Steamboat Springs Real Estate Market

Mid Year Market Report

MICRO MARKET REPORT

2019 MID-YEAR

MARKET OVERVIEW

The Steamboat Springs and Routt County real estate market remained strong through the first half of 2019. Total residential sales volume in Routt County was at $275 million
through the end of June, an 8% increase over the same time frame in 2018. Total sales volume was $295 million, up 4% year-over-year. In the residential segment of the market, there
were 382 properties sold, almost exactly the same as the 384 that were sold through mid-year 2018. Despite an even number of transactions, the increase in sales volume can be attributed to an overall increase in property values. The median sales price for a residential property in Routt County went from $470,000 through mid-year 2018, to $498,000 in 2019—an increase of 6%.

The market continues to see upward pressure on values due to a lack of inventory in many segments, coupled with sustained demand from buyers—a classic supply vs. demand scenario. However, as we move into the second half of the year, demand and supply may be leveling off closer to equilibrium in some segments of the market. That will result in pricing pressures being diluted for many buyers, while sellers will continue to enjoy the advantage of an overall tighter housing supply.

The macro-market conditions and trends noted above are a very 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 into smaller areas, by property type. This helps give you greater insight into the market conditions in specific segments that are relevant to you. The Steamboat real estate market is complex and extremely varied, based on a multitude of factors. Our team of real estate professionals is here to help you decipher exactly how market conditions, trends and stats pertain to you. Give us a call!

Mid Year 2019 Micro Market Report 1

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Steamboat SIR Earns TWO Top 500 Rankings

Steamboat Sotheby’s International Realty was recently ranked in the Top 500

Steamboat Sotheby’s International Realty was recently ranked in the Top 500 out of all real estate brokerage firms in the country, by two separate and independent industry ranking reports. With an estimated 18,000 brokerage firms in the country, the Top 500 ranking places Steamboat Sotheby’s International Realty in the top 0.5% of real estate firms in the U.S. The RealTrends 500 report listed SSIR as #456 in the overall “Largest Brokers in the U.S.” category, including all franchise and independent firms, based on 2018 closed sales volume. The report also ranked Steamboat Sotheby’s International Realty at #28 out of all Sotheby’s International Realty affiliates in the U.S. The RealTrends 500 is an annual report that identifies the country’s most successful residential firms, and the report findings are verified by independent third parties for accuracy.

CLICK HERE to view REALTRENDS 500 full report

2019-REAL-Trends-500

Separate and independent from RealTrends, RISMedia recently released its 31st Annual Power Broker Report, and Steamboat Sotheby’s International Realty was named in the “Top 500 Power Brokers” out of all real estate brokerage firms in the country. RISMedia’s Report ranks residential real estate brokerage firms according to closed residential sales volume and closed residential transaction sides for the year 2018. The Power Broker Report compiles data including sales volume, market trends and indicators, and factors influencing the real estate industry.
Collectively in 2018, the Top 1000 Power Brokers posted more than $1.4 trillion in sales volume and garnered almost 3.9 million transactions.

CLICK HERE TO VIEW RISMEDIA FULL REPORT

2019_Power_Broker_Survey

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2018 Real Estate Market Report

STEAMBOAT SOTHEBY’S INTERNATIONAL REALTY

2018 MARKET REPORT

SUPPLY OR DEMAND—WHAT TURNED IN 2018?

With 8 years of steady growth in transactions that averaged a 15% increase year-over-year, why did the 2018 Steamboat Springs real estate market see a drop in transactions of 7%? A quick answer might be that the demand has dropped. However, the drop of transactions may not be due to a reduction in demand, but in a reduction in supply to meet demand.

Less inventory led to less buying opportunities, which in turn led to fewer transactions. With lower
demand would have come a reduction of property values. However, the average price of all properties sold increased by 13% from 2017 to nearly $600,000; the 2nd highest on record.

In 2017 the Steamboat Springs MLS posted 1,373 transactions; 4th best recorded and highest since the 2008 crash. The 2008 crash brought on a rash of listings in 2008–2010. From 2010 to 2016, when buyers started coming back into the market, listings declined 7% annually as demand began to outpace supply. However, in 2017 that percentage tripled to -21%, setting the stage coming into 2018, which posted the 4th lowest number of listings the MLS has seen.

Despite transaction decline, dollar volume increased 6% in 2018 to $761 million; the 2nd best in Steamboat MLS history. This is only the second time since 1996 the phenomenon of transactions declining and dollar volume simultaneously increasing has occurred.

