Most of the historically high prices occurred around 1981. Today, some market segments have exceeded those highs and some are rapidly approaching. But those prices are in 1981 dollars. Adjust for 18 years of inflation and we are really not even close to historic highs. The recent jump is a very simple supply and demand reaction.
Supply is very limited.
Many owners simply don't want to sell because it is a lifestyle decision over an investment decision. Many are compelled to have Mammoth as part of their future. Present inventory is only a fraction of what we have had in the past. In the past 2 years, every major financial magazine has presented an article on boomer demographics and the expected impacts on markets. Resort real esate is high on the list.