Year-End 2019 Micro Market Report

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.

970.879.8100 | steamboatsir.com