STEAMBOAT SOTHEBY’S INTERNATIONAL REALTY 2018 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
SUPPLY OR DEMAND—WHAT TURNED IN 2018? With 8 years of steady growth in transactions that averaged a 15% increase year-over-year, why did the 2018 Steamboat Springs real estate market see a drop in transactions of 7%? A quick answer might be that demand has dropped. However, this drop of transactions may not be due to a reduction in demand, but in a reduction in supply to meet demand. Less inventory led to less buying opportunities, which in turn led to fewer transactions. With lower
demand would have come a reduction of property values. However, the average price of all properties sold increased 13% from 2017 to nearly $600,000; the 2nd highest on record.
to outpace supply. However, in 2017 that percentage tripled to -21%, setting the stage coming into 2018, which posted the 4th lowest number of listings the MLS has seen.
In 2017 the Steamboat Springs MLS posted 1,373 transactions; 4th best recorded and highest since the 2008 crash. The 2008 crash brought on a rash of listings in 2008–2010. From 2010 to 2016, when buyers started coming back into the market, listings declined 7% annually as demand began
Despite transaction decline, dollar volume increased 6% in 2018 to $761 million; the 2nd best in Steamboat MLS history. This is only the second time since 1996 the phenomenon of transactions declining and dollar volume simultaneously increasing has occurred. Information provided by Doug Labor, SteamboatSIR
REAL ESTATE SNAPSHOT – PAST 19 YEARS Number of Listings, Units Sold and Dollar Volume
TOTAL $ VOLUME 2,250
LISTINGS
UNITS SOLD
2016
$1.0B
$ VOLUME
2,000
$900M
1,750
2017
$800M
1,500
$700M
1,250
$600M
1,000
$500M $400M
750
$ VOLUME
$300M
500
$200M
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
$0
2003
0
2002
$100M 2001
250 2000
LISTINGS / UNITS SOLD
$1.1B
$617,907,780 $716,814,922
2018 $760,864,870
TOTAL UNITS SOLD 2016 1,193 2017 1,373 2018
1,273
ROUTT COUNTY PRICE POINT SUMMARY BY UNITS SOLD Single Family Homes, Townhomes and Condominiums
970.879.8100
| S T E A M B OAT S I R . C O M
8% 18% 15% 12% 8% 10% 7% 4% 3% 8% 4% 1% 1% 1%
TOTAL $ VOLUME
74 163 130 111 75 85 59 33 29 70 32 12 10 10
PERCENT OF UNITS SOLD
UNITS SOLD
PRICE RANGE
74 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
$11,622,650 $42,402,601 $45,923,580 $49,457,100 $41,586,450 $55,814,370 $44,651,611 $28,027,150 $27,639,300 $87,914,990 $54,618,154 $27,212,000 $26,985,000 $52,023,920
101012 32 70 29
163 156
33 59
85
130 111
75
Data Excludes Timeshares, Fractionals, Land & Commercial
Information provided by Steamboat Springs MLS
STEAMBOAT SPRINGS – Downtown, Fish Creek and Mountain Areas
$630K
84
91 2018
2016
$582K
2015
113
2017
$520K
2014
$495K
$484K
117
50 0
Units Sold
LAND
70 60
$400K
50
$340K
$0 AVG DAYS ON MKT
466
337
272 2018
0
$250K
$100K
2017
30
$278K
$200K
216
323
420
2016
40
$364K
$300K
2015
MEDIAN PRICE SOLD
$365K
100
$500K
Units Sold
Median Price Sold
135
$346K
2016
87
140
2014
2015
129
2018
148
2014
$370K
173
2017
159
2013
$325K
200
172
$456K
$100K
2013
$200K
20
UNITS SOLD
$200K
$305K
100
$300K
$202K
500
300
$280K
$400K
2013
CONDOMINIUMS
$256K
150
$500K
Median Price Sold
$300K
$0
200
$600K
$0
400
AVG DAYS ON MKT
TOWNHOMES
AVG DAYS ON MKT
$400K
$100K
MEDIAN PRICE SOLD
$930K 2018
$818K
$700K
UNITS SOLD
MEDIAN PRICE SOLD
83
200 175 150 125 100 75 50 25 0
Units Sold
Median Price Sold $500K
88 2017
$818K 136 2016
$711K 180 2015
$628K 102 2014
$550K 118 2013
AVG DAYS ON MKT
SINGLE FAMILY HOMES
UNITS SOLD
$1.0M $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
2017
2018
Median Price Sold
Units Sold
Information provided by Steamboat Springs MLS
$0 AVG DAYS ON MKT
83
58
79
2016
2017
2018
Median Price Sold
Units Sold
$400K
50 40
$300K
30
$200K $100K $0
AVG DAYS ON MKT
$385K
2016
0
60
$363K
214
$100K
$286K
$640K
207
10
$263K
$483K
144
20
$200K
$235K
$418K
30
$300K
$500K
$247K
$400K
40
70 60 50 40 30 20 10 0
MEDIAN PRICE
50
MEDIAN PRICE
$500K
83
107
70
2016
2017
2018
Median Price Sold
970.879.8100
20 10
UNITS SOLD
AVG DAYS ON MKT
60
STAGECOACH
UNITS SOLD
$700K $600K $500K $400K $300K $200K $100K $0
UNITS SOLD
MEDIAN PRICE
NORTH ROUTT
0
Units Sold
| S T E A M B OAT S I R . C O M
STEAMBOAT COMPARED TO OTHER RESORTS Average Sold Price and Units Sold
$1,800,000
2,250
$1,600,000
2,000
$1,400,000
1,750
$1,200,000
1,500
$1,000,000
1,250
$800,000
1,000
$600,000
750
$400,000
500 $1.25M
$1.26M
$961K
$720K
$769K
Lake Tahoe
Vail Valley
Park City
Big Sky
Steamboat
Summit Cty
$659K
$728K
Sun Valley
$1.51M
Crested Butte
$1.77M
Jackson Hole
$0
$1.49M
Telluride
250 $2.75M
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.
3 LOCATIONS Steamboat Sotheby’s has three locations to serve clients’ needs.
MARKET SHARE 2018 Top 5 Real Estate Agencies in Steamboat
UNITS SOLD IN 2018
700
30%
600
25%
500
20%
400
15%
300
10%
200
5%
100
0%
0
Mountain 1 8 5 5 S K I T I M E S Q UARE DR
Agency E
35%
6 1 0 M A R K E T P L ACE PL Z
Agency D
800
Main Office
Agency C
40%
Agency E
900
Agency D
45%
Agency C
1000
Agency B
50%
Agency B
% VOLUME SOLD IN 2018
Above information provided by Steamboat Springs MLS
Downtown 970.879.8100
| S T E A M B OAT S I R . C O M
5 6 N I N T H S T REET
UNITS SOLD
AVERAGE PRICE SOLD
CONDOMINIUMS, TOWNHOMES & SINGLE FAMILY HOMES