MICRO
MARKET REPORT 2021 YEAR-END
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
T
2021 YEAR IN REVIEW
The records were shattered again. After a record-setting real
the intense buyer demand continued to drive average
estate market in 2020, many felt that with such low inventory
prices, and therefore the total volume up by more than 30%
and uncertainty about the future of the pandemic, there would
year-over-year.
be no way 2021 could maintain the same trend in sales. Yet, 2021 seemed to be a continuation of the precedent set in 2020, but with an even more frenetic pace as inventory continued to fly off the shelf as quickly as it came on. In the low supply, high demand market in Steamboat, prices were pushed to the highest ever seen in our market in every sector. When the total volume of sales in 2020 hit over $1.2B, bettering 2007 by 21% ($1.0B), most tenured Brokers didn’t expect to see sales volume soar to the $1.6B brought in 2021. With a severe lack of inventory, the total number of transactions remained relatively flat from 2020 to 2021, but
The macro-market conditions and trends noted above are a very high-level view, including all different types of properties throughout Routt County. The micro-market reports on the pages that follow are designed to break down the trends and statistics in 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 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. 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 Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
2021
% Change
$447,500
$599,555
34.0%
$439
$587
33.7%
13
5
-61.5%
$3,925,000
$4,375,000
11.5%
381
365
-4.2%
only 5 days on
98.5%
100.0%
1.5%
the market.
2020
2021
% Change
$727,500
$888,900
22.2%
$370
$491
32.7%
20
7
-65.0%
$2,250,000
$4,500,000
100.0%
193
182
-5.7%
99.0%
100.0%
1.0%
TOWNHOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
970.879.8100
5 DOM
2020
| S T E A M B O AT S I R . C O M
Condos in Steamboat moved faster than ever,
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.
$1.7M
SINGLE FAMILY HOMES Median Sales Price
The median sales price
Median $/SF
for a SF home in
Median Days On Market
Steamboat soared 58% to $1.7M in 2021.
Highest Price # Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,077,050
$1,700,000
57.8%
$402
$567
41.0%
48
10
-79.2%
$4,730,000
$10,000,000
111.4%
224
154
-31.3%
97.5%
98.8%
1.3%
LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
2020
2021
% Change
$393,000
$550,000
39.9%
281
97
-65.5%
$3,090,000
$7,400,000
139.5%
83
71
-14.5%
96.6%
97.0%
0.4%
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 Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,799,500
$1,822,500
1.3%
$416
$496
19.2%
50
26
-48.0%
$12,400,000
$11,150,000
-10.1%
42
44
4.8%
95.4%
96.6%
1.3%
2020
2021
% Change
$542,500
$695,000
28.1%
111
68
-38.7%
Lack of existing inventory in
$4,600,000
$3,825,000
-16.8%
41
62
51.2%
the desirable South Valley drove
98.2%
100.0%
1.8%
LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
100% land sales and led to listings selling for the asking price.
970.879.8100
| 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.
$427 / SF
SINGLE FAMILY HOMES Median Sales Price
As buyer demand grows in
Median $/SF
outlying communities, $/SF
Median Days On Market
in North Routt increased by
Highest Price
more than 43% in 2021.
# Properties Sold % Sold Price to List Price
2020
2021
% Change
$775,000
$1,087,500
40.3%
$298
$427
43.3%
48
10
-79.2%
$7,450,000
$7,400,000
-0.7%
67
56
-16.4%
96.7%
98.8%
2.2%
LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
2020
2021
% Change
$200,000
$150,000
-25.0%
140
154
10.0%
$2,375,000
$3,700,000
55.8%
79
77
-2.5%
93.5%
97.0%
3.7%
STAGECOACH
CONDOS/TOWNHOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
970.879.8100
# 77.0%
2020
2021
% Change
$254,000
$449,500
77.0%
$181
$266
47.0%
17
4
-76.5%
Condos and townhomes
$313,000
$449,500
43.6%
in Stagecoach increased
15
19
26.7%
97.4%
100.0%
2.7%
| S T E A M B O AT S I R . C O M
dramatically in price in 2021, up to nearly $450K.
