Mid Year Micro Market Report 2022

MICRO

MARKET REPORT 2022 MID -YEAR

STEAMBOAT SPRINGS & SURROUNDING AREAS

N OR TH R OU TT & ELK R IV E R A R EA

STMB T SP GS

HAYDEN SOU TH & WE S T

S OU 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

2022 MID-YEAR

A

MARKET OVERVIEW

After a couple of frenzied and record-setting years in our

of signs of how strong our market is, however – the median

real estate market, there are signs that our market may be

sale price for a residential property in Routt County this year

somewhat normalizing. Over the last two years, our market

is $849K at $574/sf. That’s up from $635K in the first half of

has seen unprecedented demand, severe lack of inventory,

2021 and $451/sf. We’re also still seeing residential properties

and the highest prices we’ve experienced. While we wouldn’t

still sell for nearly 100% of the list price, so in many cases, the

say the market is necessarily “cooling off,” it might just be

list price is a starting point for where negotiations begin as

coming a bit back to reality, based on national trends, rising

opposed to a top price to work down from.

interest rates, and a recent uptick in listings. Through the end of June 2022, total residential sales volume in the Steamboat Springs Multiple Listing Service (MLS) posted at just under $544-million, nearly flat to the first half of 2021. Overall transactions are down 22% compared to last year, however the price per square foot has increased 27%, driving the overall volume to nearly the same year over year.

Nationally, there is a lot of chatter in real estate about the market leveling off. While we’re still seeing multiple offer situations on many listings, we’re seeing price reductions and fewer buyers submitting offers on listings with multiple offers, likely in part due to rising interest rates. There are still plenty

The macro-market conditions and trends noted above are a very high-level view, including all different property types throughout Routt County. The micro-market reports on 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 varied, based on a multitude of factors. Our team of real estate experts 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.

CONDOS Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2021

2022

% Change

$615,000

$750,000

22.0%

$572

$734

28.3%

5

5

0.0%

$3,900,000

$4,487,500

15.1%

181

141

-22.1%

100.0%

102.4%

2.4%

2021

2022

% Change

$814,500

$1,550,000

90.3%

$453

$702

55.0%

Prices for townhomes

8

6

-25.0%

have sky rocketed, nearly

$4,500,000

$5,650,000

25.6%

doubling in median price

92

59

-35.9%

100.0%

100.0%

0.0%

over the last year.

TOWNHOMES Median Sales Price Median $/SF Median 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

$1.55M

These areas tend to have the highest property values, driven by low inventory for buyers and incredible demand. While townhomes have the highest median sale price of $1.55M, closely followed by single family homes at $1.54M, condos are not only moving the fastest —on the market for a short 5 days—but also have the highest median price per sf at $734/sf. All residential property types have been selling at 100% of the list price, meaning most properties are closing for over the asking price.

7 DAYS

SINGLE FAMILY HOMES Median Sales Price

The median days on mkt

Median $/SF

for sf homes in Steamboat

Median Days On Market

has decreased by 36%, down to only 1 week.

Highest Price # Properties Sold % Sold Price to List Price

2021

2022

% Change

$1,590,000

$1,547,238

-2.7%

$540

$601

11.3%

11

7

-36.4%

$11,500,000

$5,750,000

-50.0%

73

84

15.1%

99.0%

100.0%

1.0%

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2021

2022

% Change

$485,000

$585,000

20.6%

142

147

3.5%

$6,450,000

$10,700,000

65.9%

49

25

-49.0%

97.7%

95.5%

-2.3%

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. Many of the homes in the South Valley are some of the most luxurious in Steamboat Springs and carry the highest price tags – the median sales price for a single family home is nearly $1-million higher this year than last year, up 47%.

SINGLE FAMILY HOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2022

% Change

$1,749,500

$2,575,000

47.2%

$475

$624

31.4%

The median price per sf for a

39

41

5.1%

$11,150,000

$7,500,000

-32.7%

single family home in the South

22

15

-31.8%

96.1%

96.9%

0.8%

2021

2022

% Change

$599,000

$895,000

49.4%

207

127

-38.6%

$2,500,000

$2,800,000

12.0%

28

18

-35.7%

97.6%

98.1%

0.5%

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

970.879.8100

# 31.4%

2021

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

Valley increased nearly $150/ft over the last year to $624.

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. Prices this year in the Elk River and North Routt areas have remained relatively flat over last year for single family homes. However, with lack of inventory in the county, land sales are moving much faster in this area now, only on the market about 23 days, down 85% from the first half of last year.

SINGLE FAMILY HOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

23 DAYS With lack of inventory, land sales are moving much faster in the Elk River area, on the mkt on avg about 23 days.

2021

2022

% Change

$1,030,000

$947,419

-8.0%

$428

$437

2.1%

7

64

814.3%

$7,400,000

$2,325,000

-68.6%

23

14

-39.1%

99.2%

99.5%

0.3%

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2021

2022

% Change

$146,250

$85,000

-41.9%

149

23

-84.6%

$3,700,000

$4,900,000

32.4%

52

29

-44.2%

96.0%

97.1%

1.1%

STAGECOACH

CONDOS/TOWNHOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

970.879.8100

# 47.6%

2021

2022

% Change

$225,000

$383,000

70.2%

$208

$307

47.6%

5

7

40.0%

The price per sf of a condo

$320,000

$520,000

62.5%

or townhome has increased

7

9

28.6%

100.0%

100.3%

0.3%

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

nearly 50% over the last year to more than $300.

