STEAMBOAT SOTHEBY’S INTERNATIONAL REALTY 2016 MARKET REPORT
MAIN OFFICE
970.879.8100
| M O U N TA I N
970.879.7800
| D OW N TOW N
970.870.8885
| S T E A M B OAT S I R . C O M
NO DISAPPOINTMENTS WITH THE 2016 REAL ESTATE MARKET 2016 was the fifth best real estate market ever recorded for the Steamboat Springs Multiple Listing Service, which posted 1,193 transactions (+10% over 2015) and nearly $618 million in dollar volume (+16% over 2015). Listings (1,447 in 2016), which may be the Achilles Heel in the coming years, declined 6% from the prior year, marking the market’s sixth straight drop.
to decrease and purchases (demand) increasing, properties may experience added pricing pressure. This supply/ demand dynamic (aka Absorption Rate) was supported in 2016 by the 8% average price increase to $534,000. The path that the market has taken since 2008 has been improving at a fairly consistent rate. Although interest rates may be creeping up this year, they typically do not have a drastic impact on resort markets (although they do
With listings (supply) continuing
impact entry level buyers where every point makes it more difficult to qualify). The lack of vertical supply is going to be more of an issue in 2017 (and even in 2018). There are no new multi-family projects on the near horizon. Due to shorter supply and increased demand, expect the 2017 market to make a move to more of a seller’s market and post 1,260 to 1,285 transactions with total dollar volume between $725m to $750m resulting in an average price increase to $575,000.
REAL ESTATE SNAPSHOT – PAST 19 YEARS Number of Listings, Units Sold and Dollar Volume
TOTAL $ VOLUME 2250
LISTINGS
$ VOLUME
2000 1750 1500 1250 1000 750 500
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
0
1998
250
2014 2015 $ VOLUME
LISTINGS / UNITS SOLD
UNITS SOLD
$1.1B $1.0B $900M $800M $700M $600M $500M $400M $300M $200M $100M $0
$536,141,483 $529,517,380
2016 $617,907,780
TOTAL UNITS SOLD 2014 1,025 2015 1,074 2016
1,193
ROUTT COUNTY PRICE POINT SUMMARY BY UNITS SOLD
970.879.8100 | S T E A M B OAT S I R . C OM
17% 18% 17% 10% 9% 7% 5% 4% 2% 5% 4% 1% 1% 1%
TOTAL $ VOLUME
142 150 143 81 72 55 40 30 19 45 31 6 6 7
PERCENT OF MARKET
Less than $200,000 $200,001 to $300,000 $300,001 to $400,000 $400,001 to $500,000 $500,001 to $600,000 $600,001 to $700,000 $700,001 to $800,000 $800,001 to $900,000 $900,001 to $1,000,000 $1,000,001 to $1,500,000 $1,500,001 to $2,000,000 $2,000,001 to $2,500,000 $2,500,001 to $3,000,000 Over $3,000,000
UNITS SOLD
PRICE RANGE
Single Family Homes, Townhomes, and Condominiums
766 31 $21,944,606 $37,714,400 $50,408,129 $35,871,707 $39,969,400 $35,630,484 $30,066,300 $25,649,000 $18,181,000 $55,780,150 $52,500,000 $13,102,500 $16,785,000 $26,099,350
142
45 19 30 40 55
150 72 143
81
Data Excludes Timeshares, Fractionals, Land & Commercial
Information provided by Doug Labor, Steamboat Springs MLS
