MAIN OFFICE 970.879.8100 | MOUNTAIN 970.879.7800 | DOWNTOWN 970.870.8885 | STEAMBOATSIR.COM STEAMBOAT SOTHEBY’S INTERNATIONAL REALTY 2023 MARKET REPORT
In 2023, record-low inventory was reflected in the number of listings sold and active residential listings. This scarcity of available properties, coupled with a notable 8% surge in the median sales price and a 12% increase in price per sq ft, reaching $784, created an advantageous environment for sellers to capitalize on.
Despite favorable conditions for sellers, Steamboat's real estate market continues to grapple with a persistent inventory shortage. In some pockets
of the market, we see longer days on the market, particularly properties that fall in the rental zones that no longer allow short-term rentals. However, amidst this scarcity, the mountain region stands out as relatively unaffected, with condos and townhomes comprising a significant portion of properties sold. A discernible uptick in land sales and properties in nearby areas (like Hayden) that offer increased affordability indicates a shift in buyer preferences towards alternative entry points into
REAL ESTATE SNAPSHOT – PAST 19 YEARS
Total MLS Number of Listings, Units Sold and Dollar Volume
Single Family Homes, Townhomes and Condominiums
Less
PRICE RANGE UNITS SOLD PERCENT OF UNITS SOLD TOTAL $ VOLUME $ VOLUME UNITS SOLD LISTINGS 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 LISTINGS / UNITS SOLD $1.6B $1.5B $1.4B $1.3B $1.2B $1.1B $1.0B $900M $800M $700M $600M $500M $400M $300M $200M $100M $0 $ VOLUME 5 2 41 38 45 49 40 106 81 40 19 45 45 36 2023 YEAR IN REVIEW
to $2,000,000
$2,000,001 to $2,500,000
$2,500,001 to $3,000,000
the resort market. Interestingly, our high-end market is still experiencing multiple offers on most new listings. Steamboat’s total sales were down for the year, but prices continued to rise. Steamboat remains below the median for the average price and units sold compared to other mountain resort markets.
Despite hurdles of low inventory and high interest rates, demand remains strong among buyers making more cautious and educated decisions.
EXCLUDES TIMESHARES/FRACTIONALS, LAND & COMMERCIAL 970.879.8100 | STEAMBOATSIR.COM INFORMATION PROVIDED BY STEAMBOAT SPRINGS MLS TOTAL $ VOLUME 2021 2022 2023 $1,035,148,495 $1,273,213,514 $1,632,212,535 TOTAL UNITS SOLD 2021 2022 2023 944 1,194 1,797 2 5 36 41 38 45 45 49 40 106 81 40 19 45 0% 1% 6% 7% 6% 8% 8% 8% 7% 18% 14% 7% 3% 8%
$195,000 $1,407,200 $13,073,900 $18,659,600 $20,898,585 $29,506,125 $34,281,040 $41,783,150 $38,293,912 $130,928,022 $169,528,858 $89,980,272 $51,434,019 $239,924,406 than $200,000 $200,001 to $300,000 $300,001 to $400,000 $400,001 to $500,000 $500,001 to $600,000 $600,001 to $700,000 $700,001 to $800,000 $800,001 to $900,000 $900,001 to $1,000,000 $1,000,001 to $1,500,000 $1,500,001
Over $3,000,000
ROUTT COUNTY PRICE POINT SUMMARY BY UNITS SOLD
