Archive for Market Report

May Market Stats from Land Title

Melissa Gibson from Land Title reports about the Steamboat Springs real estate market for May 2018 in the email excerpt below:

“Our May numbers in Routt county were very similar to May of 2017.  Total transactions were 140 compared to 148 last year and our gross sales volume was $70.15M compared to $71.56M last year.  Year to date, our gross volume is down -9.86% and transactions are down -7.42%.  Our average residential price is $667,728 YTD.  
There were two New Unit Sales in May – both were in Hayden.  Still hoping for more inventory – both new and resale – to hit the Steamboat market.  Local buyers made up 58% of our sales in May in Routt county.
There were a total of 170 loans in May with 57% of purchasers closing with financing at the time of sale while 43% closed with cash.”

Our Steamboat Springs real estate market is experiencing the same nationwide issues of low inventory (especially with new homes) and buyers trying to close on a property before interest rates increase.  Dollar volume would be higher if there were more places to buy. 

If you are interested in learning more about Steamboat real estate, give us a call at 970-819-6372.

Steamboat Single Family Home Sales Thru April

View of Tree Haus in Steamboat Springs

Steamboat Springs area homes have been selling almost as fast as they hit the market.  From January through May of 2018, 46 single family homes sold between $439,900 and $5,150,000 with the bulk of sales falling between $600,000-$1,300,000.  Over 60% of homes sold over $800,000 and 40% sold over $1,000,000.   I keep thinking the backlog of buyers should be reaching an equilibrium with supply, but then another home gets listed and sells within days.  Downtown, Tree Haus, Dakota Ridge, and the general Fish Creek area all have seen multiple sales.

Here is a full list of Steamboat Springs homes that sold recently:

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2017 Steamboat Real Estate Year End Review

2017 was the best year for Steamboat Springs real estate sales since the recession started a decade ago.  According to Melissa Gibson from Land Title, “Routt county ended 2017 with the highest gross sales volume since 2007!  We saw $809,183,833 in gross sales volume with a total of 1,608 transactions!  What a great year!  While December numbers were down slightly from 2016, the Year end gross volume was up 16.46% and transactions were up 4.48% compared to 2016. ”

See below how the Steamboat real estate market has trended since 2010, or call us at 970-819-6372 to talk about buying or selling a place of your own in Steamboat.

Steamboat Springs Real Estate Sales for 2017

July Steamboat Home Sales

Downtown Steamboat Springs

Buyers looking to purchase a Steamboat single family home are experiencing a frustrating summer buying season, but most are finding homes even if it takes a couple of tries.  Houses in Steamboat are selling for an average 98% of the list price, so there isn’t much room to negotiate. And almost 25% of home purchases are closing at or above the list price showing how common multiple offer situations have become.

Median Steamboat Springs real estate prices are up 22.75% from the second quarter of 2016, and total dollar volume is up 29% YTD from last year.  Here are a few other stats from Melissa Gibson at Land Title:

  • Median Residential Price: up +22.75% from Q2 2016
  • Gross Sales Volume: up +29.05% from Q2 2016
  • Average Residential Price:up +1.70%  from Q2 2016
  • Buyer Profile: 54.09% Local, 16.08% Front Range, 29.38% Out-of-State,  0.43% International

Click here to see all homes available for sale, or scroll down to see a list of Steamboat area homes and duplexes that sold in July:

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What Type of Steamboat Real Estate is Selling Best?

Barn Village Amenity Building with fitness and a swimming pool.

The short answer to what type of real estate is selling best in Steamboat this summer is:  Everything.  As of today, there are 239 pending properties currently in escrow, and 148 properties went under contract in the last month.  It’s been a very busy real estate year with buyers at all price points, and for all property types.  

Here is a quick snapshot of what is selling this summer:

  • 14% of pending properties are priced at less than $100,000
  • 10% are priced over $1,000,000
  • 57% are priced between $300,000-$900,000
  • 36% are single family homes
  • 15% are vacant land parcels
  • 35% are condos and townhomes

Another interesting observation is there were 19 price reductions today for listings currently on the market.  Some sellers were optimistic with their pricing, and now that we are halfway through the summer, they are getting more motivated to sell. The list-to-sold ratio is still a solid 96% for properties that sold since June.

Search all properties for sale in Steamboat Springs here, or call us at 970-819-6372 to talk about your situation.

Steamboat Springs Real Estate 2010-2017

2017 Steamboat Springs real estate dollar volume is eclipsing dollar volume of past years, especially since it was announcemed that Aspen will acquire Steamboat later this year.  As we head into the second half of the year which has traditionally been the busiest time for real estate sales, we will see higher dollar volume or higher prices (both?) due to low inventory.

As a buyer, it’s hard not to get caught up in the emotion when you see the right property.  Trust us to help you navigate the current market with excellent negotiation skills and a calm demeanor by calling 970-819-6372.  

