MICRO
MARKET REPORT 2019 YEAR-END
STEAMBOAT SPRINGS & SURROUNDING AREAS
N OR TH R OU TT & ELK R IV E R A R EA
STMB T S P GS
HAYDEN SOU TH & WES T
SOU TH VA LLE Y
ST AG EC OA CH
SOU TH R OU TT
970.879.8100
| S T E A M B O AT S I R . C O M
“STEADY AS SHE GOES�
T
FOR STEAMBOAT MARKET
The new course that the Steamboat Springs real estate market
sharp increase in average price from $522,000 to nearly
set in 2018 did not alter more than a few degrees in 2019. Doug
$651,000 in 2019. From 1995 to 2019, the average price for
Labor, Broker Associate, breaks down the year-end 2019
properties in the Steamboat Springs MLS has increased an
statistics and what they mean for buyers and sellers as we look
average of 9.17% annually. The 2019 Average Price of $650,780
back over the last year and ahead in 2020.
is the highest the MLS has ever recorded. Likewise, the 2019
The number of transactions posted by the Steamboat Springs
median price was $419,000, also the highest on record.
Multiple Listing Service dropped 2% from 2018, at 1,242. This
The macro-market conditions and trends noted are a very
is most likely due to the low supply of properties for sale in the
high-level view, including all different types of properties
market over the past three years.
throughout Routt County. The micro-market reports on the
Speaking of low supply, listings declined for the ninth straight year to 1,083. Except for 2006 (1,065), 2019 carried the second lowest number of listings throughout the year, calling it a tie with 2007 at 1,081. After nine straight years of a higher supply than demand, over the last three years, the market has seen the opposite with more demand than supply. With supply not meeting demand, one would expect prices to increase, which is seen by the
pages that follow are designed to break down the trends and statistics into smaller areas, by property type. This helps give you greater insight into the market conditions in specific segments that are relevant to you. The Steamboat real estate market is complex and extremely varied, based on a multitude of factors. Our team of real estate professionals is here to help you decipher exactly how market conditions, trends, and stats pertain to you.
STEAMBOAT SPRINGS Imagine living your best life and enjoying everything that you love about Steamboat Springs right out your front door, or within a short bike ride. Steamboat Springs encompasses the areas known as the Mountain, Fish Creek, Downtown, Strawberry Park and West Steamboat, stretching from Walton Creek Road on the south side of town to Steamboat II and Heritage Park on the west end. While each different area boasts its own unique “personality,” they all offer Steamboat’s eclectic mix of ski town atmosphere and community,
CONDOS Median Sales Price Median $/SF Average Days On Market Highest Price # Properties Sold % Sold Price to List Price
2018
2019
% Change
$365,000
$391,000
7.1%
$350
$362
3.0%
87
73
-16.1%
$2,400,000
$3,600,000
50.0%
302
334
10.6%
97.3%
97.8%
0.5%
2018
2019
% Change
$640,000
$644,000
0.6%
Avg days on market for
$310
$351
13.2%
91
96
5.5%
condos in Steamboat
$2,375,000
$2,350,000
-1.1%
Springs was down 16.1%
177
151
-14.7%
as compared to 2018
97.5%
96.6%
-0.9%
TOWNHOMES Median Sales Price Median $/SF Average Days On Market Highest Price # Properties Sold % Sold Price to List Price
970.879.8100
| S T E A M B O AT S I R . C O M
16.1%
coupled with Western heritage and a lower, more laid-back way of life. World famous powder and tree skiing, the world’s oldest Winter Carnival, the nation’s best small town rodeo, over 75 restaurants and bars, and the friendliest people you will find anywhere in the world—these are just a handful of the things that make Steamboat Springs such a special place. No matter what activities you enjoy, Steamboat Springs will have something for you. Your best life starts with a home that inspires you, and there is no better place to call home than Steamboat Springs, Colorado.
$850K
SINGLE FAMILY HOMES Median Sales Price
Median sales price for a
Median $/SF
single family home in
Average Days On Market Highest Price
Steamboat Springs is up 11.5%
# Properties Sold
year-over-year, to $850,000
% Sold Price to List Price
2018
2019
% Change
$762,500
$850,000
11.5%
$350
$362
3.4%
77
109
41.6%
$3,800,000
$5,625,000
48.0%
188
169
-10.1%
96.5%
97.7%
1.2%
LAND Median Sales Price Average Days On Market Highest Price # Properties Sold % Sold Price to List Price
2018
2019
% Change
$327,500
$430,000
31.3%
283
405
43.1%
$3,282,500
$2,469,000
-24.8%
74
26
-64.9%
96.5%
94.1%
-2.5%
THE SOUTH VALLEY The South Valley stretches south of Steamboat Springs, generally along the Highway 131 corridor and along the Yampa River from the tailwaters of Stagecoach Reservoir to Steamboat. Beautiful and picturesque, this area boasts high-end developments with low-density living. Some of the developments are LPS’s (Land Preservation Subdivisions) and many of the ranches are under conservation easements, ensuring that the area will maintain its vast open spaces and will preserve the abundant wildlife.
