Colorado Group Realty Real Estate Report 2021

2021 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

Contact (970) 870-8800 ColoradoGroupRealty.com

2021 AT A GLANCE In 2021, real estate in Routt County continued chugging along on its run of epic proportions. The ongoing pandemic kept fueling buyer demand as more and more people looked to own real estate in the Yampa Valley. Half of the buyers were existing locals or those who were able to move here full-time due to location-neutral jobs. The other half purchased vacation homes, seeking a respite from life outside of Steamboat. Sellers often received multiple offers, many above asking price; on average, sellers received 99.6% of their listing price.

Curiously, despite rapidly appreciating property values, many would-be sellers seemed content to let the market appreciate; this resulted in all-time low listing inventory. Some potential sellers were optimistic that there would be ongoing appreciation while others were challenged to buy elsewhere amidst a nationwide surge in home values and dearth of inventory. In Routt County, we had 98 listings going into 2021 and we entered 2022 with a paltry 71 offerings.

2021 eclipsed the record-breaking statistics of 2020. Routt County closed out the year with over $1.4B in sales volume, an increase of 31% over 2020. The average price of residential properties in Steamboat Springs went up by 24% to $630K, following 2020’s very healthy price appreciation of 18%. Single-family homes in Steamboat city limits saw the biggest spike, increasing by an astounding 38%, with the average price now just over $2M. This price appreciation was fueled by the luxury market, with 62 transactions of homes above $2.5M, almost double that of 2020.

Neighboring towns also reaped the benefits of an escalating housing market. The average price of a single-family home in Oak Creek reached $735K and in Hayden the average price is now $449K. With soaring building costs, the sale of raw land was also hot, with 519 closings in 2021, an increase of 47% over 2020. With so much demand, it is easy to see why building permits remained strong in 2021, with 986 building permits issued county-wide.

With workers sporadically returning to the office in 2021, the commercial market is also making a recovery. There were only 45 commercial transactions county-wide in 2020, but a healthy increase to 65 transactions in 2021. Although only anecdotal, the commercial market seems to lag residential home sales by about 6-12 months. If that’s true, commercial transactions should be hot in the coming year.

If we learned anything in 2021, it’s that we cannot predict the future. With meager inventory, continued low interest rates (even if they go up), and the seemingly-permanent changes that the pandemic has brought, 2022 is looking to be yet another healthy year. *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.

2021 MARKET OVERVIEW TOTAL MARKET VOLUME For Steamboat Springs (zip code 80487)

Sales Volume Units Sold

+2%

+53% -7%

$300M

1,148

$1.28B

1,130

872

+1%

$600M

1,150 900

$954M

$900M

$625M

Sales Volume

$1.2B

+34% +30%

750

Units Sold

$1.5B

500 250

0 2019

2020

2021

DID YOU KNOW? 90% of the world’s millionaires claim that real estate is one of the reasons they became wealthy.

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

2019

$900K

231

$356

2019

$439K

497

$371

2020

$1.1M

296

$402

2020

$499K

590

$406

2021

$1.6M

261

$526

2021

$663K

562

$552

commercial

land

Jan - Dec

Median Close Price

Units Sold

Median Price/ Sq Ft

Jan - Dec

Median Close Price

Lots Sold

Median Price/ Acre

2019

$449K

29

$171

2019

$438K

54

$159K

2020

$598K

28

$311

2020

$430K

153

$377K

2021

$658K

56

$300

2021

$599K

231

$420K

ACTIVE LISTINGS The number of active residential listings at the end of each month for Steamboat Springs (zip code 80487) 2020 2021

300 225 150 75 2020 2021

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

241 91

242 113

270 104

258 91

265 91

270 94

225 89

180 113

149 116

138 90

125 74

108 54

ACTIVE LISTING $ VOLUME The sum of the prices of active residential listings at the end of each month for Steamboat Springs (zip code 80487) 2020 2021

$500M $400M $300M $200M 2020 2021

JAN

FEB

MAR

$463M $265M

$425M $287M

$444M $299M

APR

MAY

$412M $430M $278M $284M

JUN

JUL

AUG

SEP

OCT

NOV

DEC

$450M $285M

$408M $231M

$371M $253M

$357M $273M

$321M $252M

$289M $261M

$289M $208M

DID YOU KNOW? The national average price of a single family home is now $375K, an all-time high.

