Sotheby’s Resort Report - 2023 Year In Review

Sotheby’s Resort Report

The real estate market has stabilized in resort towns throughout the Western United States since the frenzied pace seen in 2021-2022. In 2023, there was a dip in several key metrics, including the number of properties sold and sales volume. However, the average sold price increased in 14 of 17 resort communities across the Mountain West profiled in this report. This average increase was 12.42%, demonstrating buyers’ ongoing desire for areas that offer year- round recreation like skiing, hiking, fly-fishing, and golf. Destinations with the largest jump in sold prices were Park City, Utah; Big Sky, Montana; and Sun Valley, Idaho. The average pricepersquarefootalsorosein12resortareas, ticking up by 4.5% in 2023.

These scenic locales, with access to national forest and a variety of outdoor activities, had limited
inventory throughout 2023, resulting in a decline in sales volume, which dipped by an average of 10.7% overall. Rising home prices and a decrease in new construction within several resort areas contributed to less buyer demand this past year. Homeowners were also less inclined to sell as they were happy with their current property and location, adding to the lack of inventory available for buyers.

The annual Steamboat Sotheby’s International Realty Resort Report provides analysis for the markets of Aspen, Beaver Creek, Breckenridge, Crested Butte, Snowmass Village, Steamboat Springs, Telluride, Vail, and Winter Park in Colorado; Park City, Utah; Sandpoint and Sun Valley, Idaho; Jackson Hole, Wyoming; Big Sky and Whitefish, Montana; and North and South Lake Tahoe, California/Nevada.