SINGLE FAMILY HOMES Median Sales Price Median $/SF Average Days On Market Highest Price # Properties Sold % Sold Price to List Price
2018
2019
% Change
$1,260,000
$1,227,000
-2.6%
18.8%
$379
$344
-9.2%
Single family homes
202
240
18.8%
in the South Valley
$6,150,000
$10,250,000
66.7%
37
44
18.9%
were on the market for
93.8%
96.0%
2.3%
240 days on average, up 18.8% over 2018
LAND Median Sales Price Average Days On Market Highest Price # Properties Sold % Sold Price to List Price
970.879.8100
2018
2019
% Change
$500,000
$535,000
7.0%
322
343
6.5%
$1,725,000
$1,362,500
-21.0%
19
14
-26.3%
92.6%
92.0%
-0.6%
| S T E A M B O AT S I R . C O M
ELK RIVER & NORTH ROUTT The Elk River area is located northwest of downtown and follows the Elk River to the town of Clark. The area known as North Routt continues north past Pearl Lake, Steamboat Lake and Hahn’s Peak to Columbine. This area is an outdoorsman’s paradise for fishing, hunting, snowmobiling, trail riding and more. If you like to be close to Steamboat Springs but also want a sense of privacy and seclusion, the Elk River Area or North Routt may be the spot for you.
$265/SF
SINGLE FAMILY HOMES Median Sales Price
The Median $/SF for single
Median $/SF
family homes increased by
Average Days On Market
12.1% in 2019 to $265/SF
Highest Price # Properties Sold % Sold Price to List Price
2018
2019
% Change
$700,000
$669,500
-4.4%
$233
$265
13.7%
187
140
-25.1%
$10,000,000
$11,500,000
15.0%
37
35
-5.4%
93.8%
95.8%
2.1%
LAND Median Sales Price Average Days On Market Highest Price # Properties Sold % Sold Price to List Price
2018
2019
% Change
$185,000
$135,000
-27.0%
344
280
-18.6%
$1,500,000
$1,850,000
23.3%
41
25
-39.0%
92.9%
92.0%
-1.0%
STAGECOACH
CONDOS/TOWNHOMES Median Sales Price Median $/SF Average Days On Market Highest Price # Properties Sold % Sold Price to List Price
970.879.8100
21 SALES
2018
2019
% Change
$252,500
$247,000
-2.2%
$182
$183
0.5%
36
79
119.4%
In 2019, 21 condos/
$280,000
$297,500
6.3%
townhomes were sold
18
21
16.7%
98.3%
98.2%
-0.1%
| S T E A M B O AT S I R . C O M
in the Stagecoach area, up 16.7% from 2018
Stagecoach is a residential community located approximately 20 miles from the town of Steamboat Springs, adjacent to Stagecoach Lake State Park. This area offers a myriad of recreational opportunities, including boating, fishing, ice fishing, biking, hiking and more. This is a beautiful area overlooking the Stagecoach Reservoir where several subdivisions include a little bit of everything: condos, townhomes, single family homes, small ranches, “off-grid” properties, rural vacant land, and large acreage parcels.
131 DAYS
SINGLE FAMILY HOMES Median Sales Price
The average days on market
Median $/SF
for single family homes in
Average Days On Market
Stagecoach increased by 39.4% in 2019 to 131 days
Highest Price # Properties Sold % Sold Price to List Price
2018
2019
% Change
$489,475
$475,500
-2.9%
$202
$221
9.4%
94
131
39.4%
$1,725,000
$1,250,000
-27.5%
26
26
0.0%
95.4%
96.9%
1.6%
LAND Median Sales Price Average Days On Market Highest Price # Properties Sold % Sold Price to List Price
2018
2019
% Change
$25,000
$20,000
-20.0%
206
188
-8.7%
$5,275,000
$297,500
-94.4%
34
35
2.9%
88.2%
93.8%
6.3%
SOUTH ROUTT The South Routt area of the Yampa Valley encompasses Oak Creek, Phippsburg, Yampa, Toponas and the rural properties between. This area begins roughly 25 miles from Steamboat Springs as you head south on Highway 131. These smaller communities have a history and tradition of mining and railroading. National Forest surrounds many of these towns and the Flat Tops Wilderness area and Colorado River are easily accessible offering endless recreation, including hunting, ďŹ shing, camping, and river rafting.