2018 Annual Market Report

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Steamboat Absorption Rate

INVENTORY ANALYSIS

When analyzing the real estate market, one of the factors that need to be taken into
consideration is the absorption rate.
Absorption rate is the number of months it would take to sell
the currently listed properties in the market and it is used to
attempt to predict home prices and sales activity going
forward.
The absorption rate noted on these charts shows how many months it would take for the all
of the currently listed properties in that category to sell, based on the sales activity over the
past year.

ROUTT COUNTY (incl. Steamboat Springs)

SINGLE FAMILY HOMES

	Current Listings	Sales in Past 12 Mos.	Absorption Rate
Total	300	392	9 months
Under $500K	56	148	5 months
$500K – $1M	75	154	6 months
$1M – $3M	113	82	17 months
Over $3M	56	8	7 years

CONDOS & TOWNHOMES

	Current Listings	Sales in Past 12 Mos.	Absorption Rate
Total	191	532	4 months
Under $500K	90	353	3 months
$500K – $1M	63	151	5 months
$1M – $3M	30	27	13 months
Over $3M	8	1	8 years

LAND

	Current Listings	Sales in Past 12 Mos.	Absorption Rate
Total	502	233	2+ years
Under $500K	365	206	21 months
$500K – $1M	74	17	4+ years
$1M – $3M	47	7	6+ years
Over $3M	16	3	5+ years

STEAMBOAT SPRINGS

SINGLE FAMILY HOMES

	Current Listings	Sales in Past 12 Mos.	Absorption Rate
Total	108	194	7 months
Under $500K	7	33	3 months
$500K – $1M	35	104	4 months
$1M – $3M	47	53	11 months
Over $3M	19	4	4.5+ years

CONDOS & TOWNHOMES

	Current Listings	Sales in Past 12 Mos.	Absorption Rate
Total	168	502	4 months
Under $500K	71	325	3 months
$500K – $1M	61	150	5 months
$1M – $3M	28	26	13 months

LAND

	Current Listings	Sales in Past 12 Mos.	Absorption Rate
Total	100	84	14 months
Under $500K	46	69	8 months
$500K – $1M	28	11	2.5 years
$1M – $3M	14	1	14 years
Over $3M	12	3	4 years

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entire mid-year market report <<

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Mid Year 2018 Real Estate Market Report

HOW’ S THE MARKET IN STEAMBOAT?

That is the million dollar question. While it is true that the Denver Metro area is experiencing a very hot seller’s market, other areas around the country, such as some cities in the Pacific Northwest, report that the real estate market is showing some signs of cooling off.

So what is happening in Steamboat Springs and Routt County? The answer may not be as cut-and-dry as one would think.

In a rural market and more importantly, a resort market (of which Steamboat Springs and Routt County are both), the answer depends on many factors that cannot be considered or evaluated by looking at basic statistics or isolated sales data. One segment of the market may be very “hot”—a full blown seller’s market—whereas other segments may be slow, stagnant, or possibly declining. So it is too simple a statement to say that Routt County’s real estate market is “hot.”

Generally speaking, Routt County is experiencing a very active market that is preferential to sellers in most categories. This is especially true in the single family home 1160 Fairway Woods Dr market, and for properties priced under $1M. The median sales price for single-family homes in Steamboat increased 12.1% in the first half of 2018 when compared to the same time period in 2017 – from $681,000 to $775,000. In fact, the median sales price for single family homes in every area around Routt County has increased when compared to 2017.

However, for homes priced over $1M, there are more listings and fewer sales – more supply than demand. So while we see values continuing to increase at a nominal rate with each sale that occurs, the absorption rate, or number of months that it will take for every property currently listed to be sold, is much higher for properties in the higher price ranges.

With property values increasing and accompanying inventory being depleted across most categories, there has been an increased interest in vacant land properties. In Steamboat Springs, the median sales price for vacant land went from $260,000 in January–June 2017, to $325,000 in 2018—an increase of 20%. We saw similar trends throughout most of Routt County, with the median sales price in the South Valley Area increasing from $325,000 to $397,000 (+18.1%), and in the Elk River and North Routt areas from $160,750 to $219,000 (+26.6%). Building costs are running approximately $350/sf to $500/sf, depending on quality, location and design.

real estate market The condo and townhome markets have stayed relatively flat in Steamboat Springs, showing an increase in median sales price of 4.2% for condos, and 1.9% for townhomes. However, the average days on market for condos and townhomes has decreased substantially, down 38.5% for condos in the first half
of 2018 when compared to 2017.

