2021 Annual Market Report

STEAMBOAT SOTHEBY’S INTERNATIONAL REALTY

2021 MARKET REPORT

MAIN OFFICE

970.879.8100

| M O U N TA I N

970.879.7800

| DOWNTOWN

970.870.8885

| S T E A M B O AT S I R . C O M

2021 YEAR IN REVIEW

The records were shattered again.

After a record-setting real estate market in 2020, many felt that with such low inventory and uncertainty about the future of the pandemic, there would be no way 2021 could maintain the same trend in sales. Yet, 2021 seemed to be a continuation of the precedent set in 2020, but with an even more frenetic pace as inventory continued to fly off the shelf as quickly as it came on. In the low supply, high demand market in Steamboat, prices

were pushed to the highest ever seen in our market in every sector.

When the total volume of sales in 2020 hit over $1.2B, bettering 2007 by 21% ($1.0B), most tenured Brokers didn’t expect to see sales volume soar to the $1.6B brought in 2021. With a severe lack of inventory, the total number of transactions remained relatively flat from 2020 to 2021, but the intense buyer demand continued to drive average prices, and therefore the total volume

up by more than 30% year-over-year.

The pace at which the market moved in 2021 is reflected in the median days on market – listings were only active for 14 days in 2021, down 65% from 40 days in 2020, down 80% from 70 days in 2017.

For more information about buying or selling real estate in Steamboat Springs or on how these stats pertain to you, reach out to one of our real estate professionals to help you navigate this varied and complex market.

REAL ESTATE SNAPSHOT – PAST 19 YEARS

TOTAL $ VOLUME

2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500

2019

L I S T I NG S

UNI T S S O L D

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

250 2003

$1.6B $1.5B $1.4B $1.3B $1.2B $1.1B $1.0B $900M $800M $700M $600M $500M $400M $300M $200M $100M $0

LIS TIN GS / U N ITS SOLD

$ VOLU ME

Total MLS Number of Listings, Units Sold and Dollar Volume

0

$810,742,595

2020

$1,220,808,440

2021

$1,632,212,535

TOTAL UNITS SOLD 2019

1,254

2020

1,663

2021

1,797

$ VOLUME

ROUTT COUNTY PRICE POINT SUMMARY BY UNITS SOLD

97 0.8 7 9.8 1 0 0

| S T E A M B O AT S I R . C O M

3% 8% 13% 16% 9% 10% 9% 7% 5% 17% 10% 6% 3% 5%

73

TOTA L $ V OLU M E

23 73 112 145 82 86 82 66 46 152 90 55 26 48

P E R CE N T OF U N ITS S OL D

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

U NIT S S OLD

P R IC E R A NGE

Single Family Homes, Townhomes and Condominiums $3,644,145 $18,866,124 $39,269,320 $65,818,988 $45,244,060 $55,917,130 $62,048,574 $56,418,260 $43,749,250 $190,486,425 $154,669,613 $125,125,020 $72,521,782 $222,657,757

