Steamboat Springs Real Estate Market Update - Updated August 2021!

Market Update: Steamboat Springs

The real estate market here in Steamboat Springs, CO, has been busy. For all the details about the Steamboat Springs real estate market, including up-to-date information on the 2021 Steamboat Springs market, keep reading below!

Steamboat Springs 2021 Real Estate Market Updates

Steamboat Springs Market Update: 2021 First Half

We are having many deep conversations with people regarding the market, their goals, and their thought process during this time. Some people are waiting - in that case, we advise them to watch the market and prepare until they are comfortable taking their next step.

After a good discussion of the pros and cons, most people see quality time outdoors with their loved ones as the biggest factor. They are confident that people are buying for the same reasons, they can be here more, and will value being in Steamboat long term.

Our goal at The Steamboat Group is to help you make informed decisions about real estate in Steamboat. We know that you are smart so we work hard to help you be smart about owning in Steamboat. Scroll down for a concise yet informative guide to what is happening in the Steamboat Springs Real Estate market - Notable trends, changes, and shifts over time. Just let one of us know if you have any questions.

—Jon Wade - Broker/Owner

The Steamboat Update

As you know real estate markets across the country are busy and often described as crazy. Our goal here is to dig deeper and explain what we are seeing here in Steamboat, along with the top level reasons behind it. That way you are in a position to make smart choices for yourself.

Things are busy in Steamboat and we are seeing multiple offers on many but not all properties that come on the market. We talk with brokers across the country in our key feeder markets like Denver, Houston, Minneapolis, other resorts, and the big cities on the coasts. So far things are much more reasonable in Steamboat than in most of these cities.

While it does feel crazy to us we think a better description is competitive. On the most basic level, more people can now be in Steamboat more of the time. Inventory is about a fourth of what we had in the Spring of 2020, which we thought was tight at the time. It comforts us to see that nearly all buyers have come to Steamboat for years and planned to own a place here at some point. Additionally, it is comforting that purchases have been around 50% cash purchases for 5 years, the loan process is truly qualifying buyers, there are very few investors, and people plan to own for a long time. While encouraging that 50% of purchases are cash purchases, it is important to remember that this means about 50% of buyers are successful with purchasing homes with loans. We have strategies to beat cash offers, so don’t lose hope.

As we all know, there will always be ups and downs in any market so we recommend buying or owning a place you can afford when the economy is weaker because owning in Steamboat should make your life better. Be careful if anyone tells you it will only go up.

‍Steamboat has always been a great place to be and now more people have the flexibility to be here since they can work from home. Steamboat’s special community, great school and overall lifestyle is even more desirable. Location-neutral workers in Steamboat have gone from 30% in 2019 to (we believe) over 40%.

Long term, the experts are predicting that over twice as many people will continue to work from home. This also means many people that could be here 1-4 weeks before can now be here 1-4 months a year since they have proven their ability to perform remotely and highly value that flexibility.

The real story on the demand side is that more people can now be in Steamboat for extended periods of time or even full time. Nearly everyone who is buying plans on using their home and it is not just for investment. At the same time, buyers are thoughtful about the market and feel good about Steamboat long term.

On the supply side, the amount of new development has been much lower than demand.

This has been the case for a long time, even in a strong market, as there has been very little new development in both neighborhoods and big buildings. In 2005-2008, there was a huge amount of development, speculative buying, and high levels of supply, which is not the case now. In addition, some people have waited to sell given the events of the last year and others are concerned that they won’t be able to get something else if they do sell. With inventory at 1/4 or less of 2019 (a strong market), it would take twice as many Sellers coming to market and half as many buyers or some combination to return us to a market like 2019.

Please reach out with questions. We have strategies that work well to achieve your goals in all of these situations.

Reading the Segments Below - Some Context

As you look at this report you will see some pretty dramatic increases in average sales price year-over-year. However, we must look beyond the numbers to fully make sense of these increases. For example, the average price of Single Family homes in the Steamboat School district increased 70%. However, the price of any particular home didn’t go up nearly that much. The truth is, there were fewer sales on the lower end of the price spectrum and many more sales of higher-priced homes. This resulted in the averages rising considerably more than actual values increased. We encourage you to look next to each graphic for the story behind what is happening in each part of the market.


Right now we are seeing large numbers of homes for sale, at all price points, with just a few pictures, often with a cell phone, not doing a 3D tour, and skipping most marketing. We know that while the property will likely still sell we are committed to going above and beyond to get you a great result. We believe it is time to keep improving, continuing to work hard to set the highest standard for marketing, target the most likely buyers to create excitement / get more offers and striving to get our clients the best terms. If you are looking to sell and then buy another property, we have several strategies to make this work. Give us a call and we can discuss how to achieve your goals.

YVHA - Updates for Housing Moving Forward

All of this has brought many challenges for locals including the low availability and high prices of places to rent or buy. One of Steamboat’s biggest strengths is our community. Our quality of life here is dependent on the people that help keep Steamboat special. While I believe in a free market I also believe that we can’t afford to lose the core of our community. The Yampa Valley Housing authority has been doing a great job building affordable rental apartments using a small tax we put in place a few years ago to leverage federal tax credits.

That definitely helps but we need a range of rental and ownership opportunities for locals to keep our community strong long term. We are fortunate to have over 50% local ownership here in Steamboat vs. 13% in Summit County and all of our lives are better as a result.

Fortunately, a very generous donor or two has stepped up with a $23M donation to the YVHA to purchase the former Steamboat 700 / West Steamboat neighborhoods project within our urban growth boundary. This area has been in our community plans to develop with a large component of affordable housing for locals for over 30 years. The two previous developments plans that were pursued failed in the end. We can do this as a community if we come together and think creatively.

We are hopeful that the YVHA, the generous donors, the city, and the county can come together to solve this. We encourage them to remove the barriers that have stopped it before and provide a variety of housing options at a reasonable cost. The hope would be this also includes reasonable terms that don’t cause some of these properties to be foreclosed on if an economic downturn were to occur in the future. We have always had to strive to live in Steamboat so these properties still won’t be cheap given costs here. However, the hope is these properties can be achievable options for more individuals.

We hope that you find some insights in this report that are useful to you. At the same time, the market is very granular so if you want to know about your property or the ones you aspire to have please reach out. We will listen to your questions and give you personalized insights with absolutely no pressure. We know that if we take care of your needs when you are ready, we will be successful too.

