Micro Market Report_Year End 2022

MICRO MARKET REPORT

2022 YEAR-END

STEAMBOAT SPRINGS & SURROUNDING AREAS

WWhile supply and demand and interest-rate fluctuation might suggest falling real estate prices, we simply did not see that in the Steamboat Springs real estate market in 2022. We saw somewhat significant decreases in the number of sales, with the overall number of transactions in our MLS down 28% over 2021 and the number of new listings down 19%, yet we still surpassed the $1-billion mark in sales volume, the secondhighest on record. For the most part, property prices across all segments remained steady last year.

Particularly in the second half of last year, our market really started to shift. The absorption rate in the first half of 2022 was at an all-time high at 122%, but in the last two quarters of the year, it dropped to 65%. Median days on market in each segment remained quite low, particularly in the city of Steamboat Springs, with residential property moving in about 10 days.

2022 YEAR IN REVIEW

Although we may be returning to a new normal as we battle low inventory, across nearly all property types in all micro-markets, the median sales price for 2022 increased over that of 2021.

T he macro-market conditions and trends noted above are a 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.

T he 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 CONDOS

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,

TOWNHOMES

and West Steamboat, stretching from Walton Creek Road on the

on the west end.

63%

The median sale price for townhomes increased to nearly $1.5M

These areas tend to have the highest property values, driven by low inventory for buyers and incredible demand. While single family homes have the highest median sale price of $1.71M, closely followed by townhomes at $1.44M, condos are not only moving the fastest – on the market for a short 7 days – but also have the highest median price per sf at $737/sf. Condos and townhomes have been selling at 100% of the list price, meaning most of these properties are closing for over the asking price.

SINGLE FAMILY HOMES

$654 /SF

The median price per sf increased 15% to almost $700/sf

LAND

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 $765,000 higher this year than last year, up 42%.

SINGLE FAMILY HOMES $2.6M

The median sale price increased 42% and over $100/sf more than 2021

LAND

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 didn’t see a huge increase yearover-year for single family homes, just 19%. However, with lack of inventory in the county, land sales are moving much faster in this area now, only on the market about 34 days, down 78% from last year.

SINGLE FAMILY HOMES

34 DAYS

The median days on the market decreased significantly, down 78%

LAND

STAGECOACH

CONDOS/TOWNHOMES $304 /SF

Median price per sf in Stagecoach increased 14% to over $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 for condos and townhomes has increased 14% to more than $300/sf. Single family homes in Stagecoach are pushing the $1M mark, up 17% from last year to $902K.

$902K

SINGLE FAMILY HOMES

The Median sales price of single family homes in Stagecoach increased 17%

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. Single family homes in South Routt have seen one of the largest price hikes in the area, with a 72% increase in median sales price and a 80% increase in price per sf.

SINGLE FAMILY HOMES

LAND

23%

Buyers purchased property much lower than the list price in 2022

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, has undergone a “boom” with many newcomers to this quaint community, driving an increase in both demand and prices. Selling in less than 10 days, single family homes are nearly $500k and, on average, are selling for the full asking price.

SINGLE FAMILY HOMES

61%

Median price per sf increased to almost $400 with an increase of 61%

LAND

INVENTORY ANALYSIS

When analyzing the real estate market, one of the factors that needs to be taken into consideration is absorption rate. Absorption rate is the number of months it would take to sell the currently listed properties in the market.

SINGLE FAMILY HOMES

CONDOS & TOWNHOMES

LAND

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.

SINGLE FAMILY HOMES

CONDOS & TOWNHOMES