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, and the 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.
The results of this report made one thing clear, demand for a resort home dramatically increased last year compared to 2019. Across all locations, the total dollar volume sold increased notably, with many areas showing an increase of around 100%, year-over-year. An influx of buyers looking for their resort haven caused the average sales prices to increase, resulting in this rise in total dollar volume. Many areas also experienced a decrease in average days on market, showing that buyers were faced with increased competition and fewer days to make decisions.
The resort market is typically best defined as a second-home market, but last year proved that many consumers were happy to call these locations their primary residence, especially given the flexibility and focus on lifestyle that was heightened by COVID-19.