Stagecoach is a residential community located approximately 20 miles from the town of Steamboat Springs, adjacent to Stagecoach Lake State Park. Although this area has historically been known for lower residential price points than Steamboat Springs, the high prices within Steamboat city limits has driven many to the Stagecoach area. The median price per sf of condos and townhomes has increased by $100/sf this year, up 48%. Single family homes in Stagecoach are pushing the $1M mark, up 29% from last year to $925K.

$925K

SINGLE FAMILY HOMES Median Sales Price

Median sale prices in

Median $/SF

Stagecoach have increased

Median Days On Market

29% for single family homes, up to $925K.

Highest Price # Properties Sold % Sold Price to List Price

2021

2022

% Change

$717,190

$925,000

29.0%

$262

$357

36.3%

19

24

26.3%

$1,600,000

$2,775,000

73.4%

14

13

-7.1%

99.9%

100.0%

0.1%

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2021

2022

% Change

$14,500

$50,000

244.8%

114

22

-80.7%

$1,950,000

$435,000

-77.7%

80

62

-22.5%

99.0%

99.5%

0.5%

SOUTH ROUTT The South Routt area of the Yampa Valley encompasses Oak Creek, Phippsburg, Yampa, Toponas, and the rural properties in between. These smaller communities have a history and tradition of mining, ranching, and railroading. Property in South Routt is moving faster than ever, with a 54% decrease in days on market for homes and a 91% decrease in days on market for land.

SINGLE FAMILY HOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2022

% Change

$328,250

$372,090

13.4%

$215

$269

25.1%

Price per sf in South

26

12

-53.8%

Routt for single family

$2,950,000

$910,000

-69.2%

18

18

0.0%

homes has increased

98.0%

97.4%

-0.6%

2021

2022

% Change

$47,000

$75,000

59.6%

338

29

-91.4%

$280,000

$240,000

-14.3%

13

13

0.0%

96.9%

100.0%

3.2%

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

970.879.8100

25.1%

2021

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

25% up to $269/sf.

HAYDEN Hayden lies approximately 25 miles west of Steamboat Springs along Hwy 40. This wonderful smalltown environment offers older homes, smaller acreage parcels, and some subdivisions with newer homes.

Hayden has historically offered lower price points than Steamboat, however, recently has undergone a “boom” with many newcomers to this quaint community, driving an increase in both demand and prices. Selling in less than a week, single family homes are nearly $500k and, on average, are selling for the full asking price.

5 DAYS

SINGLE FAMILY HOMES Median Sales Price

Single Family homes in

Median $/SF

Hayden are moving quicker

Median Days On Market

than ever, on the maket on

Highest Price

average only 5 days.

# Properties Sold % Sold Price to List Price

2021

2022

% Change

$405,000

$495,000

22.2%

$225

$295

31.1%

13

5

-61.5%

$945,250

$958,000

1.3%

35

21

-40.0%

99.1%

100.0%

0.9%

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2021

2022

% Change

$53,000

$150,325

183.6%

241

18

-92.5%

$2,067,000

$1,200,000

-41.9%

37

16

-56.8%

96.8%

96.7%

-0.1%

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.

970.879.8100

SINGLE FAMILY HOMES STEAMBOAT SPRINGS

Current Listings

Sales Past 12 Months

Absorption Rate

203

41

2 Months

8

0

Undetermined

$500K-$1M

37

5

2 Months

$1M-$2M

99

14

2 Months

$2M-$3M

33

12

4 Months

OVER $3M

26

10

5 Months

TOTAL UNDER $500K

CONDOS & TOWNHOMES STEAMBOAT SPRINGS

Current Listings

Sales Past 12 Months

Absorption Rate

483

59

1 Month

114

3

0 Months

$500K-$1M

222

22

1 Month

$1M-$3M

134

29

3 Months

13

5

5 Months

Current Listings

Sales Past 12 Months

Absorption Rate

TOTAL

62

27

5 Months

UNDER $500K

17

6

4 Months

$500K-$1M

26

10

5 Months

$1M-$3M

8

7

11 Months

OVER $3M

11

4

4 Months

TOTAL UNDER $500K

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

TOTAL

456

103

3 Months

UNDER $500K

106

5

1 Month

$500K-$1M

113

14

1 Month

$1M-$2M

145

34

3 Months

$2M-$3M

47

23

6 Months

OVER $3M

45

27

7 Months

CONDOS & TOWNHOMES ROUTT COUNTY

Sales Past 12 Months

Absorption Rate

TOTAL

532

69

2 Month

UNDER $500K

155

10

1 Month

$500K-$1M

226

23

1 Month

$1M-$3M

137

31

3 Months

OVER $3M

14

5

4 Months

LAND ROUTT COUNTY

Current Listings

Sales Past 12 Months

Absorption Rate

TOTAL

403

172

5 Months

UNDER $500K

290

104

4 Months

$500K-$1M

54

28

6 Months

$1M-$3M

45

29

8 Months

OVER $3M

14

11

9 Months

INCL STEAMBOAT SPRINGS

Current Listings

ROUTT CO

SINGLE FAMILY HOMES

970.879.8100 | steamboatsir.com