STEAMBOATSIR.COM | 970.879.8100 INFORMATION PROVIDED BY STEAMBOAT SPRINGS MLS STEAMBOAT SPRINGS – DOWNTOWN, FISH CREEK AND MOUNTAIN AREAS Median Price Sold, Units Sold and Average Days on Market SURROUNDING COMMUNITIES – SINGLE FAMILY HOMES, TOWNHOMES AND CONDOMINIUMS Median Price Sold, Units Sold and Average Days on Market MEDIAN PRICE SOLD UNITS SOLD MEDIAN PRICE UNITS SOLD 50 40 30 20 10 0 $1.0M $800K $600K $400K $200K $0 $1.0M $800K $600K $400K $200K $0 65 82 49 AVG DAYS ON MKT NORTH ROUTT 2021 2022 2023 $945K $758K $975K MEDIAN PRICE SOLD UNITS SOLD MEDIAN PRICE UNITS SOLD 40 40 40 90 80 70 60 50 40 30 20 10 0 $500K $400K $300K $200K $100K $0 AVG DAYS ON MKT HAYDEN 2021 2022 2023 $487K $416K $470K MEDIAN PRICE SOLD UNITS SOLD MEDIAN PRICE UNITS SOLD 70 60 50 40 30 20 10 0 78 38 65 AVG DAYS ON MKT STAGECOACH 2021 2022 2023 AVG DAYS ON MKT 175 150 125 100 75 50 25 0 UNITS SOLD MEDIAN PRICE SOLD UNITS SOLD MEDIAN PRICE SOLD SINGLE FAMILY HOMES 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 70 106 60 48 50 115 $1.86M $935K $1.22M $1.07M $1.71M $1.70M AVG DAYS ON MKT 500 400 300 200 100 0 $800K $700K $600K $500K $400K $300K $200K $100K $0 UNITS SOLD MEDIAN PRICE SOLD 82 32 34 16 28 73 MEDIAN PRICE SOLD UNITS SOLD CONDOMINIUMS $808K $365K $391K $446K $750K $599K AVG DAYS ON MKT MEDIAN PRICE SOLD UNITS SOLD MEDIAN PRICE SOLD TOWNHOMES 200 175 150 125 100 75 50 25 0 $1.6M $1.4M $1.2M $1.0M $800K $600K $400K $200K $0 $2.0M $1.8M $1.6M $1.4M $1.2M $1.0M $800K $600K $400K $200K $0 UNITS SOLD 2018 2019 2020 2021 2022 2023 84 73 62 41 44 96 $625K $644K $746K $1.44M $1.25M $889K AVG DAYS ON MKT $1.4M $1.2M $1.0M $800K $600K $400K $200K $0 80 70 60 50 40 30 20 10 0 UNITS SOLD MEDIAN PRICE SOLD 2018 2019 2020 2021 2022 2023 236 356 126 139 258 290 MEDIAN PRICE SOLD UNITS SOLD LAND $1.25M $340K $430K $398K $618K $550K $853K $554K $684K
970.879.8100 | STEAMBOATSIR.COM STEAMBOAT COMPARED TO OTHER RESORTS 2023 Average Sold Price and Units Sold • Condominiums, Towhomes & Single Family Homes ABOVE INFORMATION PROVIDED BY INDIVIDUAL ROCKY MOUNTAIN MLS AREAS WHERE A SOTHEBY’S INTERNATIONAL REALTY OFFICE EXISTS. AVERAGE PRICE SOLD UNITS SOLD $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 ASPEN JACKSON HOLE TELLURIDE BIG SKY PARK CITY VAIL VALLEY SUN VALLEY STEAMBOAT WHITEFISH BRECKENRIDGE CRESTED BUTTE WINTER PARK $10.6M $1.77M $3.09M $4.08M $3.51M $2.34M $2.60M $1.42M $877K $1.06M $1.38M $1.29M AVERAGE PRICE SOLD UNITS SOLD INFORMATION PROVIDED BY STEAMBOAT SPRINGS MLS INVENTORY BREAKDOWN 2023 Residential, Land, and Fractional Inventory 119 UNITS SOLD, BY PROPERTY TYPE, ALL AREAS VOLUME SOLD, BY REGION SINGLE FAMILY HOMES DOWNTOWN TOWNHOMES MOUNTAIN FISH CREEK WEST STMBT CONDOMINIUMS SOUTH VALLEY FRACTIONALS ELK RIVER LAND NORTH ROUTT STAGECOACH / OAK CREEK HAYDEN 157 197 92 202 $98M $429M $106M $94M $34M $43M $34M $29M $65M
