MICRO
MARKET REPORT 2023 MID -YEAR
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
303.842.1142
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2023 MID-YEAR
F
VALUES ARE UP BUT SALES ARE DOWN
For the first six months of 2023, the Steamboat Springs MLS
new record for residential dollar/sf values (including single-
experienced declines in three major categories: listings,
family homes, townhomes, and condos) in Steamboat Springs.
transactions, and dollar volume. During a real estate market
In 2022, the median residential dollar/sf value stood at $667.
upswing, similar to what we have witnessed in the past decade,
However, during the first half of 2023, it rose to $750, reflecting
where demand surpasses supply, the key factor lies in listings.
a notable increase of 12%. Despite declines in transactions and
Since 2010, when there were over 3,000 listings available at
dollar volume, the significant rise in property values clearly
any given time, there has been a consistent decline. The first
indicates sustained high demand. Moreover, the absorption
half of 2023 concluded with 617 listings, marking a significant
rate—which measures the rate at which inventory is consumed
27% drop from the 850 listed during the same period in 2022.
within a specific timeframe—for the first half of 2023 was the
In a high-demand market, listings serve as the driving force;
third highest on record. In 2021, an impressive absorption rate
however, due to an insufficient and unhealthy supply, they are
of 85% was observed, indicating that 85% of properties listed
currently inadequate. The substantial decline in sales resulted
during the first 6 months were sold within that period. In
in a corresponding decrease in dollar volume. This decline was
comparison, 2022 recorded a slightly lower absorption rate of
not surprising as it plummeted from $666M in 2022 to $406M
75%, while 2023 reached a rate of 71%. A “balanced” market is
in 2023, representing a substantial drop of 39%. However,
typically characterized by an absorption rate of approximately
an indicator for market demand lies within how property
50%. As we consider the future, assuming no significant
values respond. If demand subsides, property values should
disruptions occur at the national or international level and no
also decrease accordingly. Conversely, when demand exceeds
major real estate developments are anticipated to enter the
supply, property values are expected to increase. Throughout
market in the near future, it’s likely that the current status quo
the first half of 2023, demand remained robust, leading to a
will remain until additional supply can be made available.
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
2023
% Change
$750,000
$775,000
3.3%
$734
$811
10.5%
5
10
100.0%
$4,487,500
$3,000,001
-33.1%
141
94
-33.3%
another $75/sf over the
102.4%
99.5%
-2.8%
last year to $811/sf.
2022
2023
% Change
$1,550,000
$1,202,000
-22.5%
$702
$653
-7.0%
6
31
416.7%
$5,650,000
$3,452,250
-38.9%
59
45
-23.7%
100.0%
100.0%
0.0%
TOWNHOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
303.842.1142
$811/SF
2022
| K I YA H R O E . S T E A M B O AT S I R . C O M
The median price per sf for condos increased
These areas tend to have the highest property values, driven by low inventory for buyers and incredible demand. Single family homes have the highest median sale price of $1.55M, followed by townhomes at $1.20M, condos have continued to increase in median sales price of $775K — and also have the highest median price per sf at $811/sf. Although there has been an increase in days on market in other categories besided in land compared to last year, it still remains a very fast moving market, lower than previous years.
SINGLE FAMILY HOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
The median days on market
Median Sales Price
for land in Steamboat has
Median Days On Market
97.3%, down to 4 days.
2023
% Change
$1,547,238
$1,775,000
14.7%
$601
$695
15.6%
7
18
157.1%
$5,750,000
$9,000,000
56.5%
84
43
-48.8%
100.0%
96.9%
-3.1%
LAND
97.3% significantly decreased by
2022
Highest Price # Properties Sold % Sold Price to List Price
2022
2023
% Change
$585,000
$1,400,000
139.3%
147
4
-97.3%
$10,700,000
$2,300,000
-78.5%
25
9
-64.0%
95.5%
94.9%
-0.6%
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 price per sq ft for a single family home continues to rise almost 11%, to $692/sf.
SINGLE FAMILY HOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
2022
2023
% Change
$2,575,000
$1,820,625
-29.3%
# 10.9%
$624
$692
10.9%
The median price per sf for
41
151
268.3%
$7,500,000
$8,000,000
6.7%
sf homes in the South Valley
15
12
-20.0%
96.9%
96.2%
-0.7%
2022
2023
% Change
$895,000
$2,500,000
179.3%
127
151
18.9%
$2,800,000
$5,000,000
78.6%
18
5
-72.2%
98.1%
96.2%
-1.9%
LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
303.842.1142
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continue to rise to $692/sf over last year’s $624/sf
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 increased over last year for single family homes by 45.7%, or $433K. With lack of inventory in the county, land sales are moving faster in this area now, only on the market about 19 days, down 34.5% 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
244%
Median Sales Price Median Days On Market
land have increased
Highest Price
sale price of $292K.