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.
$769K
SINGLE FAMILY HOMES Median Sales Price
In high demand, median
Median $/SF
sales price of single family
Median Days On Market
homes in Stagecoach increased by 40% in 2021.
Highest Price # Properties Sold % Sold Price to List Price
2020
2021
% Change
$550,000
$769,000
39.8%
$229
$315
37.6%
45
16
-64.4%
$4,995,000
$2,660,000
-46.7%
47
29
-38.3%
97.3%
99.0%
1.7%
LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
2020
2021
% Change
$30,000
$17,000
-43.3%
133
56
-57.9%
$1,225,000
$1,950,000
59.2%
77
158
105.2%
91.7%
97.1%
5.9%
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, fishing, camping, and river rafting.
SINGLE FAMILY HOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
2020
2021
% Change
$327,500
$377,500
15.3%
$196
$230
17.3%
20
22
10.0%
$5,800,000
$2,950,000
-49.1%
42
44
4.8%
97.5%
97.7%
0.2%
2020
2021
% Change
$107,500
$53,000
-50.7%
378
62
-83.6%
$1,200,000
$365,000
-69.6%
Similarly to other areas, land
10
23
130.0%
sales were in high demand in
93.1%
97.3%
4.5%
South Routt, decreasing
LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
83.6% Days on Market to 62.
970.879.8100
| S T E A M B O AT S I R . C O M
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.
72 SOLD
SINGLE FAMILY HOMES Median Sales Price
The Hayden community has
Median $/SF
really exploded in recent
Median Days On Market
years, with a 53% increase in
Highest Price
number of properties sold.
# Properties Sold % Sold Price to List Price
2020
2021
% Change
$355,000
$435,500
22.7%
$199
$247
24.1%
25
12
-52.0%
$950,000
$1,150,000
21.1%
47
72
53.2%
97.6%
100.0%
2.5%
LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price
2020
2021
% Change
$46,000
$65,000
41.3%
608
515
-15.3%
$560,800
$4,900,000
773.8%
16
27
68.8%
98.6%
93.1%
-5.6%
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
10
138
1 Month
UNDER $500K
0
0
Undetermined
$500K-$1M
1
25
< 1 Month
$1M-$2M
2
60
< 1 Month
$2M-$3M
1
32
< 1 Month
OVER $3M
6
21
3 Months
TOTAL
CONDOS & TOWNHOMES STEAMBOAT SPRINGS
Current Listings
Sales Past 12 Months
Absorption Rate
15
474
< 1 Month
UNDER $500K
2
152
< 1 Month
$500K-$1M
4
205
< 1 Month
$1M-$3M
3
111
< 1 Month
OVER $3M
6
6
1 Year
Current Listings
Sales Past 12 Months
Absorption Rate
21
63
4 Months
5
25
2 Months
10
27
4 Months
$1M-$3M
4
5
9 Months
OVER $3M
2
6
4 Months
TOTAL
LAND STEAMBOAT SPRINGS TOTAL UNDER $500K $500K-$1M
| 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
32
430
1 Month
UNDER $500K
2
109
< 1 Month
$500K-$1M
6
112
< 1 Month
$1M-$2M
10
117
1 Month
$2M-$3M
3
53
< 1 Month
OVER $3M
11
39
3 Months
TOTAL
CONDOS & TOWNHOMES ROUTT COUNTY
Sales Past 12 Months
Absorption Rate
16
523
< 1 Month
UNDER $500K
2
192
< 1 Month
$500K-$1M
5
212
< 1 Month
$1M-$3M
3
113
< 1 Month
OVER $3M
6
6
1 Year
TOTAL
LAND ROUTT COUNTY
Current Listings
Sales Past 12 Months
Absorption Rate
138
435
4 Months
UNDER $500K
72
331
2 Months
$500K-$1M
25
56
5 Months
$1M-$3M
33
36
11 Months
OVER $3M
8
12
8 Months
TOTAL
INCL STEAMBOAT SPRINGS
Current Listings
ROUTT CO
SINGLE FAMILY HOMES
970.879.8100 | steamboatsir.com