Colorado Group Realty Real Estate Report 2019

2019 steamboat springs

real estate report colorado group realty

Steamboat Springs Office 509 Lincoln Avenue Steamboat Springs, CO 80487

Hayden Office 349 West Jefferson Avenue Hayden, CO 81639

(970) 870-8800 (800) 556-6717 ColoradoGroupRealty.com

2019 AT A GLANCE

F

or most of 2019, real estate sales volume in Routt County lagged behind the rather large numbers posted in 2018. A supercharged last two months of 2019 changed that by pushing annual total sales volume in Routt County to $759M, up 8% from 2018.

Much of the late charge was propelled by the luxury market. In 2019, there were 150 sales over $1M in Routt County, up from 130 in 2018 and 100 in 2016. The average sale price of a single family home in Steamboat was $1.3M, up 17% from 2018. Two of Steamboat’s largest sales ever, both over $10M, influenced this hefty rise. The sale price of the average condo/townhome in Steamboat accelerated at a more modest pace, up 3% to $493K. The average price per square foot for all properties was up 6% to $359.

The active year-end took a significant bite out of inventory giving sellers a decided advantage. At the end of 2019, there were only four months of inventory in Steamboat compared to over six months at the start of the year. With only 285 active listings at the end of December, buyers were quickly acting on inventory, especially single family homes priced under $1M. For 2020, buyers are hopeful that more inventory comes online to ease the stress of such limited supply. There are many developments in various stages of the approval and construction process, though nothing looks likely to make a large impact.

A healthy job market, low mortgage rates, limited inventory and increasing numbers of visitors to Steamboat (who often become buyers) are all strong indicators that 2020 will be another solid year for real estate. *The information in this report was gathered from the Steamboat Springs Board of Realtors, Colorado Association of Realtors and National Association of Realtors. These sources are deemed reliable but the information contained in this report may be subject to errors and omissions. No warranty or representation is made as to the accuracy of this information. **If your property is currently listed with another agent, please enjoy this information; this is not meant as a solicitation.

1.

2019 MARKET OVERVIEW TOTAL MARKET VOLUME For Steamboat Springs (zip code 80487)

Sales Volume Units Sold +10% -5%

+2%

+15%

900 750

$626M

930

$616M

$200M

974

$400M

-6%

872

$600M

1,150 Units Sold

+22%

$559M

Sales Volume

$800M

500 250

0 2017

2018

2019

DID YOU KNOW? 68% of Routt County residents own their home vs. the national average of 65%.

MEDIAN CLOSE PRICE, UNITS SOLD & MEDIAN PRICE/SQ FT For Steamboat Springs (zip code 80487)

single family home

townhome/condo

Jan - Dec

Median Close Price

Units Sold

Median Price/ Sq Ft

Jan - Dec

Median Close Price

Units Sold

Median Price/ Sq Ft

2017

$739K

240

$300

2017

$400K

507

$320

2018

$815K

242

$345

2018

$415K

485

$345

2019

$898K

230

$356

2019

$439K

497

$371

commercial

land

Jan - Dec

Median Close Price

Units Sold

Median Price/ Sq Ft

Jan - Dec

Median Close Price

Lots Sold

Median Price/ Acre

2017

$365K

43

$152

2017

$250K

104

$653K

2018

$398K

39

$188

2018

$323K

112

$500K

2019

$450K

29

$171

2019

$450K

53

$164K

ACTIVE LISTINGS The number of active residential listings at the end of each month for Steamboat Springs (zip code 80487) 2018 2019

500 400 300 200 2018 2019

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

290 362

296 368

293 334

296 340

321 352

369 390

382 428

383 403

371 362

362 321

347 277

372 255

ACTIVE LISTING $ VOLUME The sum of the prices of active residential listings at the end of each month for Steamboat Springs (zip code 80487) 2018 2019

$800M $600M $400M $200M 2018 2019

JAN

FEB

MAR

$493M $640M

$535M $632M

$510M $599M

APR

MAY

$550M $581M $596M $612M

JUN

JUL

AUG

SEP

OCT

NOV

DEC

$671M $663M

$690M $706M

$690M $666M

$693M $622M

$671M $585M

$633M $540M

$665M $503M

DID YOU KNOW? 255 active listings in December was the lowest amount of listings in over a decade.

AVERAGE LIST PRICE

AVERAGE LIST PRICE/SQ FT

The average list price of active residential listings at the end of the year for Steamboat Springs (zip code 80487)

The average list price per square foot of residential listings at the end of the year for Steamboat Springs (zip code 80487)

% Change

Year

Price/SF

% Change

2017

$920K

+9%

2017

$391

+13%

2018

$978K

+6.3%

2018

$403

+3.1%

2019

$908K

-7.2%

2019

$414

+2.7%

PERCENT OF LIST PRICE RECEIVED *For Steamboat Springs (zip code 80487)

2019: 97.4% 2018: 97.0% 2017: 96.6%

TOWNHOME/ CONDO

Price

SINGLE FAMILY

Year

2019: 97.7% 2018: 97.7% 2017: 97.4%

INVENTORY DROPPING TO HISTORIC LOWS MONTHS OF INVENTORY FOR SINGLE FAMILY HOMES The number of months it would take to sell active listings at the current sales rate for: Steamboat Springs (zip code 80487), Hayden (zip code 81639), Oak Creek (zip code 80467)