2023
% Change
$947,419
$1,380,000
45.7%
$437
$608
39.1%
64
44
-31.3%
$2,325,000
$3,900,000
67.7%
14
9
-35.7%
99.5%
97.3%
-2.2%
LAND
Median sale prices for 243.5% for with a median
2022
# Properties Sold % Sold Price to List Price
2022
2023
% Change
$85,000
$292,000
243.5%
23
64
178.3%
$4,900,000
$1,720,000
-64.9%
29
19
-34.5%
97.1%
95.8%
-1.3%
STAGECOACH
CONDOS/TOWNHOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
303.842.1142
# 22.1%
2022
2023
% Change
$383,000
$409,500
6.9%
$307
$375
22.1%
7
56
700.0%
The price per sf of a condo/
$520,000
$443,500
-14.7%
townhome increased another
9
4
-55.6%
100.3%
100.5%
0.2%
| K I YA H R O E . S T E A M B O AT S I R . C O M
22% over the last year after a 50% increase the year prior.
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 this year has seen a 22% increase. Single family homes in Stagecoach are coming in just shy of the $1M mark, up 8% from last year from $925K.
$999K
SINGLE FAMILY HOMES Median Sales Price
The median sales price in
Median $/SF
the Stagecoach area sits
Median Days On Market
right at $999K, just shy of the $1M mark.
Highest Price # Properties Sold % Sold Price to List Price
2022
2023
% Change
$925,000
$999,000
8.0%
$357
$376
5.3%
24
41
70.8%
$2,775,000
$1,299,798
-53.2%
13
9
-30.8%
100.0%
100.0%
0.0%
LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
2022
2023
% Change
$50,000
$50,000
0.0%
22
102
363.6%
$435,000
$300,000
-31.0%
62
41
-33.9%
99.5%
93.3%
-6.2%
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. Prices for single family homes in South Routt have increased to a median price of $535K, with a 43.6% increase, and selling for almost full asking price. In addition to this increase, the price per sq ft has risen 38.3% to $373/sf. The median days on market continue to decreased, hovering around 2 weeks.
SINGLE FAMILY HOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
2023
% Change
$372,090
$534,500
43.6%
$269
$372
38.3%
Price per sf in South
12
15
25.0%
Routt for a single family
$910,000
$2,850,000
213.2%
18
14
-22.2%
home increased again by
97.4%
99.5%
2.2%
2022
2023
% Change
$75,000
$83,500
11.3%
29
81
179.3%
$240,000
$125,000
-47.9%
13
4
-69.2%
100.0%
100.0%
0.0%
LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
303.842.1142
38.3%
2022
| K I YA H R O E . S T E A M B O AT S I R . C O M
38.3% to $372/sf.
HAYDEN Hayden lies approximately 25 miles west of Steamboat Springs along Hwy 40. This wonderful small-town 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 just over a week, single family homes are nearly $550k and, on average, are selling for nearly the full asking price.
8 DAYS
SINGLE FAMILY HOMES Median Sales Price
Single Family homes in Hayden
Median $/SF
are sitting just a little longer
Median Days On Market
on the market compared to
Highest Price
last year’s 5 days.
# Properties Sold % Sold Price to List Price
2022
2023
% Change
$495,000
$530,000
7.1%
$295
$290
-1.7%
5
8
60.0%
$958,000
$700,000
-26.9%
21
17
-19.0%
100.0%
98.0%
-2.0%
LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
2022
2023
% Change
$150,325
$218,600
45.4%
18
30
66.7%
$1,200,000
$475,000
-60.4%
16
9
-43.8%
96.7%
92.8%
-4.0%
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.
303.842.1142
SINGLE FAMILY HOMES STEAMBOAT SPRINGS
Current Listings
Sales Past 12 Months
Absorption Rate
TOTAL
83
197
5 Months
UNDER $500K
4
8
6 Months
$500K-$1M
10
39
3 Months
$1M-$2M
25
84
4 Months
$2M-$3M
17
30
7 Months
OVER $3M
28
40
8 Months
CONDOS & TOWNHOMES STEAMBOAT SPRINGS
Current Listings
Sales Past 12 Months
Absorption Rate
TOTAL
51
325
2 Months
UNDER $500K
3
58
1 Month
$500K-$1M
19
149
1.5 Months
$1M-$3M
26
112
3 Months
OVER $3M
3
7
5 Months
Current Listings
Sales Past 12 Months
Absorption Rate
TOTAL
118
160
9 Months
UNDER $500K
72
115
8 Months
$500K-$1M
21
20
1 Year
$1M-$3M
23
22
1 Year
OVER $3M
6
5
1 Year 2 Months
LAND STEAMBOAT SPRINGS
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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
105
269
5 Months
UNDER $500K
13
43
4 Months
$500K-$1M
17
66
3 Months
$1M-$2M
28
90
4 Months
$2M-$3M
18
34
6 Months
OVER $3M
30
40
9 Months
CONDOS & TOWNHOMES ROUTT COUNTY
Sales Past 12 Months
Absorption Rate
TOTAL
51
331
2 Months
UNDER $500K
3
64
1 Months
$500K-$1M
19
149
2 Months
$1M-$3M
26
112
3 Months
OVER $3M
3
7
5 Months
LAND ROUTT COUNTY
Current Listings
Sales Past 12 Months
Absorption Rate
TOTAL
170
186
11 Months
UNDER $500K
107
138
9 Months
$500K-$1M
29
22
1 Year 4 Month
$1M-$3M
31
23
1 Year 4 Month
OVER $3M
9
5
2 Years
INCL STEAMBOAT SPRINGS
Current Listings
ROUTT CO
SINGLE FAMILY HOMES
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