2024 Resort Report reveals Mountain West market trends; how does Park City match up?

Summit Sotheby's ski-in ski-out listing in White Pine Canyon. Photo: Summit Sotheby’s

PARK CITY, Utah—The latest insights into the real estate dynamics of the Mountain West’s premier ski and mountain communities have been detailed in the 2024 Resort Report, released by Summit Sotheby’s International Realty. Crafted through a partnership with LIV Sotheby’s International Realty and various leading affiliates across the Mountain West, this publication is a digital and print endeavor offering comprehensive lifestyle and real estate data.

The report covers notable areas such as Park City, Aspen, Vail, Sun Valley, and Lake Tahoe, among others. It provides a critical analysis of market trends, including days on market, average sales price, and price per square foot.

“In Utah, our sales professionals serve a high-demand and constantly evolving resort market. As representatives and leaders in Utah’s luxury real estate industry, it’s crucial for us to stay up-to-date with shifting trends and share that information with our clients,” said Thomas Wright, CEO and Principal Broker of Summit Sotheby’s International Realty.

The report highlights a market adjustment in the Western U.S. resort towns after the bustling activity seen during 2021-22, identifying a decrease in the total number of properties sold and overall sales volume in 2023. Nonetheless, an upward trend in the average sold price was observed across 14 out of 17 Mountain West resort communities, marking a 12.42% increase and reflecting the continuous appeal of living in regions with year-round recreational opportunities.

“We actually love reporting, because it plays a large role in how we curate a luxury experience for our clients. We analyze a wide variety of data and metrics – arranging those numbers across our websites and publications in a way that our clients can quickly get a pulse on today’s current market conditions,” Wright elaborated on the importance of the Resort Report and its contribution to enhancing client experiences.

The scarcity of home inventory and a reduction in new construction within several resort areas contributed to the decreased buyer demand last year. This situation and homeowners’ satisfaction with their current properties led to a 10.7% dip in overall sales volume.

Summit Sotheby’s International Realty’s in-depth market analyses are reflected in the production of the Resort Report, which spans various communities across states like Colorado, Idaho, Wyoming, Montana, California/Nevada, and New Mexico. The report has become an essential resource for timely market commentary and luxury real estate experiences thanks to a robust affiliate network.

Access the full 2024 Resort Report here and compare mountain resort locales. Explore the comprehensive suite of digital reports and publications from Summit Sotheby’s International Realty. For a free hard copy of the Resort Report, visit any of the Summit Sotheby’s offices or contact your Sotheby’s agent.