Unlike more urban areas where there are many transactions and a property’s value can be fairly easily determined by looking at recent sales in the neighborhood/subdivision, the types of properties within a certain subdivision or area in Routt County can vary widely. Property type, location and condition, as well as comparable properties, motivation of the seller to sell, and price point all influence value. With relatively few transactions in a given month, these variables and lack of sales can have a significant impact on the market value of the property.

The information presented in these micro market reports will better help tell the story of current real estate market conditions in Steamboat Springs and Routt County, but there is no general answer to the question: “How’s the real estate market?” Accurate analysis requires the skill and knowledge of a professional who is well-versed in all of the intricacies and nuances that exist in a rural and resort market like ours.

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Mid Year 2018 - Market report

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RESORT REPORT | 2018

As the national residential real estate market continues to evolve, it is important to note that markets demonstrating some of the most unique performances in the nation, are those located in resort communities throughout Colorado and the western United States. The Steamboat Sotheby’s International Realty annual Resort Report analyzes data pertinent to the various resort real estate markets located throughout Colorado and the western United States, helping consumers make better real estate decisions, whether purchasing or selling a home in a resort area.

Typically found in desirable, slightly less accessible locations than national mainstream markets, resort markets tend to have a larger volume of luxury offerings to accommodate high-net-worth individuals that are drawn to these areas based on their exclusivity and proximity to world-class, year-round activities. In resort communities, seasonality, location, and employment opportunities often drive the inventory of homes down, and housing prices up. Interestingly, all of the Sotheby’s International Realty resort locations listed below, analyzed within the report, demonstrated increases in both average price and average price per square foot- a clear indicator of consumers’ continued desire for lifestyle-inspired home purchases and willingness to spend more for homes they truly desire.

When contemplating as large a financial commitment as the purchase or sale of a primary or second home in a resort area, market data can make a significant impact on making sound financial decisions. Steamboat Sotheby’s International Realty, and the many respected Sotheby’s International Realty affiliates that contributed to this report, remain committed to helping consumers make better real estate decisions, whether purchasing or selling a home.

Surrounded by the highest concentration of ski resorts in the country, the Lake Tahoe, Truckee and surrounding Reno-area real estate market revealed a continued uptrend in values, with fewer days on market, as compared to 2016. Because of the diverse landscape of the Lake Tahoe market, it’s best to contact a local expert to understand values and identify opportunities that best fit your financial goals and lifestyle, when considering the sale or purchase of a home.

Peter StrandPresident of Sierra Sotheby’s International Realty

The Vail Valley continues its steady growth through 2017, with increases in nearly all categories. The statistic that is the most telling, is days on market. The inventory is at low levels and coupled with a steady market, properties are taking less time to sell and sellers are achieving prices closer to list price. If this condition continues, 2018 could be a good year to sell for those who have been waiting for the market to catch up to values experienced in 2007 and 2008.

Dan Fitchett, Jr.Managing Broker at LIV Sotheby’s International Realty, Vail

2017 continued to offer healthy growth in Summit County, with a 16.8% increase in average sales price compared to 2016. Our average days on market also decreased by over 22% in the same time frame. Summit County offers a unique appeal to our second-home owners, offering four world-class ski areas including Breckenridge, Keystone, Copper Mountain and A-Basin—only 90 minutes from Denver, in addition to an abundance of other year-round recreational activities.

Melanie FrankSenior Vice President and Managing Broker at LIV Sotheby’s International Realty, Breckenridge

The Telluride real estate market had another very encouraging year with the number of properties sold up by almost 29% and the total dollar volume sold up by over 33%. A 3.7% increase in the average sold price, along with a 1.8% difference between the sold price and original list price, shows a coming together of buyers and sellers when valuing properties. Market trends suggest sold price and price per square foot will increase in 2018, great news for sellers

Nels CaryBroker/Owner of Telluride Sotheby’s International Realty

The secret is out that Big Sky, Montana is a world-class, four-season resort community and the area’s future, as it relates to real estate and growth, is bright. The number of properties sold year-over-year in Big Sky is up by 17%, with the total dollar volume sold demonstrating an increase of over 35%. For Big Sky’s Main Street having just been formed last year, market growth in this diverse year-round resort community is thriving.