SINGLE FAMILY HOMES Median Sales Price Median $/SF Average Days On Market Highest Price # Properties Sold % Sold Price to List Price
2019
% Change
$246,000
$275,000
11.8%
$173
$166
-4.0%
88
85
-3.4%
The median sales price
$1,575,700
$1,886,000
19.7%
for a South Routt single
36
46
27.8%
96.2%
98.1%
2.0%
2018
2019
% Change
$60,000
$107,500
79.2%
437
341
-22.0%
$1,767,675
$875,000
-50.5%
7
14
100.0%
88.0%
94.6%
7.5%
LAND Median Sales Price Average Days On Market Highest Price # Properties Sold % Sold Price to List Price
970.879.8100
$275K
2018
| S T E A M B O AT S I R . C O M
family home is $275,000, up 11.8% from 2018
HAYDEN The town of Hayden lies approximately 25 miles west of Steamboat Springs along Highway 40. This wonderful small-town environment offers older homes, smaller acreage parcels, and some subdivisions with newer homes. Hayden High School is located in the center of town, and the Routt County Fairgrounds and Yampa Valley Regional Airport are located here as well. Hayden offers small-town charm with homes that are more affordable than those in Steamboat, while still being close to all of Steamboat’s amenities.
8.5%
SINGLE FAMILY HOMES Median Sales Price Median $/SF
The median $/sq ft for single
Average Days On Market
family homes in Hayden
Highest Price
increased 8.5% since 2018, to $191/sf in 2019
# Properties Sold % Sold Price to List Price
2018
2019
% Change
$299,000
$325,000
8.7%
$176
$191
8.5%
82
70
-14.6%
$1,225,000
$490,900
-59.9%
59
47
-20.3%
96.8%
98.0%
1.2%
LAND Median Sales Price Average Days On Market Highest Price # Properties Sold % Sold Price to List Price
2018
2019
% Change
$50,000
$46,000
-8.0%
557
608
9.2%
$769,200
$560,800
-27.1%
30
16
-46.7%
95.1%
98.6%
3.7%
INVENTORY ANALYSIS ABSORPTION RATE When analyzing the real estate market, one of the factors that needs to be taken into consideration is absorption rate.
STEAMBOAT SPRINGS
Absorption rate is the number of months it would take to sell the currently listed properties in the market. As of January 1, 2020.
970.879.8100
SINGLE FAMILY HOMES STEAMBOAT SPRINGS
Current Listings
Sales Past 12 Months
Absorption Rate
61
169
4 months
4
24
2 months
$500K-$1M
19
76
3 months
$1M-$2M
23
50
6 months
$2M-$3M
6
12
6 months
OVER $3M
9
7
15 months
TOTAL UNDER $500K
CONDOS & TOWNHOMES STEAMBOAT SPRINGS
Current Listings
Sales Past 12 Months
Absorption Rate
106
486
3 months
UNDER $500K
26
283
1 month
$500K-$1M
36
168
3 months
$1M-$3M
39
34
15 months
5
1
5 years
Current Listings
Sales Past 12 Months
Absorption Rate
TOTAL
135
29
4 years
UNDER $500K
80
16
5 years
$500K-$1M
31
11
2 years
$1M-$3M
17
2
9 years
OVER $3M
7
0
undetermined
TOTAL
OVER $3M
LAND STEAMBOAT SPRINGS
| S T E A M B O AT S I R . C O M
Absorption rate is one of the metrics used to attempt to predict home prices and sales activity going forward. The absorption rates noted here indicate how many months it would take for all of the currently listed properties in a particular category to sell, based on the sales activity over the past 12 months.
ROUTT COUNTY
Current Listings
Sales Past 12 Months
Absorption Rate
158
391
1 month
UNDER $500K
36
162
3 months
$500K-$1M
36
114
4 months
$1M-$2M
41
81
5 months
$2M-$3M
20
19
1 year
OVER $3M
25
15
2 years
TOTAL
CONDOS & TOWNHOMES ROUTT COUNTY
Sales Past 12 Months
Absorption Rate
TOTAL
116
526
3 months
UNDER $500K
32
316
1 month
$500K-$1M
37
172
3 months
$1M-$3M
42
37
15 months
OVER $3M
5
1
5 years
LAND ROUTT COUNTY
Current Listings
Sales Past 12 Months
Absorption Rate
TOTAL
427
132
3 years
UNDER $500K
312
103
3 years
$500K-$1M
66
25
3 years
$1M-$3M
39
4
8 years
OVER $3M
10
0
undetermined
INCL STEAMBOAT SPRINGS
Current Listings
ROUTT CO
SINGLE FAMILY HOMES
It’s all about lifestyle.
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