The Steamboat Group - 6x Best of the Boat Real Estate Agent & 2x Best of the Boat Real Estate Firm.

Market Update: 2021 Q2 Single-Family Homes

Single Family

  • The average sales price increased 70%. This is a dramatic increase that comes from a combination of increased demand, appreciation (which is probably closer to 15-25% year-over-year for most homes), and very few homes available in lower price points compared to last year which raises the average in addition to appreciation. Plus, in April and May of 2020 (or 1/3 of the first half), unit sales were down about 50% vs 2019 vs. the same months in 2020 due to the shutdowns. In 2021, April and May had 20 closings in this segment in 2020 vs. 39 in 2021. In 2019 - there were had 43 closings in April and May. This makes the recovery in 2021 more dramatic.
  • In 2020, the highest sale in this category was $1.7M (see below for luxury homes). In 2021, there were 41 more sales above $1.7M.  The average sales price for single-family homes has now shifted above $1.5M. There were 28 sales under $700k in 2020 vs. only 12 sales under $700k in 2021 which has a strong impact on the average.
  • People are spending more time in their homes, which makes space even more important. We’re also seeing people gravitating more to rural living. We are seeing YVEA / Luminate bring fiber Internet to Hayden, Clark, and South Routt before town and Starlink now has reliable and fast satellite internet rolling out nationwide making it practical to work and stream in rural area like we haven’t seen before.
  • Some nice homes, just west of town, in neighborhoods like Steamboat II, Silver Spur, and Heritage Park are still available in the $700K to $1M range and a new K-8 school is being built there. That said we are seeing demand and sales in Silver Spur for $1.5-1.8M homes.
  • See Luxury Single Family Homes below for how the top 10% of the market by units is doing. We separate these segments so the averages are more meaningful for the bulk of the market. A few luxury sales can mask what is happening in the main part of this market so we report them as separate categories.

The Steamboat Group gave over $90,000 back to our valley in 2020 and over $50,000 in 2021 so far to honor our commitment to helping keep Steamboat special.

Market Update: 2021 Q2 Luxury Homes

Luxury Single Family

  • The Luxury segment includes the top 10% of Single-Family homes (units) by value. Looking at these separately gives us better insight into both the luxury and traditional single-family home markets.
  • This entire segment shifted upward. In 2021, all of the sales were above $3M. In 2020, only 33% of the sales were above this price point. In 2020 the highest sale was $7.45M, and in 2021 there were 3 sales above this price point.
  • These three sales included the finest ski-in ski-out home in Steamboat for $10M, and 2 in Storm Mountain Ranch on lots worth over $5M. These 2 sold for prices of $11.2 & $11.5M. If we remove these 3 sales, the average price goes down by $1.7M. As a result,  and the increase in average price is up 71% which is in line with the rest of single-family homes vs.100.5% including these 3 sales.
  • The average $/sq ft of homes sold increased dramatically due to the increase in the average price. In 2020, the average size of the home sold in this segment was 4,207 sqft. In 2021, the average size of the home in this segment was 4,473 sqft. This was only a 6% increase in the size of homes. The average price, in this case, was primarily influenced by the 3-5 times more valuable land from the top 3 homes in this segment.

We put our client's interests first, have very high standards for our team, and truly work as a team. Fortunately, people noticed and we were 50-205% more productive per broker than any other Top 5 Steamboat Firm in 2021.

Market Update: 2021 Q2 Townhomes

Townhomes

  • Average sales price increased 14.2% vs. a year ago. The reason for the 'relatively' small increase in average sales price compared to other segments in this report, was the low to high-end mix of the units that sold. In 2020, 16 of 53 sales (30%) were over $1M vs. 37 of the 99 sales (38%) in 2021. On the opposite end of the spectrum, this was balanced out by significantly more sales under $500k in 2021. In 2020, there were 14 townhomes that sold under $500k. In 2021, there were 33, including 5 townhomes that sold in Clark in Glen Eden with restricted owner use that were all under $125k. If you take out these units in Clark the average sales price would be over $1M.
  • 15 of the townhomes that closed in the first half for $415-516K are a part of a new development called Fox Springs. Their prices could have been significantly higher, but most went under contract before we saw as much appreciation.
  • Townhomes/Duplexes continue to become a more important part of the market from $200K to $2M as Single Family home prices continue to go up. We expect more people to go this way even as low supply compared to demand is limiting sales in this segment.

We are proud to have helped 148 people/families in 2021 so far- the most of any team or agent.

Market Update: 2021 Q2

Condos

  • Both the number of sales (+104%) and the average price (+71%) were up significantly. The number of sales was a result of increased demand from people who can now spend more time in Steamboat. Similar to single family homes, in most situations the average price appreciated in the range of 15-20%. Statistically the increase is a result of many more high-end sales and fewer entry-level sales.
  • Specifically, we saw 9 sales in One Steamboat Place that were all over $2M. Our entire market had 3 sales of $1M in 2020 and 29 sales over $1M in 2021.
  • The mid-range was where the largest increase in sales in units occured. In 2020, there were 19 sales between $500K-1M, in 2021 there were 93 sales. This increase in units in this range also contributed to the increase in the average sales price.
  • For the entry-level market, there were 15 sales below $250k in 2020 and 7 sales below $250k in 2021 as many properties appreciated out of this price range and locals were more likely to hold onto their homes.

We are grateful to be chosen by so many of you to help with your needs. We are now the #1 Team / Agent in both people helped and total sales.

