2019 steamboat springs
real estate report colorado group realty
Steamboat Springs Office 509 Lincoln Avenue Steamboat Springs, CO 80487
Hayden Office 349 West Jefferson Avenue Hayden, CO 81639
(970) 870-8800 (800) 556-6717 ColoradoGroupRealty.com
2019 AT A GLANCE
F
or most of 2019, real estate sales volume in Routt County lagged behind the rather large numbers posted in 2018. A supercharged last two months of 2019 changed that by pushing annual total sales volume in Routt County to $759M, up 8% from 2018. Much of the late charge was propelled by the luxury market. In 2019, there were 150 sales over $1M in Routt County, up from 130 in 2018 and 100 in 2016. The average sale price of a single family home in Steamboat was $1.3M, up 17% from 2018. Two of Steamboat’s largest sales ever, both over $10M, influenced this hefty rise. The sale price of the average condo/townhome in Steamboat accelerated at a more modest pace, up 3% to $493K. The average price per square foot for all properties was up 6% to $359. The active year-end took a significant bite out of inventory giving sellers a decided advantage. At the end of 2019, there were only four months of inventory in Steamboat compared to over six months at the start of the year. With only 285 active listings at the end of December, buyers were quickly acting on inventory, especially single family homes priced under $1M. For 2020, buyers are hopeful that more inventory comes online to ease the stress of such limited supply. There are many developments in various stages of the approval and construction process, though nothing looks likely to make a large impact. A healthy job market, low mortgage rates, limited inventory and increasing numbers of visitors to Steamboat (who often become buyers) are all strong indicators that 2020 will be another solid year for real estate. *The information in this report was gathered from the Steamboat Springs Board of Realtors, Colorado Association of Realtors and National Association of Realtors. These sources are deemed reliable but the information contained in this report may be subject to errors and omissions. No warranty or representation is made as to the accuracy of this information. **If your property is currently listed with another agent, please enjoy this information; this is not meant as a solicitation.
1.
2019 MARKET OVERVIEW TOTAL MARKET VOLUME For Steamboat Springs (zip code 80487)
Sales Volume Units Sold +10% -5%
+2%
+15%
900 750
$626M
930
$616M
$200M
974
$400M
-6%
872
$600M
1,150 Units Sold
+22%
$559M
Sales Volume
$800M
500 250
0 2017
2018
2019
DID YOU KNOW? 68% of Routt County residents own their home vs. the national average of 65%.
MEDIAN CLOSE PRICE, UNITS SOLD & MEDIAN PRICE/SQ FT For Steamboat Springs (zip code 80487)
single family home
townhome/condo
Jan - Dec
Median Close Price
Units Sold
Median Price/ Sq Ft
Jan - Dec
Median Close Price
Units Sold
Median Price/ Sq Ft
2017
$739K
240
$300
2017
$400K
507
$320
2018
$815K
242
$345
2018
$415K
485
$345
2019
$898K
230
$356
2019
$439K
497
$371
commercial
land
Jan - Dec
Median Close Price
Units Sold
Median Price/ Sq Ft
Jan - Dec
Median Close Price
Lots Sold
Median Price/ Acre
2017
$365K
43
$152
2017
$250K
104
$653K
2018
$398K
39
$188
2018
$323K
112
$500K
2019
$450K
29
$171
2019
$450K
53
$164K
ACTIVE LISTINGS The number of active residential listings at the end of each month for Steamboat Springs (zip code 80487) 2018 2019
500 400 300 200 2018 2019
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
290 362
296 368
293 334
296 340
321 352
369 390
382 428
383 403
371 362
362 321
347 277
372 255
ACTIVE LISTING $ VOLUME The sum of the prices of active residential listings at the end of each month for Steamboat Springs (zip code 80487) 2018 2019
$800M $600M $400M $200M 2018 2019
JAN
FEB
MAR
$493M $640M
$535M $632M
$510M $599M
APR
MAY
$550M $581M $596M $612M
JUN
JUL
AUG
SEP
OCT
NOV
DEC
$671M $663M
$690M $706M
$690M $666M
$693M $622M
$671M $585M
$633M $540M
$665M $503M
DID YOU KNOW? 255 active listings in December was the lowest amount of listings in over a decade. AVERAGE LIST PRICE
AVERAGE LIST PRICE/SQ FT
The average list price of active residential listings at the end of the year for Steamboat Springs (zip code 80487)
The average list price per square foot of residential listings at the end of the year for Steamboat Springs (zip code 80487)
% Change
Year
Price/SF
% Change
2017
$920K
+9%
2017
$391
+13%
2018
$978K
+6.3%
2018
$403
+3.1%
2019
$908K
