2021 YEAR-END MICRO MARKET REPORT

MICRO

MARKET REPORT 2021 YEAR-END

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

T

2021 YEAR IN REVIEW

The records were shattered again. After a record-setting real

the intense buyer demand continued to drive average

estate market in 2020, many felt that with such low inventory

prices, and therefore the total volume up by more than 30%

and uncertainty about the future of the pandemic, there would

year-over-year.

be no way 2021 could maintain the same trend in sales. Yet, 2021 seemed to be a continuation of the precedent set in 2020, but with an even more frenetic pace as inventory continued to fly off the shelf as quickly as it came on. In the low supply, high demand market in Steamboat, prices were pushed to the highest ever seen in our market in every sector.

When the total volume of sales in 2020 hit over $1.2B, bettering 2007 by 21% ($1.0B), most tenured Brokers didn’t expect to see sales volume soar to the $1.6B brought in 2021. With a severe lack of inventory, the total number of transactions remained relatively flat from 2020 to 2021, but

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 in 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 experts is here to help you decipher exactly how market conditions, trends, and stats pertain to you.

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 Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2021

% Change

$447,500

$599,555

34.0%

$439

$587

33.7%

13

5

-61.5%

$3,925,000

$4,375,000

11.5%

381

365

-4.2%

only 5 days on

98.5%

100.0%

1.5%

the market.

2020

2021

% Change

$727,500

$888,900

22.2%

$370

$491

32.7%

20

7

-65.0%

$2,250,000

$4,500,000

100.0%

193

182

-5.7%

99.0%

100.0%

1.0%

TOWNHOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

970.879.8100

5 DOM

2020

| S T E A M B O AT S I R . C O M

Condos in Steamboat moved faster than ever,

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.

$1.7M

SINGLE FAMILY HOMES Median Sales Price

The median sales price

Median $/SF

for a SF home in

Median Days On Market

Steamboat soared 58% to $1.7M in 2021.

Highest Price # Properties Sold % Sold Price to List Price

2020

2021

% Change

$1,077,050

$1,700,000

57.8%

$402

$567

41.0%

48

10

-79.2%

$4,730,000

$10,000,000

111.4%

224

154

-31.3%

97.5%

98.8%

1.3%

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2020

2021

% Change

$393,000

$550,000

39.9%

281

97

-65.5%

$3,090,000

$7,400,000

139.5%

83

71

-14.5%

96.6%

97.0%

0.4%

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 Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2020

2021

% Change

$1,799,500

$1,822,500

1.3%

$416

$496

19.2%

50

26

-48.0%

$12,400,000

$11,150,000

-10.1%

42

44

4.8%

95.4%

96.6%

1.3%

2020

2021

% Change

$542,500

$695,000

28.1%

111

68

-38.7%

Lack of existing inventory in

$4,600,000

$3,825,000

-16.8%

41

62

51.2%

the desirable South Valley drove

98.2%

100.0%

1.8%

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

100% land sales and led to listings selling for the asking 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.

$427 / SF

SINGLE FAMILY HOMES Median Sales Price

As buyer demand grows in

Median $/SF

outlying communities, $/SF

Median Days On Market

in North Routt increased by

Highest Price

more than 43% in 2021.

# Properties Sold % Sold Price to List Price

2020

2021

% Change

$775,000

$1,087,500

40.3%

$298

$427

43.3%

48

10

-79.2%

$7,450,000

$7,400,000

-0.7%

67

56

-16.4%

96.7%

98.8%

2.2%

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2020

2021

% Change

$200,000

$150,000

-25.0%

140

154

10.0%

$2,375,000

$3,700,000

55.8%

79

77

-2.5%

93.5%

97.0%

3.7%

STAGECOACH

CONDOS/TOWNHOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

970.879.8100

# 77.0%

2020

2021

% Change

$254,000

$449,500

77.0%

$181

$266

47.0%

17

4

-76.5%

Condos and townhomes

$313,000

$449,500

43.6%

in Stagecoach increased

15

19

26.7%

97.4%

100.0%

2.7%

| S T E A M B O AT S I R . C O M

dramatically in price in 2021, up to nearly $450K.

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.