Market Update: 2021 Q2 Hayden

Hayden Homes

  • The Hayden market saw strong appreciation over the past year due to increasing prices in Steamboat, the new Hayden K-12 school project, having a brewery & coffee shop, and a thriving community as a result.
  • In 2020, the uncertainty of last year gave a much stronger pause in real estate closings than other areas in NW Colorado. Looking at Q2 (April, May, and June) in isolation - there were only 2 sales in these 3 months vs 13 in 2019. 2021 saw the momentum continue through Q2. Looking at 2021, there were 15 sales in Q1 and 19 sales in Q2.
  • Total sales in $ were 304% of 2020. For a better comparison Sales in the first half of 2021 were up 112% compared to the same time frame in 2019 which takes out the pause we saw in 2020.
  • The market continues to progress in Hayden. 50% of the sales in 2021 were at or above the highest sales from 2020. In 2020, the highest sale in Hayden was $405,000. In 2021 17 of the 34 sales that closed were at or above $405,000. The story really is that there were more homes for sale and at higher price points including many newer homes.
Market Update: 2021 Q2 Phippsburg /Yampa/Oak Creek Homes

Phippsburg /Yampa/Oak Creek Homes

  • Oak Creek has been the most popular area of these 3 over the past year and has accounted for 10 of the 17 sales in 2021. The highest sales price in 2020 was $485k*. In 2021, 35% or 6 sales were above this price.
  • We love seeing the quality and number of restaurants in Oak Creek continue to increase and always try to eat there when we are out that way. We would be remiss not to mention the Antlers in Phippsburg which is great for dinner as part of a nice drive or bike ride.
  • *To give a fair representation of the market, we did not include the sale Q1 2020 sale of a $5.8M 755 acre ranch with a 3bd / 2ba 1,847 sqft home in the average or median numbers. It is only in total sales. Most of the value was in the land since it backed up to National Forest and including it in the averages would have distorted what is happening for most homes.
Market Update: 2021 Q2 Stagecoach

Stagecoach

  • Essentially, this entire segment shifted upward. The average price growth in this segment of the market was due to both an increase in the lowest sales price and an increase in the highest sales price. The lowest-priced sale in 2020 was $355k and the highest was $1M. In 2021, the lowest priced sale was $425k and the highest was $1.6M. Additionally, in 2020 only 23% of the sales were above $650k vs 57% of the sales in 2021.
  • As Steamboat Springs home prices continue to increase, we expect Stagecoach will continue to be an active market and see more $600K+ sales. We love Stagecoach for its access to great recreation on the lake, fishing in the Tailwaters, and access to trails in the National Forest.
  • Note: Stagecoach is technically in Oak Creek but for MLS purposes. Stagecoach is a separate area and it performs a bit differently so we report it on its own.

Steamboat Springs Market Update: 2021 First Quarter

We are having many deep conversations with people regarding the market, their goals, and their thought process during this time. Some people are waiting - in that case, we advise them to watch the market and prepare until they are comfortable taking their next step.

After a good discussion of pros and cons, some are taking a closer look at the market and proceeding cautiously with their long-term plans to be in Steamboat.

Others see quality time outdoors with their loved ones as the biggest factor and are confident that the market will perform well over the 5-20 years they plan to own here.

Our goal at The Steamboat Group is to help you make informed decisions about real estate in Steamboat. Scroll down for a concise, yet informative guide to what is happening in the Steamboat Springs Real Estate market, including notable trends and changes over time.

‍- Jon Wade - Broker/Owner‍

The Overall Market

As you know real estate markets across the country are busy and often described as "crazy". Our goal here is to dig deeper and explain what we are seeing here in Steamboat, along with the top-level reasons behind it.

Things are busy in Steamboat, and we are seeing multiple offers on most but not all properties that come on the market. We talk with brokers across the country in our key feeder markets like Denver, Houston and Minneapolis, as well as other resorts and the big cities on the coasts. So far, things are much more reasonable in Steamboat than in most of these cities.

While the market may feel "crazy" , we think its better described as competitive. Steamboat has always been a great place to be and now more people have the flexibility to be here since they can work from home. Location-neutral workers in Steamboat have gone from 30% in 2019 to well over 40% now. Long term, the experts are predicting that over twice as many people will continue to work from home as in 2019. I’ll add that this also means people that could be here 1-4 weeks before can now be here 2-4 months a year.

The real story on the demand side is that more people can now be in Steamboat for extended periods of time or full time. Most people who planned to be here can do it earlier now.  Nearly everyone who is buying plans on using their home and it is not just for investment.  Buyers have been very well qualified for their loans unlike in 2007 and 50% or more are purchasing with cash.

On the supply side, the amount of new buildings has been much lower than demand for a long time. There has been very little new development (neighborhoods) for a long time. In addition, some people have waited to sell given the events of the last year, and others are concerned that they won’t be able to get something else if they do sell.  If you fall into the later, please reach out with questions. We have strategies that work well to address selling and buying here in Steamboat at the same time.

As you look at this report you will see some pretty dramatic increases. However, many of these increases can be described when looking at the specific details behind just the numbers. We encourage you to look next to each graphic for the story behind what is happening in each part of the market.

As we work with Buyers we are having deep discussions on what is happening in the market and their goals.  When the right property comes on the market we coach them on winning strategies along with the tradeoffs involved. Then they can make the best choices for them as they choose the price and terms to make an offer that is much more likely to be successful. We are also having a fair amount of success reaching out to owners of properties that our buyers are looking for and reaching a deal before they hit the market so ask us if that is appealing to you.

For Sellers, we know most things will sell quickly, but at the same time, it is even more important to nail the marketing than get it in front of the most qualified buyers that are looking for similar properties immediately. Because with more offers we can significantly increase your chances of getting not only a higher price but getting you an appraisal gap, waiving the appraisal, or a cash offer along with limited contingencies so you have a smoother closing process.

Right now many brokers are taking just a few pictures, often with a cell phone, skipping most of their already limited marketing tools, not doing a 3D tour so people out of town can see if it is fit, etc. We know that while the property will likely still sell we are committed to going above and beyond to get you a great result.  We believe it is time to keep improving, continuing to work hard to set the highest standard for marketing, target the most likely buyers to create excitement / get more offers, and are doing even more now to get our clients the best terms. If you are looking to sell and then buy another property, we have several strategies to make this work so don’t give up, give us a call and we can discuss how to achieve your goals.

We hope that you find some insights in this report that are useful to you. At the same time, the market is very granular so if you want to know about your property or the ones you aspire to have please reach out. We will listen to your questions and give you personalized insights with absolutely no pressure. We know that if we take care of your needs when you are ready we will be successful too.

Our goal at The Steamboat Group is to help you make informed decisions about real estate in Steamboat then help enable you to reach your goals. Scroll down for a concise yet informative guide to what is happening in the Steamboat Springs Real Estate market - Notable trends, changes, and shifts over time.

