STEAMBOAT SOTHEBY’S INTERNATIONAL REALTY 2017 MARKET REPORT
UP, UP AND AWAY! 2017 MARKET REWIND
One of the most notable trends of 2017 compared to 2016 was the total number of closed transactions, which went up 15%, from 1,193 to 1,373. Total dollar volume was at
nearly $717M, up 11% over 2016. Double digit growth in both number of transactions and total dollar volume in a single year is compelling for Steamboat’s diverse market
because it shows a positive trend across the board. Listing inventory declined 20% from 2016, the seventh straight drop in the market year-over-year. This supply/ demand scenario is generally indicative of modest price increases continuing in the near future. In 2017, the median sales price for residential properties increased
13% compared to 2016, from $377K to $425K. The average residential sale price in Steamboat in 2017 was $609K—lower than that of its neighboring western resort communities.
The market has been improving at a consistent rate since 2008, and while interest rates are creeping up, they do not typically have as drastic an impact on resort markets as in urban markets. Steamboat is finally seeing the emergence of new multi-family developments for the first time in almost a decade, with a handful of new projects set to break ground in 2018. Expect to see the market trends of 2017 continue throughout 2018, with increased activity in the luxury and land segments of the market.
ROUTT COUNTY PRICE POINT SUMMARY BY UNITS SOLD
Single Family Homes, Townhomes and Condominiums
– Downtown, Fish Creek and Mountain Areas
Median Price Sold, Units Sold and Average Days on Market
– Single Family Homes, Townhomes and Condominiums Median Price Sold, Units Sold and Average Days on Market
STEAMBOAT COMPARED TO OTHER RESORTS
Average Sold Price and Units Sold
MARKET SHARE 2017
Top 5 Real Estate Agencies in Steamboat