Tallie LanceyBroker Associate at Big Sky Sotheby’s International Realty

Unit sales of condominiums and single-family homes fell 8% in 2017, reflecting a decline in available inventory of nearly 11%. Our “middle” market ($1.5 to $3 million), was the most active segment, as unit volumes rose 5% and prices increased by 6%. Demand and sales of higher end properties (above $3 million), pushed average prices up 7.2%, although on weaker unit volumes. Selling prices have been consistently about 92% to 93% of the listed price.

Leonard KleimanManager of Operations at Jackson Hole Sotheby’s International Realty

Statistics from the Santa Fe Association of Realtors have recorded 2017 as the best year for home sales in over a decade. Average sales price, number of properties sold and dollar volume, all trended up, while average days on market declined by 22%. Compared to other resort markets in the West and Southwest, Santa Fe remains an attractive and affordable marketplace, and 2018 is off to a robust beginning.

Gregg AntonsenSenior Vice President and Qualifying Broker at Sotheby’s International Realty—Santa Fe

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Real Estate Market Update January 2018

Percent changes calculated using year-over-year comparisons.

New Listings were down 24.1 percent for single family homes and 36.2 percent for townhouse-condo properties. Pending Sales increased 63.6 percent for single family homes but decreased 8.3 percent for townhouse-condo properties.

The Median Sales Price was up 8.4 percent to $587,800 for single family homes and 18.6 percent to $400,000 for townhouse-condo properties. Days on Market decreased 21.8 percent for single family homes and 24.0 percent for townhouse condo properties.

Whatever external forces are placed upon residential real estate markets across the country – whether they are related to tax legislation, mortgage rates, employment situation changes, new family formations, the availability of new construction and the like – the appetite for home buying remains strong enough to drive prices upward in virtually all markets across the country.

New sales are not necessarily following that trend, but monthly increases are expected until at least late summer.

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STEAMBOAT SOTHEBY’S INTERNATIONAL REALTY 2017 MARKET REPORT

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.

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Steamboat Real Estate Market Profile – August 2017

New Listings were down 20.4 percent for single family homes and 19.0 percent for townhouse-condo properties.
Pending Sales decreased 22.2 percent for single family homes and 8.8 percent for townhouse-condo properties.
The Median Sales Price was up 5.6 percent to $596,000 for single family homes and 21.7 percent to $383,500 for townhouse-condo properties.
Days on Market increased 10.3 percent for single family homes but decreased 20.1 percent for
condo properties.

The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing.
Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.

Download (PDF, 342KB)

*Information is provided by the Steamboat Springs Board of Realtors

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Steamboat Springs Real Estate Market Report Sept 28, 2017

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Median Price	Sq. Ft.	Lot Size	Beds	Bath	Age	New	Absorbed	DOM
$3,275,000	6,606	2.5 - 5 acres	5	4	13	2	1	481
$1,299,000	3,732	1 - 2.5 acres	4	3	22	1	1	248
$485,000	2,291	0.25 - 0.5 acre	4	3	18	4	3	276
$82,500	1,232	-	2	2	18	0	2	431

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Steamboat Springs Real Estate Market

MICRO MARKET REPORT

MARKET OVERVIEW

Steamboat Sotheby’s International Realty was recently ranked in the Top 500

STEAMBOAT SOTHEBY’S INTERNATIONAL REALTY

SUPPLY OR DEMAND—WHAT TURNED IN 2018?

INVENTORY ANALYSIS

ROUTT COUNTY (incl. Steamboat Springs)

SINGLE FAMILY HOMES

CONDOS & TOWNHOMES

LAND

STEAMBOAT SPRINGS

SINGLE FAMILY HOMES

CONDOS & TOWNHOMES

LAND

HOW’ S THE MARKET IN STEAMBOAT?

RESORT MARKET at a glance

January – December

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2017

% Change

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% Change

January – December

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% Change

January – December

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January – December

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% Change

January – December

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% Change

January – December

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January – December

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January – December

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January – December

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January – December

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January 2018 Activity Snapshot

Activity Snapshot

Single Family Market Overview

Key metrics by report month and for year-to-date (YTD) starting from the first of the year

-24.1%

+63.6%

+7.1%

+8.4%

+11.7%

-21.8%

-6.3%

-22.4%

-25.8%

Townhouse-Condo Market Overview

Key metrics by report month and for year-to-date (YTD) starting from the first of the year.

-36.2%

-8.3%

+4.9%

+18.6%