Thursday, February 18, 2016

Is Utah Ski Country Real Estate Cooling While the Powder Keeps Falling

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 Utah ski season is living up to what the optimists and dreamers envisioned, and as spring rapidly approaches, powder days continue to pile up.  At the same time, a few chinks have appeared in the previously red-hot resort real estate markets, particularly in the Park City/Deer Valley areas.

It's not that the snowfall at Utah resorts this season has been epic, which it hasn't...or even much above average, which it hasn't.  But after one record-setting dry, warm year and a few others below par, the multiple powder days and significant bases so far this season are providing real joy for skiers and riders.

On the Utah ski resort real estate front, there is some puzzling news.  Good snow, the opening of the Quicksilver gondola  connecting The Canyons with Park City and creating the largest ski resort in the country, the additional amenities Vail has provided for Park City and The Canyons - and yet the statistics for December and January real estate sales show significantly declining numbers in the Park City/Deer Valley market..

The Utah Ski Country Real Estate Comparative Statistics for January 2016 for the Park City/Deer Valley market shows that the median sales price dropped to $500,000 from a high in October 2015 of $1,408,000.  Unit sales dropped to 11 from a high of 28, also in October of last year, and the median price per square foot dropped to $354.00 from a recent high of $412.00.

An aberration...or a trend?  Hard to tell.  Looking at the statistics for other Utah ski resort markets offers few clues.  The Canyons and Alta/Snowbird/Salt Lake City Bench show consistent sales numbers over the past few months, including January 2016.  The Ogden Valley market, home to Snowbasin and Powder Mountain, also shows no major movement in the statistics over the past few months, and property in this area remains hands down the best value among the major Utah ski resort markets.

With the current, substantial bases, and if the snow keeps falling, Utah should have an excellent spring ski season.  Real estate activity usually picks up during this period - so stay tuned to this blog and the Real Estate Comparative Statistics.