2020steamboat springs real estate reportcolorado group realty

Steamboat Springs Office509 Lincoln AvenueSteamboat Springs, CO 80487

Hayden Office349 West Jefferson AvenueHayden, CO 81639

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

1.

With fear and uncertainty taking center stage in 2020, one thing is assured: the pandemic has shifted real estate markets across the globe on an unprecedented scale. Routt County was no exception, with a feeding frenzy from June through November that pushed sales volume to an eye-popping $1.2B. Not since 2007 has there been such a flurry of activity. Year-over-year sales volume growth from 2019 was 50%, shocking even the most experienced industry veterans.

Urban migration away from crowded cities and buyers looking for second-home mountain getaways led to a robust seller’s market. COVID increased the desirability of properties with access to the outdoors, more space, quiet neighborhoods, home offices, and newer kitchens. Apparently, homes in the mountains fit the bill where social distancing comes easier. Other Colorado resort towns experienced similar historic surges as home values hit record highs across the state, while inventory dwindled to all-time lows. In Steamboat Springs, we enter 2021 with just a meager 43 single family homes and 55 condo/townhomes for sale, both down over 50% from the start of 2020.

Single family homes appreciated by 12% to an average price of $1.47M, while condos/townhomes swelled by 19% to $636K. Droves of wealthy homebuyers snapped up luxury homes at a record pace with 74 properties over $2M being sold, more than the previous two years combined.

The surging prices led neighboring towns to go through booms of their own. The average home price in Oak Creek crested $600k, up 33% from last year, while Hayden saw the average price increase by 10% to $333K. Some struggling buyers opted to purchase land with 353 vacant parcels being sold, double 2019. Builders should bde busy for a while as the city issued building permits for 208 new units (single family homes and apartment units combined).

Many wonder if the market is due for a correction similar to the post-2007 irrational real estate bubble. While a valid concern, the market is hot this time for very different reasons. Industry experts seem comfortable that no crash is near. People have shifted where and how they live as working from home has enabled them to move to their dream location. Low mortgage rates and stringent lending requirements mean buyers can purchase only what they can afford, unlike in 2007.

With the lack of inventory, it seems improbable 2021 can reach the heights of 2020, but demand from the COVID migration isn’t dwindling any time soon, giving confidence of a healthy year

*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.

2020 AT A GLANCE

TOTAL MARKET VOLUME

20202018 2019

0

$300M

$600M

$900M

$1.2B

250

500

750

900

1,150

$954

M

$619

M

$625

M

1,13

0934

872

+11%

-4%

+1%

-7%

For Steamboat Springs (zip code 80487)

Jan - DecMedian Close

PriceUnits Sold

Median Price/Sq Ft

2018 $815K 242 $345

2019 $900K 231 $356

2020 $1.1M 296 $402

Jan - DecMedian Close

PriceUnits Sold

Median Price/Sq Ft

2018 $418K 486 $345

2019 $439K 497 $371

2020 $499K 590 $406

For Steamboat Springs (zip code 80487)

Jan - DecMedian Close

PriceLotsSold

Median Price/Acre

2018 $323K 112 $500K

2019 $438K 54 $159K

2020 $430K 153 $377K

Jan - DecMedian Close

PriceUnits Sold

Median Price/Sq Ft

2018 $398K 39 $188

2019 $449K 29 $171

2020 $598K 28 $311

single family home townhome/condo

commercial land

Sales VolumeUnits Sold

MEDIAN CLOSE PRICE, UNITS SOLD & MEDIAN PRICE/SQ FT

DID YOU KNOW? 6% of Americans own a second home. 50% of all homes in Steamboat are second homes.

2020 MARKET OVERVIEW

+53%

Sale

s Vol

ume

Uni

ts S

old

+30%

$800M

$600M

$400M

$200M

20202019

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

550

400

250

241 242 270 258 265 270 225 180 149 138 125 108348 354 320 327 341 378 417 393 271 253354 3142019

2020

100

AVERAGE LIST PRICE/SQ FTThe average list price per square foot of residential listings at the end of the year for Steamboat Springs (zip code 80487)

Year Price/SF % Change

2018 $402 +3.3%

2019 $411 +2.2%

2020 $475 +15.6%

ACTIVE LISTINGSThe number of active residential listings at the end of each month for Steamboat Springs (zip code 80487)

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

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

$463M

20202019

$425M $444M $412M $430M $450M $408M $371M $357M $321M $289M $289M$598M $590M $557M $555M $573M $622M $667M $626M $584M2019

2020$501M $468M$546M

DID YOU KNOW? National inventory supply is at its lowest level since 1963.