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

2019

$904K

-7.5%

2019

$411

+2.2%

2020

$1.1M

+21.7%

2020

$475

+15.6%

2021

$1.4M

+27.3%

2021

$614

+29.3%

PERCENT OF LIST PRICE RECEIVED *For Steamboat Springs (zip code 80487)

2021: 98.4% 2020: 97.2% 2018: 97.3%

TOWNHOME/ CONDO

Price

SINGLE FAMILY

Year

2021: 100% 2020: 98.7% 2019: 97.7%

INVENTORY AT 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) 12

11

9

11

6 months of inventory represents a balanced market

9

8

6

11

3

3

2020 2021

2

2

5

3

2

2

3

0

22

22

2 2

1

JAN

FEB

MAR

2

2

1

1

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) 12 8

9

7

2020 2021

in a balanced market, homes appreciate at the rate of inflation

8

7

6

5 5

3

3 1

0

1

1

1

1

JAN

FEB

MAR

APR

1

MAY

1

1

JUN

JUL

1 1

AUG

1 1

SEP

1 1

11

OCT

NOV

0

DEC

NEW CONSTRUCTION NOT KEEPING PACE WITH DEMAND

2021

2020

2019

Building permits issued for new builds (excluding remodels and additions) in the city of Steamboat Springs

4

Single Family Duplex/Triplex/Live Work Units Commercial

45

17

65

23

4

10

80

15

10

20

30

40

50

60

70

80

STEAMBOAT NEIGHBORHOOD REPORT Neighborhood

Closed Residential Sales

Median Sales Price

Downtown

84

$1.2M

Mountain Area

514

$726K

Fish Creek Falls

104

$925K

Strawberry Park

6

$3.2M

West Steamboat/US 40

42

$763K

Elk River

22

$1.5M

AVERAGE DAYS ON MARKET UNTIL SALE Average days on market starts the day the listing goes active in the system until the day it closes. For Steamboat Springs (zip code 80487) 142 112 +53%

-21%

79

62 -45%

2019

2020

2021

single family

SALES BY PRICE RANGE

-4%

-24%

2019

2020

-45% 2021

townhome/condo

Single Family* Townhome/ Condo

<$299K

8

30

$300K - $599K

8

208

$600K - $999K

45

184

$1M - $1.49M

60

73

$1.5M - $1.99M

46

39

$2M - $2.49M

33

15

$2.5M - $4.99M

50

13

$5M+

12

0

*Includes mobile and manufactured homes

33

WHO BOUGHT IN STEAMBOAT IN 2021?

For Steamboat Springs (zip code 80487) Price Range

60

Out of State 27% Local 49% Front Range 24%

International <1%

STEAMBOAT vs. ROUTT COUNTY vs. COLORADO MEDIAN SALES PRICE $1.8M

vs.

NATIONAL

STATES WITH THE MOST HOME APPRECIATION OVER THE LAST 5 YEARS

$1.7M

$1.6M $1.4M

Information from FHFA.gov

$1.2M

1. Idaho 119% 2. Utah 88%

$1M

$1M

3. Arizona 80%

$800K $645K $600K

single family

Colorado 62%

$339K

National

$377K

Colorado

Routt County

Steamboat

National

$399K

Colorado

Routt County

$200K

5. Washington 75%

$512K

Steamboat

$400K

4. Nevada 75%

$615K

National 52% Steamboat 81%

townhome/condo

DID YOU KNOW? In the US, 64% of homes are occupied by the owner whereas 36% are occupied by renters.

SURROUNDING AREA SALES

2020

Residential Properties

stagecoach

2021

north routt

-23%

+14%

-2%

+23%

62 vs 48 Units

$487K vs $554K

46 vs 45 Units

$641K vs $790K

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

+57%

+20%

+10%

+20%

56 vs 88 Units

$343K vs $412K

42 vs 46 Units

$304K vs $364K

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 24 years.

Headquartered in Steamboat Springs, CO and with a team of over 80 agents, Colorado Group Realty has a 29% market share because of our unwavering focus on satisfying our clients. In 2021, we grew faster than any other brokerage serving our area. 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 2021 our largest year 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 is expected to serve on a non-profit board and volunteers a minimum number of hours every year.

Throughout the year, our agents make meaningful donations to the Foundation. Since its founding, the Colorado Group Realty Charitable Foundation has donated nearly $500K to Yampa Valley non-profits.

$83,000 Donated in 2021

89 LOCAL

Non-Profits Supported in 2021

~$500K

NEIGHBORS. FRIENDS. REALTORS.

Donated to Date