It’s not just ski bums who are waiting with baited breath for the first snow fall, anyone selling a home close to a ski hill should be crossing their fingers, because — data shows — house prices in these areas are linked to quality snow conditions.
Brokers believe there’s a “direct relationship” between house prices near some of the best slopes in the country and last ski season’s good conditions, according to Bloomberg News.
According to Sierra Sotheby’s International Realty broker, Breck Overall, Q3 in 2017 was “the strongest quarter in our history.” Typically sales for ski-side real estate is September and October, but this year deals started closing in June.
Home sales in Aspen are up 25 percent compared to the same time last year, while Vail’s sales volume increased 13 percent in the first half of the year, according to a Douglas Elliman/Knight Frank report. (Both companies are consolidating their real estate portfolios in preparation for a showdown.)
“Without a doubt, the snow conditions greatly influence a buyer’s perception of the market,” said David McHugh, a LIV Sotheby’s International Broker in Colorado, to Bloomberg News. “If there aren’t good conditions, it’s like going to Disney World when it’s raining.”
[Bloomberg News] — E.K. Hudson