Steamboat Springs Real Estate Dollar Volume 2010-2017

City of Steamboat 2017 Home Sales

Graystone on the Green home in Steamboat Springs

Forty-nine homes sold in the City of Steamboat (downtown, mountain and Fish Creek areas) to date in 2017 for a median price of $910,000.  Interestingly, the median list price for homes currently listed for sale in the same neighborhoods is $1,299,500.  Only 22 homes are for sale under $1,000,000.  Prices are rising due to low inventory and strong demand.

Here is a list of sales in 2017, or you can search for available homes for sale in Steamboat Springs here.

Area Address Steamboat Development Asking Price Sold Price Closing Date
1-DOWNTOWN AREA 333 Short St. #A 1St Add To Ss $529,500  $486,000  3/3/2017
1-DOWNTOWN AREA 425 8th Street 1St Add To Ss $849,000  $815,000  6/16/2017
1-DOWNTOWN AREA 1094 Uncochief Campbell Subdivision $1,210,000  $1,100,000  5/15/2017
1-DOWNTOWN AREA 1088 Uncochief Circle Campbell Subdivision $1,249,000  $1,215,000  5/5/2017
1-DOWNTOWN AREA 140 Park Ave CrawfrdAddtoSS $875,000  $860,000  6/22/2017
1-DOWNTOWN AREA 37 Park Avenue CrawfrdAddtoSS $1,550,000  $1,429,500  6/1/2017
1-DOWNTOWN AREA 16 Woods Dr Deerfoot Height $575,000  $580,000  6/15/2017
1-DOWNTOWN AREA 583 Gilpin Street Fairview Add Ss $575,000  $570,000  4/13/2017
1-DOWNTOWN AREA 1167 Gilpin Court Fairview Add Ss $835,000  $825,000  4/28/2017
1-DOWNTOWN AREA 1082 The Boulevard North Highlands $817,500  $785,000  6/16/2017
1-DOWNTOWN AREA 853 North Park Road Other $698,000  $670,000  2/9/2017
1-DOWNTOWN AREA 1184 & 1186 Saratoga Ave. Other $762,000  $750,000  5/31/2017
1-DOWNTOWN AREA 837 Douglas Street Yahmonite Add SS $579,000  $555,000  1/13/2017
2-FISH CREEK AREA 641 Creel Lane Anglers Retreat $1,530,000  $1,530,000  5/10/2017
2-FISH CREEK AREA 145 Huckleberry Lane Aspen Heights Subdivision $569,000  $559,000  3/24/2017
2-FISH CREEK AREA 1750 Fish Creek Falls Road Aspen Meadows Subdivision $835,000  $835,000  3/27/2017
2-FISH CREEK AREA 568 Sandhill Circle Emerald Knoll $699,000  $675,000  3/28/2017
2-FISH CREEK AREA 1840 Alexandre Way Fish Creek Hill $1,195,000  $1,195,000  5/25/2017
2-FISH CREEK AREA 1372 Anglers Dr Fish Creek Meadows $1,275,000  $1,275,000  5/19/2017
2-FISH CREEK AREA 315 Blackberry Lane Fox Hollow Subdivision $1,140,000  $1,100,000  4/21/2017
2-FISH CREEK AREA 747 Anglers Pond Hinsdale Subdivision $2,850,000  $2,450,000  5/15/2017
2-FISH CREEK AREA 370 Kelhi Ct Margarite Ridge $845,000  $818,000  4/27/2017
2-FISH CREEK AREA 415 Alpine Ct. Steamboat Point Subdivision $525,000  $525,000  6/7/2017
2-FISH CREEK AREA 585 Wyatt Drive Tamarack Point Subdivision $599,999  $560,000  2/8/2017
2-FISH CREEK AREA 554 Wyatt Way Tamarack Point Subdivision $635,000  $635,000  3/28/2017
2-FISH CREEK AREA 1180 Blue Sage Drive Willett Heights Subdivision $610,000  $641,000  6/7/2017
2-FISH CREEK AREA 350 Blue Sage Cir Willett Heights Subdivision $695,000  $681,000  5/25/2017
2-FISH CREEK AREA 690 Amethyst Drive Willett Heights Subdivision $695,000  $689,050  4/21/2017
2-FISH CREEK AREA 315 Blue Sage Circle Willett Heights Subdivision $939,000  $910,000  2/17/2017
3-MOUNTAIN AREA 2335 Clubhouse Dr Country Club Highlands $1,235,000  $1,217,000  1/31/2017
3-MOUNTAIN AREA 2050 Clubhouse Drive Country Club Highlands $1,290,000  $1,269,000  4/20/2017
3-MOUNTAIN AREA 855 Fox Lane Eagles View Subdivision $2,390,000  $2,100,000  5/24/2017
3-MOUNTAIN AREA 1313 Robert E Lee Lane Fairway Meadows Subdivision $1,100,000  $1,025,000  1/26/2017
3-MOUNTAIN AREA 1165 Redwoods Drive Fairway Place Subdivision $1,629,000  $1,525,000  6/16/2017
3-MOUNTAIN AREA 1224 Clubhouse Circle Graystone on The Green $1,495,000  $1,708,860  3/10/2017
3-MOUNTAIN AREA 1259 Clubhouse Circle Graystone on The Green $2,100,000  $2,020,000  3/14/2017
3-MOUNTAIN AREA 1814 Hunters Court Hunters Ridge $995,000  $935,000  2/22/2017
3-MOUNTAIN AREA 1225 Meadowood Court Meadowood Subdivision $865,000  $815,000  4/14/2017
3-MOUNTAIN AREA 2910 Burgess Creek Rd. Rendevous Trails Subdivision $1,225,000  $1,150,000  4/7/2017
3-MOUNTAIN AREA 2650 Ridge Road Rendevous Trails Subdivision $1,495,000  $1,485,000  3/10/2017
3-MOUNTAIN AREA 2820 Trails Edge Rendevous Trails Subdivision $1,797,000  $1,759,500  5/5/2017
3-MOUNTAIN AREA 858 Dougherty Road River Place Subdivision $439,000  $429,000  5/15/2017
3-MOUNTAIN AREA 810 Dougherty Rd. River Place Subdivision $579,000  $550,000  5/10/2017
3-MOUNTAIN AREA 2195 Val D’Isere Circle Ski Ranches Subdivision $1,295,000  $1,182,500  5/12/2017
3-MOUNTAIN AREA 2895 Trails Edge Trails Edge Subdivision $1,999,000  $1,950,000  2/16/2017
3-MOUNTAIN AREA 37190 William William Tree Haus $765,000  $715,000  6/20/2017
3-MOUNTAIN AREA 37045 William William Tree Haus $1,299,000  $1,255,000  4/4/2017
3-MOUNTAIN AREA 2645 Bronc Buster Loop Wildhorse Meadows – The Range $1,499,000  $1,420,000  1/31/2017
3-MOUNTAIN AREA 2624 Bronc Buster Loop Wildhorse Meadows – The Range $2,400,000  $2,350,000  4/12/2017

