MICRO
MARKET REPORT 2019 MID -YEAR
STEAMBOAT SPRINGS & SURROUNDING AREAS
N OR TH R OU TT & ELK R IV E R A R EA
STMB T SP GS
HAYDEN SOU TH & WE S T
S OU TH VA LLE Y
ST AG EC OA CH
SOU TH R OU TT
970.879.8100
| S T E A M B O AT S I R . C O M
MID-YEAR
T
MARKET OVERVIEW
The Steamboat Springs and Routt County real estate
However, as we move into the second half of the year, demand
market remained strong through the first half of 2019. Total
and supply may be leveling off closer to equilibrium in some
residential sales volume in Routt County was at $275 million
segments of the market. That will result in pricing pressures
through the end of June, an 8% increase over the same time
being diluted for many buyers, while sellers will continue to
frame in 2018. Total sales volume was $295 million, up 4%
enjoy the advantage of an overall tighter housing supply.
year-over-year. In the residential segment of the market, there
The macro-market conditions and trends noted above are a
were 382 properties sold, almost exactly the same as the 384
very high-level view, including all different types of properties
that were sold through mid-year 2018. Despite an even number
throughout Routt County. The micro-market reports on the
of transactions, the increase in sales volume can be attributed
pages that follow are designed to break down the trends and
to an overall increase in property values. The median sales
statistics into smaller areas, by property type. This helps give
price for a residential property in Routt County went from
you greater insight into the market conditions in speciďŹ c
$470,000 through mid-year 2018, to $498,000 in 2019—an
segments that are relevant to you.
increase of 6%.
The Steamboat real estate market is complex and extremely
The market continues to see upward pressure on values due to
varied, based on a multitude of factors. Our team of real estate
a lack of inventory in many segments, coupled with sustained
professionals is here to help you decipher exactly how market
demand from buyers—a classic supply vs. demand scenario.
conditions, trends and stats pertain to you. Give us a call!
STEAMBOAT SPRINGS Imagine living your best life and enjoying everything that you love about Steamboat Springs right out your front door, or within a short bike ride. Steamboat Springs encompasses the areas known as the Mountain, Fish Creek, Downtown, Strawberry Park and West Steamboat, stretching from Walton Creek Road on the south side of town to Steamboat II and Heritage Park on the west end. While each different area boasts its own unique “personality,” they all offer Steamboat’s eclectic mix of ski town atmosphere and community,
CONDOS 2018
2019
% Change
$369,950
$354,000
-4.5%
Average $/SF
$380
$386
1.6%
Average DOM
74
81
8.6%
Highest Price
$2,400,000
$1,099,500
-118.3%
134
130
-3.1%
97.0%
97.7%
0.6%
2018
2019
% Change
$640,000
$674,150
5.1%
The average price per sf
Average $/SF
$312
$350
10.8%
Average DOM
100
94
-6.4%
for Steamboat Springs
Highest Price
$1,710,000
$1,850,000
7.6%
townhomes is $350/sf,
85
73
-16.4%
up 10.8% from 2018
97.8%
97.4%
-0.4%
Median Sales Price
# Properties Sold % Sold Price to List Price
TOWNHOMES Median Sales Price
# Properties Sold % Sold Price to List Price
970.879.8100
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10.8%
coupled with Western heritage and a lower, more laid-back way of life. World famous powder and tree skiing, the world’s oldest Winter Carnival, the nation’s best small town rodeo, over 75 restaurants and bars, and the friendliest people you will find anywhere in the world – these are just a handful of the things that make Steamboat Springs such a special place. No matter what activities you enjoy, Steamboat Springs will have something for you. Your best life starts with a home that inspires you, and there is no better place to call home than Steamboat Springs, Colorado.
$865K
SINGLE FAMILY HOMES Median Sales Price
2018
2019
% Change
$787,500
$865,000
9.0%
Median Sales Price for a
Average $/SF
$330
$378
12.7%
single family home in
Average DOM
96
125
23.2%
Highest Price
$3,265,000
$5,625,000
42.0%
82
78
-5.1%
95.9%
97.2%
1.3%
Steamboat Springs is up 9% year-over-year, to $865,000
# Properties Sold % Sold Price to List Price
LAND 2018
2019
% Change
$315,500
$335,000
5.8%
Average DOM
280
334
16.2%
Highest Price
$822,500
$950,000
13.4%
34
12
-183.3%
96.1%
87.9%
-8.2%
Median Sales Price
# Properties Sold % Sold Price to List Price
THE SOUTH VALLEY The South Valley stretches south of Steamboat Springs, generally along the Highway 131 corridor and along the Yampa River from the tailwaters of Stagecoach Reservoir to Steamboat. Beautiful and picturesque, this area boasts high-end developments with low-density living. Some of the developments are LPS’s (Land Preservation Subdivisions) and many of the ranches are under conservation easements, ensuring that the area will maintain its vast open spaces and will preserve the abundant wildlife.