Market Update: 2020 Q3 Single-Family Homes

Single Family

  • The average sales price increased 47%. While this is a dramatic increase - it is really a combination of increased demand, appreciation (which is probably closer to 15%+ year over year), and homes not being available at lower price points. People are spending more time in their homes so they are looking for more space and they are also gravitating more to rural living.
  • Sales volume was up over 2 times despite low inventory this segment was incredibly active. Basically, while there is very little on the market at one time there is a steady stream of homes coming on the market and they sell quickly. On April 7, there were 42 single-family homes available compared to 55 sales in Q1.
  • This time of year is stronger for 2nd home purchases and the bidding is competitive. To some extent, locals are staying in place, which we expect in the winter, so it will be interesting to see how many choose to enter the market this summer as sellers.
  • In 2020, the highest sale in this category was $1.8M (see below for luxury homes). There were 17 sales above this price that sold in 2021 vs. 2020. The center of the single-family home market has now shifted above $1M and we expect this to remain even if more locals choose to sell this summer. There were 12 sales under $700k in 2020 vs. only 4 sales under $700k in 2021.
Market Update: 2020 Q3 Luxury Homes

Luxury Single Family

  • The Luxury segment includes the top 10% of Single-Family homes (units) by value. Looking at these separately gives us better insight into both the luxury and traditional single-family home markets.
  • This segment is unique because at this price point combined with low volumes a few sales can shift the averages considerably.
  • Values of most homes are up 10-15% in the last year but the average price moved dramatically based on 1 of the 5 homes that sold.
  • In 2019 the highest sale was $7.45M vs $11.5M in 2021. The sale, in 2021, was a home with most of its value in the land just outside of Steamboat on 470 acres. When comparing these 2 sales, the home in 2020 was 14,000 sq ft and the price was more reflective of the size of the home. In 2021, the $11.5M home was 4,100 sq ft where the value of the sale primarily reflected the 470 acres of land the home was on. This land is the biggest factor that drove the $/sq ft up 58%
  • The average $/sq ft of homes sold increased dramatically due to the sale in 2021 being significantly smaller in size vs the sale in 2020, whose square footage was 14,759 sqft. That is the primary driver of the 39% increase in the $/sqft and the 50% average sales price. If we remove those two large sales the $/sf decreased $3 even though the value of every home is up. The number of sales in this segment is so low that when particular homes sell can skew the numbers outside of what is really happening.
Market Update: 2020 Q3 Townhomes

Townhomes

  • The average sales price did not change dramatically in the first quarter of 2020. Looking at the increase in the median, in this case, a probably more representative portrayal of the average townhome increase in price in the past year (at +15%)
  • The reason for the smaller increase to the average sales price vs the median was the relative balance of the type of units that sold. In 2020 10 of 21 sales (48%) were over $1M vs. 19 of the 42 sales (45%) in 2021 were over $1M. Included in this were 8 sales in 2021 that were higher than $1.6M (which was the highest sales price in 2020). However, on the opposite end of the spectrum, this was balanced out by significantly more sales under $500k in 2021. In 2020 there were only 4 townhomes that sold under $500k. In 2021 there were 17, including 4 townhomes that sold in Clark that were all under $125k.
  • 7 of these townhomes closed in the first quarter for $400-500K that is a part of a new development called Fox Springs but went under contract earlier and would have sold for a couple of steps more now.
  • Townhomes/Duplexes continue to become a more important part of the market from $200K to $2M as Single Family home prices continue to go up. We expect more people to go this way even as low supply compared to demand is limiting sales in this segment.
  • It's worth noting that the average price / sf is similar to homes given people are attracted to the higher finish level they can get at the same price point along with a bit lower perceived maintenance.
Market Update: 2020 Q3

Condos

  • Both the number of sales (+53%) and the average price (+59%) were up significantly. The number of sales was a result of increased demand from people who can now spend more time in Steamboat. The average price is a little more complicated in that some of it is appreciated in the range of 15-20% and the rest is that there were many more high-end sales and fewer entry-level sales.
  • This quarter we saw 4 sales in One Steamboat Place that were all over $2M. In 2020 there were no sales over $1.6M - these 4 increased the average sales price alone by $110k (15%). Based on a few conversations, we believe that these owners that sold chose to move to a home and others were happy to find a larger place on the mountain.
  • In Q1 2021 there were 41 sales over $575k. In 2020 there were just 6.
  • For the entry-level market, there were 5 sales below $225k in 2020 and 0 sales below $225k in 2021 as many properties appreciated out of this price range and locals were more likely to hold onto their homes.
  • This was also a year that people saw the value of being more flexible in what they buy to get here with the limited supply. Condos were a great way to get their foot in the door while they look for the place that fits their long-term goals. That said, this is happening across the board from condos to homes.
Market Update: 2020 Q3 Hayden

Hayden Homes

  • The Hayden market saw strong appreciation over the past year due to increasing prices in Steamboat, the new Hayden K-12 school project, having a brewery & coffee shop, and an increasing sense of community.
  • Hayden is becoming an even better place to live and we love seeing more young professionals see it as a great place to live.
  • The market continues to progress in Hayden. 60% of the sales in 2021 were at or above the highest sales from 2020. In 2020, the highest sale in Hayden in Q1 was $405,000. In 2021 9 of the 15 sales that closed were at or above $405,000.
  • Under the $405k, there were 7 homes that sold in 2020 and 6 homes that sold in 2021. The story really is that there were more homes for sale and at higher price points including many newer homes.
  • The average number of bedrooms in the homes that sold were 3.25 in 2020 and 3.4 in 2021. So the homes were just a little bigger, it truly was an increase in the average price point.
Market Update: 2020 Q3 Phippsburg /Yampa/Oak Creek Homes

Phippsburg /Yampa/Oak Creek Homes

  • Oak Creek has been the most popular area of these 3 over the past year and has accounted for 3 of the 4 sales both years. While this allows for accurate comparison in types of homes sold, there were only 4 sales. The highest sales price in 2020 was $465k* vs $365k in 2021 with so few sales this isn’t significant since we know that each individual home is worth more than it was a year ago.
  • Similar to Hayden, we anticipate these three areas to increase in popularity as people look for single-family homes outside of Steamboat Springs.
  • We love seeing the quality and number of restaurants in Oak Creek continue to increase and always try to eat there when we are out that way.
  • To give a fair representation of the market, we did not include the sale Q1 2020 sale of a $5.8M 755 acre ranch with a 3bd / 2ba 1,847 sqft home in the average or median numbers. It is only in total sales. Most of the value was in the land since it backed up to National Forest and including it in the averages would have distorted what is happening for most homes.
Market Update: 2020 Q3 Stagecoach