2018 2019

12 9

7.3

6.7

7.2

6.7

6.6

6 5.6

5.3

3

8.6

8.4

9.3

8.4

8.6

8.5

8

7

5.9

5.8

10.1

9.9 8.6

7.1

6.8

6.8 5.5

6 months of inventory represents a balanced market

0 JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

MONTHS OF INVENTORY FOR CONDOS/TOWNHOMES The number of months it would take to sell active listings at the current sales rate for: Steamboat Springs (zip code 80487), Hayden (zip code 81639), Oak Creek (zip code 80467)

2018 2019

12 9 6.9

6.8

6

4.8

3

4.8

6.7

6.5

6.4 4.9

5

4.9

6.4 5.5

6.9

6.4

5.8

5.7

6

5.7

5.3

5.5

5.9

4.9

4.4

3.0

in a balanced market, homes appreciate at the rate of inflation

0 JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

NEW CONSTRUCTION NOT KEEPING PACE WITH DEMAND

2019

Single Family Duplex/Triplex/Live Work Units Commercial

51

18

3

2018

2017

Building permits issued for the city of Steamboat Springs

79

10 12 45

24

4 10

20

30

40

50

60

70

80

STEAMBOAT NEIGHBORHOOD REPORT Neighborhood

Closed Residential Sales

Median Sales Price

Downtown

64

$803K

Mountain Area

467

$445K

Fish Creek Falls

83

$660K

Strawberry Park

2

$1.2M

West Steamboat/US 40

41

$565K

Elk River

19

$835K

AVERAGE DAYS ON MARKET UNTIL SALE For Steamboat Springs (zip code 80487) 114 90 -23%

2017

101

80

77 +42.5%

-11.1%

2018

2019

2017

single family

SALES BY PRICE RANGE

-23.8%

+2.6%

2018

2019

townhome/condo

WHO BOUGHT IN STEAMBOAT IN 2019?

For Steamboat Springs (zip code 80487) Price Range

-15%

Single Family* Townhome/ Condo

<$299K

11

111

$300K - $599K

31

234

$600K - $999K

83

112

$1M - $1.49M

41

24

$1.5M - $1.99M

30

10

$2M - $2.49M

10

1

$2.5M - $4.99M

20

2

$5M+

3

0

*Includes mobile and manufactured homes

79

Out of State 32% Local 51% Front Range 22%

International <1%

STEAMBOAT vs. ROUTT COUNTY vs. COLORADO MEDIAN SALES PRICE $900K

$898K

Information from FHFA.gov

$700K

$661K

1. Idaho 63%

$600K $500K

single family

$236K

5. Utah 51%

National

Routt County

Steamboat

National

Colorado

Routt County

4. Colorado 55%

$309K

$276K

Steamboat

0

3. Washington 58%

$398K

Colorado

$300K

2. Nevada 60%

$439K

$400K

$400K

$100K

NATIONAL

STATES WITH THE MOST HOME APPRECIATION OVER THE LAST 5 YEARS

$800K

$200K

vs.

National 33% Steamboat 60%

townhome/condo

DID YOU KNOW?

Colorado ranks as the 6th most expensive state to own a home.

SURROUNDING AREA SALES

2018

Residential Properties

stagecoach

2019

north routt

+11%

NO CHANGE

NO CHANGE

-27%

44 vs 49 Units

$385K vs $385K

22 vs 22 Units

$640K vs $465K

One-Year Change in # of Sold Units

One-Year Change in Median Close Price

One-Year Change in # of Sold Units

One-Year Change in Median Close Price

hayden

oak creek/phippsburg/yampa

-18%

+12%

+42%

+2%

65 vs 53 Units

$285K vs $320K

31 vs 44 Units

$245K vs $250K

One-Year Change in # of Sold Units

One-Year Change in Median Close Price

One-Year Change in # of Sold Units

One-Year Change in Median Close Price

ABOUT COLORADO GROUP REALTY Colorado Group Realty is a leading full-service real estate brokerage serving the Yampa Valley for 22 years. Headquartered in Steamboat Springs, CO and with a team of over 70 agents, Colorado Group Realty has a 25% market share because of our unwavering focus on satisfying our clients.

From single-family homes, condos, townhomes, ranches, land and commercial properties, Colorado Group Realty excels in getting the most value quickly for our sellers and finding dream properties for our buyers. A special thank you to all of our clients who helped make 2019 one of our best years ever; we are proud to serve you.

OUR CHARITABLE FOUNDATION The Colorado Group Realty team volunteers our time and ideas generously to local non-profit organizations. Each agent serves on a non-profit board and volunteers a minimum number of hours each year. Throughout the year, our agents make meaningful donations to the Foundation.

Since its founding, the Colorado Group Realty Charitable Foundation has donated nearly $300,000 to Yampa Valley non-profits.

$41,000 Donated in 2019

31 LOCAL

Non-Profits Impacted in 2019

$300,000

NEIGHBORS. FRIENDS. REALTORS

Donated to Date