Local Area And Real Estate News

The Western Mountain Resort Alliance is composed of 13 destination ski resort area Boards of REALTORS®. The alliance was founded on the idea that while the resorts vary geographically, they share many of the same real estate and development issues due to their vacation resort status. The alliance publishes quarterly sales statistics for the various destination ski areas.

 

While we here in Park City, UT believe that our resort community offers some of the best recreational opportunities and easiest access of any Western North American Ski Resort, a look at what can be purchased in other resort towns can be very informative.

 

VS.

 

Having spent 10 years in Vail, CO, I am jaded to believe that it is the resort with most in common to Park City. In terms of total available inventory if we exclude vacant land, the two areas are almost identical although the single family homes versus condominiums is reversed with Park City having nearly double the number of single family homes on the market as Vail. The number of units sold in the two towns shows Park City’s sales being up 18% in unit volume for the first three quarters of 2011 while Vail’s sales were relatively flat. Available inventory is down in both Park City and Vail versus 2010. The average sales price in Park City saw a 10% decline while Vail registered a 25% decline versus the same period last year.

 

Another interesting comparison stat between Park City and Vail is the median sales prices. Park City area single family home sales saw a median price (half above and half below) of nearly $550K while Vail shows $400K. Conversely, condominium sales median pricing shows Vail at $480K and Park City at $325. Average sales prices for both single family homes and condominiums are considerably higher in Vail than in Park City.

 

Maybe Park City and Vail don’t have as much in common as I thought in terms of real estate and the associated values. This likely has a lot to do with the differences in terms of Park City having been an old mining town that developed ski resorts versus Vail having been a ski resort that developed into a town.

 

For in-depth neighborhood by neighborhood real estate information about Park City, UT, contact a realty professional with the YouInParkCity.com Group at (888)968-4672.