Stagecoach

  • Essentially the entire segment shifted upward. The average price growth in this segment of the market was due to both an increase in the lowest sales price and an increase in the highest sales price. The lowest sale in 2020 was $375k and the highest was $840k. In 2021, the lowest sale was $479k and the highest was $1.2M
  • The $/sq ft increased (+32%) almost the same amount as the average sales price (+36%). The average sq ft of homes sold in 2020 was 2,932 vs 3,002 in 2021.
  • As Steamboat Springs home prices continue to increase, we expect Stagecoach will continue to be an active market and see more $600K+ sales.
  • Note: Stagecoach is technically in Oak Creek but for MLS purposes Stagecoach is a separate area and it performs a bit differently so we report it on its own.

Steamboat Springs 2020 Real Estate Market Update

COVID has shaped the real estate market, for better or worse, in Steamboat Springs. Let's take a look at what that means for people who want to buy a home in the Boat.

Top 5 Things to Know About the Steamboat Market

‍1. More people can be in Steamboat more of the time and are less attached to where they were living. Many people now have more flexibility in where they work from and have taken the time to re-evaluate their priorities over the last year. Individuals are seeing that they can still work at a high level out of the office, and achieve their larger life goals while spending more time in the mountains.

2. People are spending more time outside, with their families, and in their homes. This is either bringing people to Steamboat, as opposed to other places, or making them re-think their home here. There are not many towns where nearly everything they want to do is 10-30 minutes away. We are also in our homes more often now, which has many people looking for different features or more space.

3. Green acres are the place to be. We saw a big increase in the popularity of rural homes in 2020. Having more space to roam is appealing as people re-think their goals. Our valley is a rare place to find 35-acre parcels near a ski area that doesn’t cost well over $1M. High-speed internet options in rural areas are improving with Luminate laying fiber to serve rural Routt County, and SpaceX’s Starlink internet delivering high speeds in the beta test—so why not combine your career with a rural ski town life?

4. More people’s mountain homes became their primary residences in 2020. This year is looking similar. Many people are just as productive, if not more productive, working remotely and more companies are giving their team the ability to work remotely. So, why not be in Steamboat with our awesome sense of community, schools, and lifestyle?

5. Land is selling Faster. The market for land is very strong and values are increasing. This is clearly due to the limited inventory of homes, which is pushing more people to build. At the same time, it is increasing the value of existing homes since it is more expensive to replace them. It is often the case that an older home, in need of work, is worth more for the land than the home. There are tradeoffs to consider between building and buying, so let us know if you want to strategize.

What Do You See for the Market Over the Next Few Years/This Winter?

We all know that there will be ups and downs in the economy and real estate market, but there are several factors that we believe make property in Steamboat a good long-term asset.

Covid-19 pulled in plans for many and the first wave Steamboat's real estate market saw was strong, so many wonder if things will pull back next year. That is a possibility, but many people will have waited a year to purchase a property, in order to see how working remotely goes and whether it is practical long-term. Others didn’t find the property in the first wave and are still actively looking. These interested buyers have been calling us these past few months and are driving a very strong winter market, compared to the more relaxed pace that we are used to.

Steamboat is a great place to live or vacation, and more people are able to be flexible in where they live. This gives us comfort in looking forward.

Prices are up but increasing values also bring more properties on the market, as current owners consider their goals to sell once they get a certain amount of equity or their needs change.

Inventory is very low, which does make buying more difficult. It also means that it would take much more inventory and lower demand for prices to pull back moderating concerns about current pricing. Basically, we have about 1/4 of the inventory as we started 2020 with; so inventory can go up quite a bit and demand could moderate a fair amount before we would expect prices to decrease.

In a way, nothing has changed. Steamboat is a great place, with a wonderful community that many people aspire to be a part of. This has been true for a long time and we don’t see that changing.

Sale Units By Year: 2015-2020 Sale Volume By Year: 2015-2020

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Market Update: 2021 Single-Family Homes

Single Family

  • The average sales price of a home in Steamboat was up 16% in 2020. More notable though was the 55% increase in total sales. The limited supply and increased number of buyers made this segment very active.
  • One of the big stories in this segment is the increased popularity of North Routt as rural areas with great recreation opportunities improved faster than the overall market.
  • In 2019, only 19 of the single-family home sales were in Clark. In 2020, 39 of the single-family sales were in Clark. In 2020, the average sales price of a single-family home in Clark in 2020 was $679k which brought down the average. Now that fiber internet has started to light up the north, we anticipate the popularity and value of North Routt properties to grow.
  • Many individual homes appreciated more than this, given the activity the last few months so let us know if you are curious what your home is worth now.
  • See Luxury Single Family Homes below for how the top 10% of the market by units is doing. We separate them out so the insights are more meaningful.

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Market Update: 2021 Luxury Homes

Luxury Single Family

  • The Luxury segment includes the top 10% of Single-Family homes (units) by value. In 2020 it took a $2.5M home to be in the top 10 % vs. $2.3M.
  • The increase in the median value is more representative of the appreciation in this segment because there were not many homes available over $10m in 2020 vs 2019. If you are curious how much a particular home increased … values and the number of luxury sales increased more in the 2nd half than in the first half so even the median increase is less than what most homes appreciated in 2020.
  • We saw values of individual homes increase 8-20%. In 2019, there were 2 sales above $10M vs. only 1 sale above $10M in 2020. In 2020 multiple ranches in this price range sold but few with houses on them were available compared to in 2019. Additionally, in 2019, there were only 12 sales between $3-5M vs 21 sales between $3-5M in 2020.
  • Total Sales volume in this segment is up 39% as more people are able to spend more time here. They are looking for more space and planning to be here more than before and need office space so they often choose to spend more as a result. We also saw quite a few more spec homes in the $3-5M range that were started before this situation (as they take 12-18 months to build) but sold more quickly as a result.

We put our clients' interests first, have very high standards for our team, and truly work as a team. Fortunately, people noticed and we were 93-305% more productive per broker than any other Top 5 Steamboat Firm in 2020.