Huge News! Aspen is Buying Steamboat

Steamboat Ski Area

The ski season wraps up Sunday, but the buzz in Steamboat this week is as exciting as an 18″ powder dump. Aspen Skiing Co. and KSL Partners announced this week they will buy Steamboat as part of a larger $1.5 billion acquisition.

To add to the buzz, Aspen announced two days later that they will also be buying Mammoth Resorts, which includes Mammoth Mountain, June Mountain, Snow Summit and Bear Mountain.

Once the deal is finalized in Q3 2017, Aspen Skiing Co. and KSL Capital Partners will own or manage the following resorts in North America:

* Steamboat Ski and Resort Corp.
* Winter Park (operation agreement)
* Blue Mountain, Ontario
* Mont Tremblant, Quebec
* Snowshoe, West Virginia
* Stratton Mountain, Vermont
* Canadian Mountain Holidays, British Columbia

Aspen Skiing Co.
* Aspen Mountain
* Aspen Highlands
* Snowmass
* Buttermilk

KSL Capital Partners
* Alpine Meadows, California
* Squaw Valley, California

Mammoth Resorts
* Mammoth Mountain
* June Mountain
* Snow Summit
* Bear Mountain

Aspen Ski Co has been looking for ways to compete with the ever growing Vail Resorts. Steamboat and Winter Park will be the only two Colorado ski areas added to the Aspen brand outside of Pitkin County. After the dust settles, Aspen will have 14 resorts compared to Vail’s 11 resorts.

Read the Denver Post article here
Read the Aspen Times article here
Read the article from the Steamboat Pilot here

Aspen is such an iconic brand and has been managed successfully by the same ownership for decades. We are optimistic about the opportunities and look forward to seeing the changes it will bring here in Steamboat.  Call us at 970-819-6372 to discuss how this will impact Steamboat Springs real estate.

November Real Estate Update

running-bearMelissa at Land Title Guarantee just sent the real estate wrap up for November.  She says:

“November was a good month with 171 Transactions and $67M in Gross Volume.  Compared to last October, Gross Volume was down -29.20%, with the YTD. at +4.80%.  However, this is due to over $33M in upper end sales last October including a $23M ranch sale.  Transactions were up by +32.56%  compared to last October, with the YTD. at  +10.02%.”

Average Steamboat Springs Real Estate Sales Price:
Single Family +4%
Multi Family -1%
Vacant Land -51%

Median Steamboat Springs Real Estate Sales Price:
Single Family +16%
Multi Family +5%
Vacant Land -59%

Average Steamboat Springs Real Estate PPSF
Single Family +8%
Multi Family +2%
Vacant Land +7%

Elk River Area and North Routt Home Sales

Hahn's Peak near Steamboat Lake State Park

Hahn’s Peak near Steamboat Lake State Park

Northern Routt County, including the Elk River Valley and North Routt, had 20 homes change hands since May 2016.   See all homes for sale in the Elk River Valley here.  Here is a list of homes that sold since May, 2016:
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