How Does Park City, Utah Compare To Other Rocky Mountain Resort Towns?
Vacation home buyers frequently compare a handful of resort towns when they're researching potential investments. It's a fun homework assignment to hop from town to town to compare properties. There's no substitute for jumping in and testing out the local lifestyle on your own.
Keeping Score: Utah vs. Colorado and Wyoming
When you've narrowed your list of contender resorts, it's time to get down to the sober task of making sense of the numbers. Unsettled economic conditions around the globe make this step even more critical. We all want to make prudent investment decisions these days, so which resort makes the most sense?
To help prospective buyers with this cross-resort comparison, the Rocky Mountain Resort Alliance shares real estate sales data, and provides a forum for brokers in member communities to gain an understanding of the neighboring resorts and explore pressing issues the resorts share.
The Alliance meets three times a year in the various member resorts, and statistics are updated quarterly. If you want to track historical sales data back through time, send us a quick note and we'll forward them along to you.
Deer Valley & Park City Real Estate Trends
Here's a recap of the trends that we're seeing at most of the RMRA member resorts...
The overall number of transactions is down (overall sales volume down about 50% from all-time record sales years in 2006-07), but sales prices are holding steady. That's good news for Park City & Deer Valley property owners. Contrary to popular belief, the local real estate market has not seized, as evidenced by the 1,011 closed transactions year to date.
Take a closer look at the average sales prices of the assorted classes of real estate. You'll see that average sales prices in Park City & Deer Valley are still 35% to 60% less than Jackson Hole, Vail, Aspen, and Telluride. The gap has been closing, by the way, as more people discover the easy access of the Salt Lake City and Heber Airports.
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