SINGLE FAMILY HOMES
29.6%
2018
2019
% Change
$1,295,000
$1,227,000
-5.5%
Average $/SF
$356
$372
4.2%
Single family homes in
Average DOM
250
355
29.6%
the South Valley were
Highest Price
$5,150,000
$3,150,000
-63.5%
13
16
18.8%
on the market for 355
94.4%
94.2%
-0.2%
Median Sales Price
# Properties Sold % Sold Price to List Price
days on average, up 29.6% over 2018
LAND 2018
2019
% Change
$397,000
$345,000
-15.1%
Average DOM
187
177
-5.6%
Highest Price
$1,015,000
$975,000
-4.1%
8
3
-166.7%
94.7%
92.6%
-2.2%
Median Sales Price
# Properties Sold % Sold Price to List Price
970.879.8100
| S T E A M B O AT S I R . C O M
ELK RIVER & NORTH ROUTT The Elk River area is located northwest of downtown and follows the Elk River to the town of Clark. The area known as North Routt continues north past Pearl Lake, Steamboat Lake and Hahn’s Peak to Columbine. This area is an outdoorsman’s paradise for fishing, hunting, snowmobiling, trail riding and more. If you like to be close to Steamboat Springs but also want a sense of privacy and seclusion, the Elk River Area or North Routt may be the spot for you.
125 DOM
SINGLE FAMILY HOMES Median Sales Price
2018
2019
% Change
$645,000
$717,500
10.1%
The average days on market
Average $/SF
$330
$303
-8.9%
for a home in Elk River/
Average DOM
201
125
-60.8%
North Routt was down
Highest Price
$10,000,000
$1,895,000
-427.7%
17
14
-21.4%
93.7%
95.6%
2.0%
almost 61% over 2018,
# Properties Sold % Sold Price to List Price
to just 125 days
LAND 2018
2019
% Change
$219,000
$335,000
34.6%
Average DOM
361
291
-24.1%
Highest Price
$1,500,000
$1,850,000
18.9%
15
10
-50.0%
94.2%
87.8%
-6.4%
Median Sales Price
# Properties Sold % Sold Price to List Price
STAGECOACH
CONDOS/TOWNHOMES
6 SALES
2018
2019
% Change
$266,500
$195,000
-36.7%
Average $/SF
$181
$185
2.0%
Average DOM
6
93
93.5%
Through mid-year 2019,
Highest Price
$270,000
$281,500
4.1%
only 6 condos/townhomes
6
6
0.0%
99.3%
96.8%
-2.5%
Median Sales Price
# Properties Sold % Sold Price to List Price
970.879.8100
| S T E A M B O AT S I R . C O M
in the Stagecoach area were sold, the same as in 2018.
Stagecoach is a residential community located approximately 20 miles from the town of Steamboat Springs, adjacent to Stagecoach Lake State Park. This area offers a myriad of recreational opportunities, including boating, fishing, ice fishing, biking, hiking and more. This is a beautiful area overlooking the Stagecoach Reservoir where several subdivisions include a little bit of everything: condos, townhomes, single family homes, small ranches, “off-grid” properties, rural vacant land, and large acreage parcels.
$294/SF
SINGLE FAMILY HOMES Median Sales Price
2018
2019
% Change
$510,000
$430,500
-18.5%
The average price per sf
Average $/SF
$206
$294
29.9%
for a single family home
Average DOM
101
175
42.3%
Highest Price
$1,110,000
$6,980,000
84.1%
9
14
35.7%
95.9%
98.0%
2.1%
in Stagecoach rose 29.9%, to $294/sf
# Properties Sold % Sold Price to List Price
LAND 2018
2019
% Change
$23,500
$18,750
-25.3%
Average DOM
220
196
-12.2%
Highest Price
$148,000
$297,500
50.3%
15
22
31.8%
97.5%
93.6%
-3.9%
Median Sales Price
# Properties Sold % Sold Price to List Price
SOUTH ROUTT The South Routt area of the Yampa Valley encompasses Oak Creek, Phippsburg, Yampa, Toponas and the rural properties between. This area begins roughly 25 miles from Steamboat Springs as you head south on Highway 131. These smaller communities have a history and tradition of mining and railroading. National Forest surrounds many of these towns and the Flat Tops Wilderness area and Colorado River are easily accessible offering endless recreation, including hunting, ďŹ shing, camping, and river rafting.