Market Update: 2021 Townhomes

Townhomes

  • Total sales of townhomes were up 50%, and the average price was up 16% as townhomes continued to become a more popular option for people.
  • The biggest shift here is that sales have moved up into the luxury side of the market. This is driven in part by increasing Single Family home prices and a few new entry-level townhomes are being built. We expect Townhomes/Duplexes to continue to perform well and be a more important part of the market even as low supply compared to demand is limiting sales in this segment.
  • The sales of over $1M were instrumental in driving up the average sales price. In 2019, 27 of 154 sales (or 18%) were over $1M vs. 55 of the 198 sales (or 28%) in 2020 were over $1M.
  • It's worth noting that the average price is the same as homes given people are attracted to the higher finish level they can get at the same price point, often a better location, along with a bit lower perceived maintenance.

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Market Update: 2021 Condos

Condos

  • This is one of the more consistent segments year-over-year. The shift upwards in sales over $2M and strong demand along with low supply at every level were driving factors of the increased average sales price. In 2019 there were only 10 sales over $1M vs 22 sales above $1M.
  • Looking at the other side as well we saw a significant decrease in the number of condos worth under $250k on the market. In 2019 - 18% (28/334) were under $250k vs in 2020, 8% (9/395).
  • Total sales of condos were up 41% reflecting both local demand and the ability of more people able to spend enough time here to justify a second home.

We are grateful to be chosen by so many of you to help with your needs. We continue to serve more people than any other Team or Agent.

Market Update: Hayden Homes

Hayden Homes

  • The uncertainty with COVID-19 had a large impact on the Hayden market. There were almost 50% fewer sales for the first 6 months of the year vs 2019.
  • Looking at Q2 (April, May, and June) in isolation - there were only 4 sales in these 3 months vs 15 in 2019. However, looking at Q3 and Q4 there were 36 sales in 2020 vs only 27 in 2019. So, while the overall units did not change vs. 2019, the timing of these sales did. We anticipate the momentum to continue and sales in Hayden to increase in 2021 vs both 2020 and 2019
  • As the price of single-family homes continues to increase in Steamboat we expect the average sales price to continue to increase in areas like Hayden and we expect this market to come back in a similar fashion as the Steamboat market perhaps just a bit slower as local businesses and workers recover.
  • What we love to see is that Hayden will complete a great new school building, attracting more restaurants, and the community there is strong. Hayden has a bright future in our opinion.
Market Update: Phippsburg /Yampa/Oak Creek

Phippsburg /Yampa/Oak Creek

  • The first half saw a 19% higher average sales price primarily due to a decrease in sales below $250k. In 2019, 48% (20/42) of the sales were under $250k, meanwhile in 2020 26% (10/38) of the sales were below 250k. This is driven by the appreciation these areas are seeing as they follow what is happening in Steamboat resulting in few homes are available under $250K.
  • To give a fair representation of the prices, we did not include the sale of a $5.8M 755 acre ranch with a 3bd/2ba 1,847 sqft home in the average or median numbers. It is only in total sales and units sold. Most of the value was in the land since it backed up to National Forest and including it in the averages would have distorted what is happening for most homes.
Market Update: Stagecoach

Stagecoach

  • The appeal of rural homes with recreation close by has increased faster than the overall market which is particularly true in Stagecoach.
  • The average price was driven by the price point shift above along with a $5M ranch that also made up 16% of total sales volume. Even without it sales still almost doubled.
  • As Steamboat Springs home prices continue to increase, we expect Stagecoach will continue to be an active market and see more $500K+ sales.
  • Note: Stagecoach has an Oak Creek address but it is separate in the MLS and is a distinct market with more of a recreation component so we report it on its own.

Steamboat Springs 2019 Real Estate Market Update

Our goal at The Steamboat Group is to help our clients make informed decisions about real estate in Steamboat. You are smart and we can help you be smart about Steamboat Real Estate.

Just scroll down for a quick and easy guide to what is happening in the Steamboat Springs Real Estate market - Notable trends, changes, and shifts over time. It is important to note that just because the average price or price per square foot is up a certain percentage that doesn't mean there is that much appreciation for any particular property.

The market is very granular. Averages can be influenced by the availability at different price points, hotter at the higher or lower price points, more new buildings, etc. Give any of us a call to discuss and we can give you a great sense of what is going on in your part of the market.

‍When Results Matter, call The Steamboat Group. Ask for our stats to see why.

The Steamboat Market

Happy New Decade! This is Jon Wade with The Steamboat Group and here are our Top 7 Steamboat Real Estate Market Takeaways from 2019

  • Real demand from locals, people who want to be in Steamboat more, and location-neutral people moving here along with nearly 50% cash purchases give us comfort in the health of the Steamboat market.
  • Steamboat is a special community, local buyers made up 50% of sales in 2019 compared to 13% in other towns like Breckenridge. That makes a big difference!
  • Looking to Land Title Company's data, 2019 will likely end up slightly down in total sales but most values outside of land are up (this analysis does not take land, commercial or fractional sales into account at this time). We expect total sales will end the year at about $850M. That is just over half of the $1.6B in 2007 and nearly every sale is logical price-wise giving us comfort there is reason in the current market.
  • Limited supply is still a factor in many market segments — specifically, homes under $1.2M, townhomes under $500k, and condos under $350K
  • Average home prices were up 12%, townhome prices +10%, and condos +8% primarily due to real demand and limited supply.
  • Higher-end condo sales over $800K, which nearly disappeared in 2018, are back with more re-sales coming on the market and people’s confidence in the market continues to improve
  • Sales in areas outside of town are up strongly with Stagecoach up 14% and Hayden 12%. In Phippsburg, Yampa, and Oak Creek total sales in dollars were up 32% but the average price was down due to more entry-level homes selling in those areas than in 2018.
Market Update: 2019 Single-Family Homes

