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