competition, thus placing sellers in an optimal position and buyers in need of a local and experienced real estate professional.”
In the world-renowned resort communities of Colorado, homes from the Vail Valley to Summit County, Crested Butte, Telluride, and Grand County sold at a record pace. All five areas saw a sharp decline in the average days on market ranging from 187 days in Telluride which is 23.4% faster than the previous year, and 28 days in Summit County, which is 55.6% faster than 2020.
“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%,” said Peggy Raible, vice president and managing broker of LIV SIR Telluride. “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.”
Due to the highly coveted nature of homes in these mountainous areas, all markets saw substantial increases in the average sold price and total dollar volume sold in a year over year comparison. Crested Butte saw a 32.5% increase in the total dollar volume sold from 2020 to 2021, rising from $447,329,907 to $592,689,309, and the Vail Valley’s total dollar volume sold increased 19.8%, rising to an astonishing $3,171,004,292.
“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 commonplace across many different micro-markets,” remarked Alex Griffin, managing broker of LIV SIR’s Vail Valley offices. “We continue to see record-high sales, and the fact that we surpassed the $3-Billion threshold to close out 2021 is extraordinary.”
As the areas analyzed within this annual report continue to appreciate in value, so will the impact of this information. Now more than ever, it is imperative to work with a brokerage that not only remains apprised of real estate trends but sets the standard in analyzing and providing detailed and reliable information to interested buyers and potential sellers. LIV SIR is proud to provide these resources and drive the real estate market forward. To view the 2022 Resort Report visit LIVResortReport.com.