Market Comparison- Aspen, Colorado and Park City, Utah
SALT LAKE CITY, UT – Mountain West Commercial Real Estate (MWCRE) analyzed Aspen, Colorado, and Park City, Utah, revealing key similarities and differences. Both areas have affluent residents, home values exceeding $1.0 million, and daily winter visitor spending over $400. Park City has a larger population (8,703 vs. Aspen’s 6,935) and a higher percentage of households with children (24.7% vs. Aspen’s 16.6%). Aspen has a slightly older population (median age 44.5) compared to Park City (median age 40.8), likely due to more households with children in Park City.
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In terms of housing and lodging dynamics, both cities exude luxury, with median home values over $1.0 million. Park City has higher home values by approximately $300,000 and boasts 59.9% more hotel rooms. Aspen’s hotel metrics, like occupancy, ADR, and RevPAR are higher relative to Park City. Short-term rental units constitute a large percentage of the housing stock in both cities, 59.8% in Aspen and 47.6% in Park City.
In visitor and resort metrics, Park City surpasses Aspen with double skiable acreage and lift count, resulting in higher visitor counts and nights. Both cities draw visitors from common markets, with consistent profiles of mainly married individuals spending close to or over $400 daily in both winter and summer.
In the economic landscape and labor market, despite Park City’s higher visitor numbers, Aspen maintains a competitive edge in taxable sales, especially in clothing/sporting goods. Park City leads in lodging sales, and both markets share similar business numbers, with Park City having a larger workforce.
Comparing micropolitan statistical area market growth, Heber City, UT (including Park City) anticipates fourfold annual population growth, surpassing Glenwood Springs, CO (including Aspen). Both areas score high in the 2023 Polycom Corporation Economic Strength Ratings, and Heber City leads in ongoing development, with more hotel rooms, single-family homes, and retail space under construction.
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Mountain West Commercial Real Estate is a full-service commercial real estate firm that specializes in brokerage, property management, development services, and Capital Markets. With a team of experienced professionals, Mountain West Commercial delivers personalized solutions to clients across the Western United States. The company’s commitment to integrity, innovation, and excellence has made it a trusted partner in the commercial real estate industry.