$769K

SINGLE FAMILY HOMES Median Sales Price

In high demand, median

Median $/SF

sales price of single family

Median Days On Market

homes in Stagecoach increased by 40% in 2021.

Highest Price # Properties Sold % Sold Price to List Price

2020

2021

% Change

$550,000

$769,000

39.8%

$229

$315

37.6%

45

16

-64.4%

$4,995,000

$2,660,000

-46.7%

47

29

-38.3%

97.3%

99.0%

1.7%

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2020

2021

% Change

$30,000

$17,000

-43.3%

133

56

-57.9%

$1,225,000

$1,950,000

59.2%

77

158

105.2%

91.7%

97.1%

5.9%

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, fishing, camping, and river rafting.

SINGLE FAMILY HOMES Median Sales Price Median $/SF Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2020

2021

% Change

$327,500

$377,500

15.3%

$196

$230

17.3%

20

22

10.0%

$5,800,000

$2,950,000

-49.1%

42

44

4.8%

97.5%

97.7%

0.2%

2020

2021

% Change

$107,500

$53,000

-50.7%

378

62

-83.6%

$1,200,000

$365,000

-69.6%

Similarly to other areas, land

10

23

130.0%

sales were in high demand in

93.1%

97.3%

4.5%

South Routt, decreasing

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

83.6% Days on Market to 62.

970.879.8100

| S T E A M B O AT S I R . C O M

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.

72 SOLD

SINGLE FAMILY HOMES Median Sales Price

The Hayden community has

Median $/SF

really exploded in recent

Median Days On Market

years, with a 53% increase in

Highest Price

number of properties sold.

# Properties Sold % Sold Price to List Price

2020

2021

% Change

$355,000

$435,500

22.7%

$199

$247

24.1%

25

12

-52.0%

$950,000

$1,150,000

21.1%

47

72

53.2%

97.6%

100.0%

2.5%

LAND Median Sales Price Median Days On Market Highest Price # Properties Sold % Sold Price to List Price

2020

2021

% Change

$46,000

$65,000

41.3%

608

515

-15.3%

$560,800

$4,900,000

773.8%

16

27

68.8%

98.6%

93.1%

-5.6%

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

10

138

1 Month

UNDER $500K

0

0

Undetermined

$500K-$1M

1

25

< 1 Month

$1M-$2M

2

60

< 1 Month

$2M-$3M

1

32

< 1 Month

OVER $3M

6

21

3 Months

TOTAL

CONDOS & TOWNHOMES STEAMBOAT SPRINGS

Current Listings

Sales Past 12 Months

Absorption Rate

15

474

< 1 Month

UNDER $500K

2

152

< 1 Month

$500K-$1M

4

205

< 1 Month

$1M-$3M

3

111

< 1 Month

OVER $3M

6

6

1 Year

Current Listings

Sales Past 12 Months

Absorption Rate

21

63

4 Months

5

25

2 Months

10

27

4 Months

$1M-$3M

4

5

9 Months

OVER $3M

2

6

4 Months

TOTAL

LAND STEAMBOAT SPRINGS TOTAL UNDER $500K $500K-$1M

| 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

32

430

1 Month

UNDER $500K

2

109

< 1 Month

$500K-$1M

6

112

< 1 Month

$1M-$2M

10

117

1 Month

$2M-$3M

3

53

< 1 Month

OVER $3M

11

39

3 Months

TOTAL

CONDOS & TOWNHOMES ROUTT COUNTY

Sales Past 12 Months

Absorption Rate

16

523

< 1 Month

UNDER $500K

2

192

< 1 Month

$500K-$1M

5

212

< 1 Month

$1M-$3M

3

113

< 1 Month

OVER $3M

6

6

1 Year

TOTAL

LAND ROUTT COUNTY

Current Listings

Sales Past 12 Months

Absorption Rate

138

435

4 Months

UNDER $500K

72

331

2 Months

$500K-$1M

25

56

5 Months

$1M-$3M

33

36

11 Months

OVER $3M

8

12

8 Months

TOTAL

INCL STEAMBOAT SPRINGS

Current Listings

ROUTT CO

SINGLE FAMILY HOMES

970.879.8100 | steamboatsir.com