Monday, September 21, 2015

Utah Ski Property Market Active as Big El Nino Winter Approaches

Click here for the latest Utah Ski Country Real Estate Comparative Statistics for the past six months, including Number of Units Sold, Median Sales Price, % of Original Listing Price, Median Price Per Square Foot, and Median Days on the Market. This data is organized by ski resort area.

Search for Utah Mountain and Ski Resort Real Estate

 
THE NEWS The real estate market is robust in the majority of Utah ski areas as the snow season, hopefully fueled by the affects of a major El Nino, rapidly approaches.

The two questions on the minds of many with an interest in the property market at Utah's ski resorts are 1) how much snow will the winter bring, considering the predicted strong to extremely strong El Nino, and 2) what effect will the "Vail Effect" have on the market.  It's anyone's guess which prediction is the more difficult to get right.

Joel Gratz, skier and meteorological guru, recently published detailed maps, graphs and predictions for seasonal temperatures and precipitation from three of the most respected worldwide weather services on his blog, www.opensnow.com.  The models of NOAA, CFSv2, and JAMSTEC vary somewhat, but the margins of error related to relatively small geographical boundaries indicate the possibility of a heavy snow year in all, or parts, of Utah.  At the least, none of the models point to anything close to the snow drought of the 2014/2015 season.  There is no disagreement that the El Nino will be strong to very strong and it will have a major impact.  It's just a matter of where the lines for average and above average temperatures and snowfall actually materialize. 

A big snow year always gives a major shot-in-the-arm to the ski resort real estate market.

"The Vail Effect" refers to how much the acquisition of The Canyons and Park City Resort by Vail, the lift that will connect the two areas for the upcoming season, and the additional development that has been announced - will affect the real estate market.  The Epic Pass, now good at Park City and The Canyons at Park City (new name), and the lure of Utah's famed powder and easy access will surely bring in more property buyers.  But how many current Park City area residents and property owners will decide to leave the crowds and traffic for a more peaceful...and perhaps less expensive...resort lifestyle?  Watch the real estate market in the Ogden Valley.  Peaceful, beautiful, terrific skiing and riding.  And the prices....