2017 Annual Market Report

STEAMBOAT SOTHEBY’S INTERNATIONAL REALTY 2017 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

UP, UP AND AWAY! 2017 MARKET REWIND One of the most notable trends of 2017 compared to 2016 was the total number of closed transactions, which went up 15%, from 1,193 to 1,373. Total dollar volume was at nearly $717M, up 11% over 2016. Double digit growth in both number of transactions and total dollar volume in a single year is compelling for Steamboat’s diverse market because it shows a positive trend across the board.

13% compared to 2016, from $377K to $425K. The average residential sale price in Steamboat in 2017 was $609K—lower than that of its neighboring western resort communities.

The market has been improving at a consistent rate since 2008, and while interest rates are creeping up, they do not typically have as drastic an impact on resort markets as in urban markets. Steamboat is finally seeing the emergence of new multi-family developments for the first time in almost a decade, with a handful of new projects set to break ground in 2018. Expect to see the market trends of 2017 continue throughout 2018, with increased activity in the luxury and land segments of the market.

Listing inventory declined 20% from 2016, the seventh straight drop in the market year-over-year. This supply/ demand scenario is generally indicative of modest price increases continuing in the near future. In 2017, the median sales price for residential properties increased

REAL ESTATE SNAPSHOT – PAST 19 YEARS Number of Listings, Units Sold and Dollar Volume

TOTAL $ VOLUME 2250

LISTINGS

UNITS SOLD

2015

$1.0B

$ VOLUME

2000

$900M

1750

2016

$800M

1500

$700M

1250

$600M

1000

$500M $400M

750

$ VOLUME

$300M

500

$200M

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

$0

2002

0

2001

$100M 2000

250 1999

LISTINGS / UNITS SOLD

$1.1B

$529,517,380 $617,907,780

2017 $716,814,922

TOTAL UNITS SOLD 2015 1,074 2016 1,193 2017

1,373

ROUTT COUNTY PRICE POINT SUMMARY BY UNITS SOLD Single Family Homes, Townhomes and Condominiums

970.879.8100 |

ST EAM B OAT S I R .C OM

10% 17% 16% 13% 11% 9% 7% 4% 3% 6% 2% 1% 1% 1%

TOTAL $ VOLUME

98 156 148 120 105 81 63 42 27 59 18 12 7 9

PERCENT OF UNITS SOLD

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

98 $14,213,050 $39,630,218 $52,032,630 $53,896,183 $57,722,744 $52,847,220 $47,657,225 $35,832,451 $26,032,900 $73,119,142 $30,534,360 $27,220,000 $19,550,000 $45,225,000

971218

59 27 42

156 63

81 148 105 120 Data Excludes Timeshares, Fractionals, Land & Commercial

Information provided by Steamboat Springs MLS

STEAMBOAT SPRINGS – Downtown, Fish Creek and Mountain Areas

$495K

$582K 2017

2015

84

2016

$484K 2014

$520K

$456K 2013

113

70 60

$400K

50

$0 AVG DAYS ON MKT

$250K

0

420

466

337 2017

$100K

$278K

30

2016

$200K

$364K

40

228

216

323

2015

$300K

$346K

100

0

Units Sold

LAND

Units Sold

Median Price Sold

117

2014

129

135

$202K

$370K

148

2017

2015

$325K

$280K 2014

173

2016

$256K 2013

$305K

$250K 2012

200

159

140

50

20

UNITS SOLD

$200K

MEDIAN PRICE SOLD

$500K

300

172

169

2013

500

155

$410K

$100K

2012

$200K

$310K

CONDOMINIUMS

UNITS SOLD

MEDIAN PRICE SOLD

100

$300K

Median Price Sold

$300K

$0

150

$400K

$0

400

AVG DAYS ON MKT

200

$500K

AVG DAYS ON MKT

$400K

$100K

TOWNHOMES

Units Sold

Median Price Sold $500K

$600K

2012

88

200 175 150 125 100 75 50 25 0

MEDIAN PRICE SOLD

$818K

136

2017

2015

$818K

$628K 102 2014

180

2016

$550K 118 2013

$711K

$550K 152 2012

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

10 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 $500K

60

$400K

50

$400K

50

$400K

50

207

2015

2016

2017

Median Price Sold

0

Units Sold

Information provided by Steamboat Springs MLS

$100K $0

AVG DAYS ON MKT

145

83

58

2015

2016

2017

Median Price Sold

20 10 0

Units Sold

$100K $0

AVG DAYS ON MKT

$363K

144

10

30

$200K

$247K

$483K

276

20

40

$300K

$300K

$418K

$0 AVG DAYS ON MKT

$409K

$100K

30

$200K

$263K

30

$200K

$300K

$235K

$300K

40

$223K

40

MEDIAN PRICE

60

MEDIAN PRICE

$500K

103

83

107

2015

2016

2017

Median Price Sold

970.879.8100 |

20 10

UNITS SOLD

60

UNITS SOLD

$500K

UNITS SOLD

MEDIAN PRICE

NORTH ROUTT

0

Units Sold

S T E A MBOATS IR. C O M

ST EAMBOAT COM PA RE D TO OT H E R R E S O RT S Average Sold Price and Units Sold

$1,600,000

2000

$1,400,000

1750

$1,200,000

1500

$1,000,000

1250

$800,000

1000

$600,000

750

$400,000

500 250 $1.50M

$1.13M

$1.16M

$814K

$609K

$700K

Jackson Hole

Lake Tahoe

Vail Valley

Park City

Big Sky

Steamboat

Summit Cty

$684K

$682K

Sun Valley

$1.40M

Crested Butte

$1.36M

Telluride

$0

$4.33M

Aspen

$200,000

0

Units Sold

Average Price Sold

Above information provided by individual Rocky Mountain MLS areas where a Sotheby’s International Realty 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 7 Top 5 Real Estate Agencies in Steamboat

% VOLUME SOLD IN 2017

UNITS SOLD IN 2017

45%

1000

40%

900

35%

800

Main Office 6 1 0 M A R K E T P L ACE PL Z

700

30%

600

25%

500

20%

400

15%

300

Agency E

Agency D

1 8 5 5 S K I T I M E S Q 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 Steamboat Springs MLS

Downtown 970.879.8100 |

ST EAM B OAT S I R .C OM

5 6 N I N T H S T REET

UNITS SOLD

AVERAGE PRICE SOLD

CONDOMINIUMS, TOWNHOMES & SINGLE FAMILY HOMES