-7.2%
2019
$414
+2.7%
PERCENT OF LIST PRICE RECEIVED *For Steamboat Springs (zip code 80487)
2019: 97.4% 2018: 97.0% 2017: 96.6%
TOWNHOME/ CONDO
Price
SINGLE FAMILY
Year
2019: 97.7% 2018: 97.7% 2017: 97.4%
INVENTORY DROPPING TO HISTORIC LOWS MONTHS OF INVENTORY FOR SINGLE FAMILY HOMES The number of months it would take to sell active listings at the current sales rate for: Steamboat Springs (zip code 80487), Hayden (zip code 81639), Oak Creek (zip code 80467)
2018 2019
12 9
7.3
6.7
7.2
6.7
6.6
6 5.6
5.3
3
8.6
8.4
9.3
8.4
8.6
8.5
8
7
5.9
5.8
10.1
9.9 8.6
7.1
6.8
6.8 5.5
6 months of inventory represents a balanced market
0 JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
MONTHS OF INVENTORY FOR CONDOS/TOWNHOMES The number of months it would take to sell active listings at the current sales rate for: Steamboat Springs (zip code 80487), Hayden (zip code 81639), Oak Creek (zip code 80467)
2018 2019
12 9 6.9
6.8
6
4.8
3
4.8
6.7
6.5
6.4 4.9
5
4.9
6.4 5.5
6.9
6.4
5.8
5.7
6
5.7
5.3
5.5
5.9
4.9
4.4
3.0
in a balanced market, homes appreciate at the rate of inflation
0 JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
NEW CONSTRUCTION NOT KEEPING PACE WITH DEMAND
2019
Single Family Duplex/Triplex/Live Work Units Commercial
51
18
3
2018
2017
Building permits issued for the city of Steamboat Springs
79
10 12 45
24
4 10
20
30
40
50
60
70
80
STEAMBOAT NEIGHBORHOOD REPORT Neighborhood
Closed Residential Sales
Median Sales Price
Downtown
64
$803K
Mountain Area
467
$445K
Fish Creek Falls
83
$660K
Strawberry Park
2
$1.2M
West Steamboat/US 40
41
$565K
Elk River
19
$835K
AVERAGE DAYS ON MARKET UNTIL SALE For Steamboat Springs (zip code 80487) 114 90 -23%
2017
101
80
77 +42.5%
-11.1%
2018
2019
2017
single family
SALES BY PRICE RANGE
-23.8%
+2.6%
2018
2019
townhome/condo
WHO BOUGHT IN STEAMBOAT IN 2019?
For Steamboat Springs (zip code 80487) Price Range
-15%
Single Family* Townhome/ Condo
<$299K
11
111
$300K - $599K
31
234
$600K - $999K
83
112
$1M - $1.49M
41
24
$1.5M - $1.99M
30
10
$2M - $2.49M
10
1
$2.5M - $4.99M
20
2
$5M+
3
0
*Includes mobile and manufactured homes
79
Out of State 32% Local 51% Front Range 22%
International <1%
STEAMBOAT vs. ROUTT COUNTY vs. COLORADO MEDIAN SALES PRICE $900K
$898K
Information from FHFA.gov
$700K
$661K
1. Idaho 63%
$600K $500K
single family
$236K
5. Utah 51%
National
Routt County
Steamboat
National
Colorado
Routt County
4. Colorado 55%
$309K
$276K
Steamboat
0
3. Washington 58%
$398K
Colorado
$300K
2. Nevada 60%
$439K
$400K
$400K
$100K
NATIONAL
STATES WITH THE MOST HOME APPRECIATION OVER THE LAST 5 YEARS
$800K
$200K
vs.
National 33% Steamboat 60%
townhome/condo
DID YOU KNOW?
Colorado ranks as the 6th most expensive state to own a home.
SURROUNDING AREA SALES
2018
Residential Properties
stagecoach
2019
north routt
+11%
NO CHANGE
NO CHANGE
-27%
44 vs 49 Units
$385K vs $385K
22 vs 22 Units
$640K vs $465K
One-Year Change in # of Sold Units
One-Year Change in Median Close Price
One-Year Change in # of Sold Units
One-Year Change in Median Close Price
hayden
oak creek/phippsburg/yampa
-18%
+12%
+42%
+2%
65 vs 53 Units
$285K vs $320K
31 vs 44 Units
$245K vs $250K
One-Year Change in # of Sold Units
One-Year Change in Median Close Price
One-Year Change in # of Sold Units
One-Year Change in Median Close Price
ABOUT COLORADO GROUP REALTY Colorado Group Realty is a leading full-service real estate brokerage serving the Yampa Valley for 22 years. Headquartered in Steamboat Springs, CO and with a team of over 70 agents, Colorado Group Realty has a 25% market share because of our unwavering focus on satisfying our clients. From single-family homes, condos, townhomes, ranches, land and commercial properties, Colorado Group Realty excels in getting the most value quickly for our sellers and finding dream properties for our buyers. A special thank you to all of our clients who helped make 2019 one of our best years ever; we are proud to serve you.
OUR CHARITABLE FOUNDATION The Colorado Group Realty team volunteers our time and ideas generously to local non-profit organizations. Each agent serves on a non-profit board and volunteers a minimum number of hours each year. Throughout the year, our agents make meaningful donations to the Foundation. Since its founding, the Colorado Group Realty Charitable Foundation has donated nearly $300,000 to Yampa Valley non-profits.
$41,000 Donated in 2019
31 LOCAL
Non-Profits Impacted in 2019
$300,000
NEIGHBORS. FRIENDS. REALTORS
Donated to Date