Single Family

  • This has been one of the best performing segments in the market in 2019 with the average sales price up almost 12%
  • Continuing for the 2nd year, one of the biggest themes is a lack of inventory in this segment. While we don't report on Days on Market, homes that have been coming on in this segment that are priced well are selling quickly. However, buyers are savvy so if a home is overpriced it will need to adjust to the market at some point to get traction.
  • While the average sales price of single-family homes has increased, the average sales price for the top 10% of homes, or the Luxury Market, has raised the overall price range included in this Single Family homes segment (the remaining 90%). There were only 2 sales in this segment above $2M in 2018 vs 8 sales above $2.0M in 2019. Conversely, there were 31 sales under $400k in 2018 vs only 18 sales under $400k in 2019.
  • This does pull up the average sales price & dollars per square foot more than the average home has appreciated. For example, the average $835k home in 2018 is not worth $934k in 2019. The difference is a higher % of people are buying pricier homes and there are fewer homes at lower prices available than in 2017.
  • See Luxury Single Family Homes below for how the top 10% of the market by units is doing. We separate them so the averages are more meaningful.
Market Update: 2019 Luxury Homes

Luxury Single Family

  • This segment represents the top 10% of Single-Family units with the highest sales prices. We feel that looking at these separately gives you better insight into both the luxury and the traditional single-family home segment.
  • The big story that drove the 21.6% increase was the shift up in the price points of the homes that sold. In 2018 there were 17 sales from $2M-$3M and 6 sales from $3M-$5M. In 2019 there were only 10 sales from $2M-$3M and 12 sales from $3M-$5M.
  • The shift in prices up to $3M-$5M was not the lone cause of the increase in the average sales price. This segment is unique because a few sales can shift the numbers considerably. In 2018 the highest was $6.1M and $8.4M. Comparing this to 2019, the highest 2 sales were at $10.2 and $11.6M
  • We have now gotten to the point that 75% of luxury homes sold are under 7,500 sq ft. This is after a few years of transition from larger homes being the majority. In general, the market is showing a strong preference for smaller homes except on truly exceptional sites. This matches the conversations we are having with buyers who are looking for homes with refined floor plans that are easier to maintain and feel right for their needs. It mirrors the national trend as reported in the WSJ that people are looking for a higher level of quality in a great location with well-thought-out floorplans they can actually use.
Market Update: 2019 Townhomes

Townhomes

  • The 10% increase in total $ sales volume was mostly unit driven by fewer unit sales in the lower end and more in the higher end of the spectrum.
  • As Single Family home prices continue to go up and people value convenience more, we expect Townhomes / Duplexes to continue to be an active part of the market at a wide range of price points.
  • One of the biggest aspects to note is the shift where sales in townhomes took place year over year. Breaking this down into 3 segments paints an insightful picture of what occurred YOY best. In 2018 there were 66 sales under $500k, whereas in 2019 there were only 38 sales under $500k. From $500k-$1M there were 79 sales in 2018 vs 89 sales in 2019. Above $1M there were 20 sales in 2018 vs. 27 sales in 2019.
Market Update: 2019

Condos

  • While the goal of this report is to understand how 2019 changed from 2018, to gain the most insights from this segment, it is important to go back a year further and include 2017. From 2017 - 2018 there was a 6.6% decrease in the average sales price YOY. This was primarily due to a decrease in high-end condo inventory and thus sales. In 2017, there were 24 condos that sold above $800k vs. 12 condos that sold above $800k in 2018. In 2019 more resale condos came on the market so there were 23 condos that sold above $800k.
  • This brought back the average sales price to $441k in this segment, (2017 average sales price was $437k & 2018 average sales price $408k) which shows how much the luxury condo market has an influence on the average sales price.
  • Looking at the opposite end of the spectrum in this segment, condos under $400k are almost identical YOY. In 2019, 180 condos under $400K sold vs. 184 in 2018 - only 2% difference year over year.
Market Update: 2019 Hayden

Hayden Homes

  • The Hayden market continued to be very strong in 2019. Increasing prices in Steamboat, the new Hayden K-12 school project, having a brewery & coffee shop, and an increasing sense of community is making Hayden an even better place to live.
  • New construction became a larger segment of the market in 2019 as overall demand has increased.
  • Sales volume is down 17% due to the decrease in the overall # of units sold. As of this writing, there are only 13 Hayden homes listed in January 2020. The lack of supply (similar to single-family homes in Steamboat) is a driving factor in the decrease in sales here.
  • As the price of single-family homes continues to increase in Steamboat we expect this trend to continue in outlying areas like Hayden.
  • The higher end of the market also increased dramatically. In 2018, 6% of the sales were above $400k vs 17% of the sales above $400k in 2019.
Market Update: 2019 Phippsburg /Yampa/Oak Creek Homes

Phippsburg /Yampa/Oak Creek Homes

  • Similar to Hayden, people interested in the Yampa Valley are exploring areas outside of Steamboat and finding beautiful areas they love. South Routt County is gorgeous and great people live there, so we are not surprised.
  • This is the only segment in 2019 that saw a decrease in the average sales price. The primary reason for this was that even with the 32% increase in the homes sold there were more entry-level homes that sold in 2019. In 2018, there were only 3 sales below $175k vs 9 sales below $175k in 2019. This decreased the average sales price even when values were up overall.
  • Thus the average home in this segment is worth more than in 2018 as more people begin to explore areas outside of Steamboat. For a more accurate evaluation of your property or one you might be interested in, please contact us for a personalized market analysis.
Market Update: 2019 Stagecoach

Stagecoach

  • Similar to Phippsburg/Yampa/Oak Creek, there were a few higher price point sales that drove this section of the market.
  • Sales above $600k were the main driver in the average sales price increase. 2018 had only 1 sale above $1M and only 2 sales (including the $1M) above $600k. 2019 had 2 sales above $1M and 7 sales (including the 2 at $1M) above $600k.
  • Note: Stagecoach is technically in Oak Creek for MLS purposes; however, Stagecoach is a separate area that is not reflected in the Oak Creek data above.

Steamboat Springs 2018 Real Estate Market Update

Our goal at The Steamboat Group is to help our clients make informed decisions about real estate in Steamboat. You are Smart, we help you be smart about Steamboat Real Estate. Just scroll down for a quick and easy guide to what is happening in the Steamboat Springs Real Estate market - Notable trends, changes, and shifts over time.

It is important to note that just because the average price or price per square foot is up a certain percentage that doesn't mean there is that much appreciation for any particular property. The market is very granular. Averages can be influenced by the availability at different price points, hotter at the higher or lower price points, more new buildings, etc. The first 4 categories cover the Steamboat Springs School district including North Routt.