STEAMBOAT SPRINGS – Downtown, Fish Creek and Mountain Areas
$495K
2014
158
173 2016
2013
$520K
$456K 184
2012
182
2015
$410K 216
50 0
Units Sold
LAND
50
$0
AVG DAYS ON MKT
$278K
$100K
383
498
520 2016
20 $377K
$200K
2015
30
$346K
$300K
186
266
252
2014
40
$202K
$400K
2013
0
$500K
Units Sold
Median Price Sold
$484K
$485K 191 2011
$0
$310K
190
$100K
2012
$310K
215
2016
217
100
MEDIAN PRICE SOLD
$299K
198
2014
200
2015
$256K
225
2013
$275K
$250K
200
2012
$200K $240K
300
2011
$300K
$0
$200K
10
UNITS SOLD
400
AVG DAYS ON MKT
100
$300K
Median Price Sold
500
$400K
$100K
150
$400K
$335K
CONDOMINIUMS
200
$500K
295
UNITS SOLD
MEDIAN PRICE SOLD
$500K
TOWNHOMES
AVG DAYS ON MKT
Units Sold
Median Price Sold
$600K
2011
193
200 175 150 125 100 75 50 25 0
MEDIAN PRICE SOLD
$843K
225
2016
2014
$775K
$626K 173 2013
150
2015
$610K 195 2012
$667K
$580K 182 2011
AVG DAYS ON MKT
SINGLE FAMILY HOMES
UNITS SOLD
$900K $800K $700K $600K $500K $400K $300K $200K $100K $0
UNITS SOLD
MEDIAN PRICE SOLD
Median Price Sold, Units Sold, and Average Days on Market
0
Units Sold
Median Price Sold
SURROUNDING COMMUNITIES – Single Family Homes, Townhomes, and Condominiums Median Price Sold, Units Sold, and Average Days on Market HAYDEN
STAGECOACH
30
$300K
30
$300K
30
$200K
20
$200K
20
$200K
20
$100K $0
AVG DAYS ON MKT
242 2014
313 2015
207 2016
Median Price Sold
10 0
$100K $0
AVG DAYS ON MKT
Units Sold
Information provided by Doug Labor, Steamboat Springs MLS
146 2014
189 2015
119 2016
Median Price Sold
10 0
Units Sold
$100K $0
AVG DAYS ON MKT
135 2014
144 2015
Median Price Sold
$215K
$300K
$300K
40
$167K
$400K
MEDIAN PRICE
40
$235K
$400K
$225K
40
$205K
$400K
MEDIAN PRICE
50
$478K
$500K
$484K
50
$457K
$500K
10
UNITS SOLD
50
UNITS SOLD
$500K
UNITS SOLD
MEDIAN PRICE
NORTH ROUTT
0 135 2016 Units Sold
970.879.8100 | ST EA MBOATS IR.C OM
ST EAMBOAT COM PA RE D TO OT H E R R E S O RT S Average Sold Price and Units Sold
750
$400,000
500
$200,000 $0
Sun Valley $316K
$600,000 Crested Butte $571K
1000
Breckenridge $585K
$800,000
Steamboat $612K
1250
Big Sky $702K
$1,000,000
Park City $917K
1500
Vail Valley $1.09M
$1,200,000
Lake Tahoe $1.28M
1750
Jackson Hole $1.32M
$1,400,000
Telluride $1.33M
2000
Aspen $3.30M
$1,600,000
250 0
Units Sold
Average Price Sold
Above information provided by individual Rocky Mountain MLS areas where a Sotheby’s office exists.
NOW 3 L O C AT IO NS Steamboat Sotheby’s now has three locations to serve clients’ needs.
M A RKET SHA RE 2 0 1 6 Top 5 Real Estate Agencies in Steamboat
% VOLUME SOLD IN 2016
UNITS SOLD IN 2016
40%
900
35%
800
Main Office
700
30%
610 MA R KET P LAC E PLZ
600
25%
500
20%
400
15%
300
Agency E
Agency D
1855 SKI T IME SQ UARE DR Agency C
0
Mountain
Agency B
0% Agency E
100 Agency D
5% Agency C
200
Agency B
10%
Above information provided by Doug Labor, Steamboat Springs MLS
Downtown
970.879.8100 | S T E A M B OAT S I R . C OM
56 NINT H ST REET
UNITS SOLD
AVERAGE PRICE SOLD
CONDOMINIUMS & SINGLE FAMILY HOMES