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

Year Price % Change

2018 $977K +6.2%

2019 $904K -7.5%

2020 $1.1M +21.7%

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

NG

LE

FAM

ILY 2020: 97.2%

2019: 97.3%

2018: 97.0%

TO

WN

HO

ME

/C

ON

DO 2020: 98.7%

2019: 97.7%

2018: 97.7%

12

9

6

3

0

8

11

9

11 11

32 2

1

2 2

10 1011

6

6 8 8

65

78

20202019

12

9

6

3

0

7 7

5

8 8

5

3

1 1 1 1 1

811

7

45 5 5

344

3

20202019

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

MONTHS OF INVENTORY FOR CONDOS/TOWNHOMESThe 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)

5

7

4

Single FamilyDuplex/Triplex/Live Work UnitsCommercial

JAN FEB APR MAY JUN JUL AUG SEP OCT NOV DECMAR

MONTHS OF INVENTORY FOR SINGLE FAMILY HOMESThe 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)

INVENTORY AT HISTORIC LOWS

6 months of inventory represents a balanced market

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

NEW CONSTRUCTION NOT KEEPING PACE WITH DEMANDBuilding permits issued for the city of Steamboat Springs

10 20 30 40 50

1210

79

417

45

2019

2018

2020

60 70 80

423

65

not factored above, the city also issued permits for construction of 120 multi-family units.

2018 2019 2020 2018 2019 2020

93

142

11282 79

60

Local48%

Out of State27%

Front Range25%

International <1%*Includes mobile and manufactured homes

WHO BOUGHT IN STEAMBOAT IN 2020?

Price Range Single Family* Townhome/ Condo

<$299K 10 75

$300K - $599K 30 281

$600K - $999K 87 157

$1M - $1.49M 64 45

$1.5M - $1.99M 42 22

$2M - $2.49M 28 7

$2.5M - $4.99M 29 3

$5M+ 6 0

-9%+53%

-21%

townhome/condosingle family

-30% -4%-24%

AVERAGE DAYS ON MARKET UNTIL SALEAverage days on market starts the day the listing goes active in the system until the day it closes. For Steamboat Springs (zip code 80487)

SALES BY PRICE RANGEFor Steamboat Springs (zip code 80487)

STEAMBOAT NEIGHBORHOOD REPORT

Neighborhood Closed Residential Sales Median Sales Price

Downtown 91 $865K

Mountain Area 533 $560K

Fish Creek Falls 99 $715K

Strawberry Park 4 $3.3M

West Steamboat/US 40 77 $575K

Elk River 29 $1.1M

$300K

$200K

$100K Rou

tt C

ount

y

$400K

$500K

$600K

$700K

$790K

$490K$435K

$330K$313K

$272K

Stea

mbo

at$1.1M

$800K

$499K

STEAMBOAT vs. ROUTT COUNTY vs. COLORADO vs. NATIONAL

Col

orad

o

Nat

iona

l

Rou

tt C

ount

y

Stea

mbo

at

Col

orad

o

Nat

iona

l

$900K

2019 2020

$1M

One-Year Change in # of Sold Units

One-Year Change in Median Close Price

stagecoach

One-Year Change in Median Close Price

One-Year Change in Median Close Price

One-Year Change in # of Sold Units

hayden+7%

One-Year Change in # of Sold Units

north routt+27%

49 vs 62 Units $385K vs $487K 22 vs 46 Units

53 vs 56 Units $320K vs $343K

$465K vs $641K

oak creek/phippsburg/yampa

One-Year Change in Median Close Price

One-Year Change in # of Sold Units

44 vs 42 Units $250K vs $304K

+22%

MEDIAN SALES PRICE

single family townhome/condo

SURROUNDING AREA SALESResidential Properties

STATES WITH THE MOST HOME APPRECIATION OVER THE LAST 5 YEARSInformation from FHFA.gov

National 35%

DID YOU KNOW? Colorado ranks as the 5th most expensive state to own a home. Hawaii ranks 1st.

Steamboat 59%

1. Idaho 74%

2. Washington 60%

3. Utah 57%

4. Nevada 53%

5. Arizona 50%

6. Colorado 47%

-5%

+27% +109% +38%

+6%

ABOUT COLORADO GROUP REALTY

The Colorado Group Realty team volunteers our time and ideas generously to local non-profit organizations. Each agent is expected to serve on a non-profit board and volunteers a minimum number of hours every year. Throughout the year, our agents make meaningful donations to the Foundation. Since its founding, the Colorado Group Realty Charitable Foundation has donated nearly $400,000 to Yampa Valley non-profits.

OUR CHARITABLE FOUNDATION

Colorado Group Realty is a leading full-service real estate brokerage serving the Yampa Valley for 23 years. Headquartered in Steamboat Springs, CO and with a team of over 80 agents, Colorado Group Realty has a 25% market share because of our unwavering focus on satisfying our clients. In 2020, we grew faster than any other brokerage serving our area. 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 2020 our biggest year ever; we are proud to serve you.

$77,000 Donated in 2020

72 LOCALNon-Profits Supported in 2020

~$400,000Donated to Date

NEIGHBORS. FRIENDS. REALTORS.