23

48

26

55

112

90

145 152

82

46 86

66 82

E X C L U D E S T I M E S H A R E S / F R A C T I O N A L S , LAND & COMMERCIAL

I N F O R M AT I O N P R O V I D E D B Y S T E A M BOAT SPRINGS MLS

STEAMBOAT SPRINGS – DOWNTOWN, FISH CREEK AND MOUNTAIN AREAS

Median Price Sold, Units Sold and Average Days on Market

136

83

70

115

106

50

2018

2019

2020

2021

25 0

AVG D AYS ON M K T

CONDOMINIUMS

$500K

400

$500K

$746K

$889K

129

100

84

96

73

44

80 70 60 50 40 30 20 10 0

70 60 50 40 30 20 10 0

U N I T S SOLD

100 $353K

$365K

$391K

$446K

$599K

141

127

82

73

32

28

2018

2019

2020

2021

$100K

0

$0 AVG D AYS ON M K T

$278K

$250K

$340K

$430K

$398K

$550K

466

337

236

290

356

258

2016

$309K

2017

$100K

$200K

2021

$200K

$300K

2020

200

2019

$300K

$400K

2018

300

2017

$400K

ME D IA N P R IC E SOLD

$600K

2016

$644K

LAND

500 U N ITS S OLD

ME D IA N P R IC E SOLD

$625K

MEDIAN PRICE SOLD

$600K

AV G D AY S O N M KT

$550K

UNI T S S O L D

ME DIAN P RI CE S O L D

$0

$515K

2021

$1.70M

2020

$1.22M

2019

$1.07M

2018

$935K

2016

$818K

2016

$817K

2017

50

2017

75

ME D IA N P R IC E S OLD

100

200 175 150 125 100 75 50 25 0

U N ITS S OLD

125

$800K $700K $600K $500K $400K $300K $200K $100K $0

U N ITS S OLD

AV G D AY S O N M KT

150

U N ITS S OLD

$1.8M $1.6M $1.4M $1.2M $1.0M $800K $600K $400K $200K $0

TOWNHOMES

175 U N ITS S OLD

ME D IA N P R IC E S OLD

SINGLE FAMILY HOMES

UNI T S S O L D

ME DIAN P RI CE S O L D

U N I T S SOLD

MEDIAN PRICE SOLD

SURROUNDING COMMUNITIES – SINGLE FAMILY HOMES, TOWNHOMES AND CONDOMINIUMS

Median Price Sold, Units Sold and Average Days on Market

174

49 2021

ME DIAN P RICE S OLD

0

UNI T S S O L D

IN FORM ATION P ROV IDE D B Y S T E A MB O AT S P RI NG S ML S

$0 AVG DAY S ON M KT

$320K

$345K

$416K

73

70

40

MEDIAN PRICE SOLD

UNITS SOLD

M ED I AN P R IC E

$100K

$500K $400K $300K $200K $100K $0

AVG D AYS ON M K T

$380K

$385K

$487K

108

76

65 2021

127

10

$600K

2020

$758K

90 80 70 60 50 40 30 20 10 0

2019

$638K

$200K

2021

$465K

2020

20

$300K

2020

30

$400K

2019

40

M ED IA N P RI C E

$500K

50

2019

AV G D AY S ON MKT

60

STAGECOACH

U N ITS S OLD

$800K $700K $600K $500K $400K $300K $200K $100K $0

HAYDEN

U N ITS S OLD

M ED IA N P RI C E

NORTH ROUTT

MEDIAN PRICE SOLD

S T E A M B O AT S I R . C O M |

UNITS SOLD

9 7 0.8 7 9.8 1 00

INVENTORY BREAKDOWN

2021 Residential, Land, and Fractional Inventory UNITS SOLD, BY PROPERT Y T YPE, AL L AREAS

VOLUME SOLD, B Y R EGION

$149M 479

$66M

$42M $49M

511

$84M

$161M

110

224

$84M

$575M $137M

383

D O W N TO W N S INGL E FAMI LY HO ME S CONDOMINIUMS

TO WNHO ME S

S O U T H VA L L E Y

L AND

F RACT I O NAL S

M O U N TA IN

FISH CREEK

NORTH ROUTT

WEST STMBT

H AY D E N

ELK RIVER

S TA G E C O A C H / OAK CREEK

I NF O RMAT I O N P R O V I D E D B Y S T E A M B O AT S P R I N G S M L S

STEAMBOAT COMPARED TO OTHER RESORTS

AVE R A G E P R I C E S O L D

$1.13M

$1.10M

$1.06M

$903K

$745K

CRESTED BUTTE

WINTER PARK

PARK CITY

$1.26M

WHITEFISH

TELLURIDE

$1.82M

STEAMBOAT

JACKSON HOLE

$1.95M

BRECKENRIDGE

$2.03M

SUN VALLEY

$2.83M

BIG SKY

$3.23M

VAIL VALLEY

$6.88M ASPEN

$3,000,000 $2,750,000 $2,500,000 $2,250,000 $2,000,000 $1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0

2,400+ 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0

UNITS SOLD

A B OV E INFORMAT I O N P RO V I DE D B Y I NDI V I DUA L RO CK Y M O U N TA I N M L S A R E A S W H E R E A S O T H E B Y ’ S I N T E R N AT I O N A L R E A LT Y O F F I C E E XISTS.

97 0.8 7 9.8 1 0 0

| S T E A M B O AT S I R . C O M

UN ITS SOL D

AV ER A GE P RI C E S O LD

2021 Average Sold Price and Units Sold • Condominiums, Towhomes & Single Family Homes