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