We point out many of the key things that are driving the market but the only way to know where your property or one that you are interested in is to ask someone who follows the market closely. Zillow is more often than not 10-40% off here in the Yampa Valley. Zillow is much closer to entertainment than fact in our experience.

When Results Matter call The Steamboat Group. Ask for our stats to see why.

Market Update: 2018 Single-Family Homes

Single Family

  • This has been one of the best performing segments in the market in 2018 with almost all stats hitting the double digits in this segment.
  • One of the biggest themes is a lack of inventory in this segment. While we don't report on Days on Market, homes that have been coming on in this segment that are priced well are selling quickly.
  • While the average sales price of single-family homes has increased, the average sales price for the top 10% of homes, or the Luxury Market, has raised the overall price range included in this Single Family homes segment (the remaining 90%). For example, the highest sale included in this segment was $1.53M in 2017 and is now $2.0M in 2018.
  • This does pull up the average sales price and dollars per square foot more than the average home has appreciated. For example, the average $1.5M home in 2017 is not worth $2.0M in 2018. The difference is a higher % of people are buying pricier homes and there are fewer homes at lower prices available than in 2017.
  • See Luxury Single Family Homes below for how the top 10% of the market by units is doing. We separate them so the averages are more meaningful.
Market Update: 2018 Luxury Homes

Luxury Single-Family

  • This segment represents the top 10% of Single-Family units with the highest sales prices. We feel that looking at these separately gives you better insight into both the luxury and the traditional single-family home segment.
  • In 2018, 20 of the 26 sales were over $2.5M vs. only 6 of 27 sales in 2017. The mix of which homes sold in this range shifted from below $2.5M to above $2.5M. This was the main driver that caused such a large % increase in the average sales price. In this case, the average quality of the homes sold increased more than the value of each home.
  • This segment is unique because a few sales can shift the numbers considerably. In 2017 there was one sale at $9M. Without this sale, the increase in average sales price would be even higher. We have also seen a shift from high-end condo sales to high-end single-family sales in 2018, as few condos in that range are available.
  • The highest sale included was $9.0M in 2017 vs. $8.4M in 2018
  • In 2017 there was only 1 sale over $3.5M, in 2018 there were 8 over $3.5M
Market Update: 2018 Townhomes

Townhomes

  • The 20% increase in total sales volume was mostly unit driven by more sales in both the lower and higher end of the spectrum. The average price is up slightly, but the primary factor that resulted in the increased sales volume was the increase in units sold.
  • As Single Family home prices continue to go up, we expect Townhomes/Duplexes to continue to be an active part of the market at a large range of price points.
  • In 2018 there was a 38% increase in the number of sales above $900k and there were also 22% more sales under $500k. Compared to a nominal 6% increase in the amount of sales between $500-900k. This is what led to the relatively stable average sales price which grew 4% even with the high increase in volume.
Market Update: 2018

Condos

  • It's interesting that the average sales price is down, but the median is up slightly. That said, most condos are worth 5-15% more than last year. The decrease in average is due to significantly fewer luxury condo sales in 2018 due to a lower supply of those. There were fewer sales in 2018 over $800k (12 in 2018 vs 24 in 2017) but, between $600-800k there were 32% more sales in 2018. This kept the median relatively similar YOY, while affecting the average more dramatically.
  • This is due to 2 main factors: 1) More people have turned to single-family homes in the higher-end market, as seen above in the single-family stats. 2) There are also fewer options currently available on the market in the higher price range for condos.
  • Condos under $400k are down 18% YOY. In 2017, 218 condos under $400K sold vs. 179 in 2018 due to lower inventory in this segment and appreciation taking many popular condos above $400K.
  • In 2017 there were 8 sales over $1.5M, in 2018 there were 3. There were significantly fewer condo sales in places like One Steamboat Place and Edgemont which reduced average sales prices.
Market Update: 2018 Hayden

Hayden Homes

  • The Hayden market was very strong in 2018. Increasing prices in Steamboat, the new K-12 school project, Having a brewery and coffee shop, and an increasing sense of community are making Hayden an even better place to live.
  • New construction became a larger segment of the market in 2018 as overall demand has increased.
  • Sales volume is up 54%, the highest growth segment in 2018. As the price of single-family homes continues to increase in Steamboat we expect this trend to continue in outlying areas like Hayden.
  • The higher end of the market also increased dramatically. The highest sale in 2017 was $322k. In 2018 there were 16 sales above $322k! As a result, the average price increased 16% while the median only went up 6%.
Market Update: 2018 Phippsburg /Yampa/Oak Creek Homes

Phippsburg /Yampa/Oak Creek Homes

  • Similar to Hayden, people interested in the Yampa Valley are exploring areas outside of Steamboat. South Routt County is gorgeous so we are not surprised.
  • Unlike Hayden, which saw a shift in the upper end of the market as a whole, the Phippsburg/Yampa/Oak Creek increase in average sales price, volume and median was driven by just a few sales. In 2017 the highest sale was at $390k. In 2018, there were 5 sales above $390k (at $1.1M, $650K, $635K, $420K & $400K) that drove the average price up so dramatically. Without these 5 sales, the average sales price would have increased 8% vs the recorded 38.8%.
Market Update: 2018 Stagecoach

Stagecoach

  • Similar to Phippsburg/Yampa/Oak Creek there were a few sales that drove this section of the market. The change here is that there were fewer high-end sales in 2018. In 2017, we saw 6 sales above $600K vs. only 2 in 2018.
  • As Steamboat Springs home prices continue to increase, we expect Stagecoach will continue to be an active market and see more $600K+ sales.
  • Price per square foot is up 7% while the size of the homes is roughly 8.1% smaller.
  • Note: Stagecoach is technically in Oak Creek but for MLS purposes. Stagecoach is a separate area that is not reflected in the Oak Creek data above.
  • We wonder if Hayden is attracting more of this segment of the market given the positive changes and growth there. That is hard to prove, it could be normal variations given sales are only $17M or hopes the Stagecoach Ski area will be re-opened going dormant for now. A few sales make a big difference and inventory could be a factor.

Buy a Home in Steamboat Springs Today

The Steamboat Springs real estate market has something to offer everyone, and this is the perfect time to look into buying property. If you’re ready to make the move to Steamboat Springs, contact the Steamboat Group to work with the foremost experts in Steamboat Springs real estate.

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