The Western Mountain Resort Alliance, a group that tracks real estate statistics in resort towns across the West, recently released its 3rd quarter data. The report looks at the state of the market in Park City, Steamboat, Teton (Jackson Hole), Vail, Whistler, Sun Valley, Tahoe and Big Sky by comparing active listings, average asking price and total volume sold through Q3 of both 2013 and 2014.
Of great interest to us at the Lange Group from this most recent report is the relative affordability still present in the Park City market. Park City is still holding to Median’s and Averages for home prices that are less than Vail, Jackson, and Whistler. With our 3 top ranked resorts and the recent influx of Vail Resorts operations, the value proposition in Park City is strong right now.
While, there is no guarantee as to what this may mean for the future of Park City real estate, we are encouraged to see our competitors higher priced than Park City. We are hopeful this means Park City will continue to attract homebuyers as more and more home seekers realize what an attractive destination Park City is. And, we are energized to see room for growth in the Park City market.
Utah as a mountain destination has historically fallen behind our neighbors in terms of skier days, yet recently (beginning with the 2002 Winter Games) we have seen steady growth in Utah as a ski destination. If you are familiar with the Utah offering, you know it is superior in terms of access, snow quality, and complete vacation experience. Where else can you land at an international airport and be on snow in less than an hour? Where else are you able to enjoy a sophisticated culinary scene and burgeoning art and culture scene and yet still have the GREATEST SNOW ON EARTH?
This Western Mountain Resort Alliance report tells us that Park City still has room for growth before reaching market maturity. If you have yet to become a homeowner in the Park City area, we encourage you to contact us to learn more about the Park City market. If you are already a Park City homeowner, we invite you to contact us to learn more about the future of the Park City real estate market.