In real estate markets, change occurs slowly. While the data can be random due to the varied nature of inventory, signs of real change are easiest to observe on the supply side.

With inventory for sale at relatively low levels and the announcement of the Intrawest acquisition, it is reasonable to anticipate upward pressure on prices in the next 12 months.

The ski area sale will likely impact ski area properties the most. An interesting statistic to monitor is the months of supply for ski-in/out condos. In September of 2016, there was a 1.61 year supply and at the end of April of 2017, there was a 1.18 year supply. We expect these trends to continue.