SINGLE FAMILY HOMES
$275K
2018
2019
% Change
$225,000
$275,005
18.2%
Average $/SF
$173
$250
30.6%
Average DOM
102
110
7.3%
The median sales price
Highest Price
$650,000
$5,956,250
89.1%
for a South Routt single
9
18
50.0%
99.1%
96.1%
-3.0%
2018
2019
% Change
$124,500
$90,000
-38.3%
Average DOM
462
651
29.0%
Highest Price
$1,767,675
$875,000
-102.0%
4
7
42.9%
85.6%
91.7%
6.1%
Median Sales Price
# Properties Sold % Sold Price to List Price
LAND Median Sales Price
# Properties Sold % Sold Price to List Price
970.879.8100
| S T E A M B O AT S I R . C O M
family home is $275,000, up 18.2% year-over-year
HAYDEN The town of Hayden lies approximately 25 miles west of Steamboat Springs along Highway 40. This wonderful small-town environment offers older homes, smaller acreage parcels, and some subdivisions with newer homes. Hayden High School is located in the center of town, and the Routt County Fairgrounds and Yampa Valley Regional Airport are located here as well. Hayden offers small-town charm with homes that are more affordable than those in Steamboat, while still being close to all of Steamboat’s amenities.
0.3% Median sales price was up, days on market was down, but the average price per sf for Hayden homes stayed static
SINGLE FAMILY HOMES 2018
2019
% Change
$285,000
$327,500
13.0%
Average $/SF
$180
$181
0.3%
Average DOM
98
77
-27.3%
Highest Price
$468,700
$445,000
-5.3%
23
20
-15.0%
97.7%
98.0%
0.3%
Median Sales Price
# Properties Sold % Sold Price to List Price
LAND 2018
2019
% Change
$50,000
$42,500
-17.6%
Average DOM
659
597
-10.4%
Highest Price
$142,000
$69,000
-105.8%
13
5
-160.0%
94.6%
97.9%
3.3%
Median Sales Price
# Properties Sold % Sold Price to List Price
INVENTORY ANALYSIS ABSORPTION RATE When analyzing the real estate market, one of the factors that needs to be taken into consideration is absorption rate.
STEAMBOAT SPRINGS
Absorption rate is the number of months it would take to sell the currently listed properties in the market.
970.879.8100
SINGLE FAMILY HOMES STEAMBOAT SPRINGS
Current Listings
Sales Past 12 Months
Absorption Rate
129
184
8 months
UNDER $500K
14
23
7 months
$500K-$1M
42
90
6 months
$1M-$2M
45
54
10 months
$2M-$3M
13
10
1 year, 4 months
OVER $3M
15
7
2 years, 2 months
TOTAL
CONDOS & TOWNHOMES STEAMBOAT SPRINGS
Current Listings
Sales Past 12 Months
Absorption Rate
189
464
5 months
UNDER $500K
76
284
3 months
$500K-$1M
66
153
5 months
$1M-$3M
40
27
1.5 years
7
0
undetermined
Current Listings
Sales Past 12 Months
Absorption Rate
130
51
2 years, 7 months
UNDER $500K
80
38
2 years, 1 months
$500K-$1M
35
12
2 years, 11 months
$1M-$3M
10
1
10 years
OVER $3M
5
0
undetermined
TOTAL
OVER $3M
LAND STEAMBOAT SPRINGS TOTAL
| S T E A M B O AT S I R . C O M
Absorption rate is one of the metrics used to attempt to predict home prices and sales activity going forward. The absorption rates noted here indicate how many months it would take for all of the currently listed properties in a particular category to sell, based on the sales activity over the past 12 months.
ROUTT COUNTY
Current Listings
Sales Past 12 Months
Absorption Rate
303
390
9 months
UNDER $500K
58
147
5 months
$500K-$1M
79
126
8 months
$1M-$2M
85
83
1 year
$2M-$3M
32
19
1 year, 8 months
OVER $3M
49
15
3 years, 3 months
TOTAL
CONDOS & TOWNHOMES ROUTT COUNTY
Sales Past 12 Months
Absorption Rate
210
503
5 months
UNDER $500K
95
320
4 months
$500K-$1M
67
153
5 months
$1M-$3M
41
30
1 year, 4 months
OVER $3M
7
0
undetermined
TOTAL
LAND ROUTT COUNTY
Current Listings
Sales Past 12 Months
Absorption Rate
TOTAL
516
184
2 years, 10 months
UNDER $500K
385
154
2.5 years
$500K-$1M
80
24
3 years, 4 months
$1M-$3M
44
5
8 years, 10 months
7
1
7 years
OVER $3M
INCL STEAMBOAT SPRINGS
Current Listings
ROUTT CO
SINGLE FAMILY HOMES
It’s all about lifestyle.
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