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Colorado Group Realty Insider | November 2017

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Colorado Group Realty Insider

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:

Steamboat Area DevelopmentAddressAsking PriceSold Price% List to Sold
Fairway Meadows Subdivision1780A Cornice Drive$595,000 $560,000 94%
Heritage Park27386 Brandon Circle$389,000 $374,000 96%
Steamboat Mountain Area3448 Stone Lane$389,000 $389,000 100%
Willett Heights Subdivision520 Buena Vista Court$499,000 $499,000 100%
Willett Heights Subdivision1502 Blue Sage Dr$575,000 $569,000 99%
South of Steamboat33905 CR 43A$640,000 $640,000 100%
Stagecoach Area19675 County Road 16$5,750,000 $5,300,000 92%
Brooklyn Subdivision381 River Road$559,000 $555,000 99%
Eagles Watch Sudivision22825 Snowbird Trail$415,000 $396,000 95%
Elk River Estates Subdivision29680 Elk View Drive$695,000 $680,000 98%
Heritage Park27433 Brandon Cir$645,000 $639,000 99%
Hillside Subdivision885 West Hillside Court$485,000 $465,000 96%
Meadowood Subdivision1210 Meadowood Ln$799,000 $800,000 100%
Metes & Bounds23155 Silverado Rd$650,000 $761,000 117%
Metes & Bounds28200 Thorpe Mountain Ln$1,249,000 $1,100,000 88%
Pioneer Village1568 Conestoga Circle$649,000 $616,000 95%
Red Hawk Village At Stagecoach23540 Sagebrush Trail$395,000 $365,000 92%
River Place Subdivision818 Dougherty Rd$574,900 $535,000 93%
Saddle Mountain Ranch37816 RCR 179$649,000 $619,000 95%
Silver Spur/ Estates27743 Silver Spur Street$725,000 $705,000 97%
Steamboat Barn Village760 Twilight Lane$1,265,000 $1,265,000 100%
Steamboat II Subdivision40595 Anchor Way$519,000 $505,000 97%
Steamboat II Subdivision40548 Steamboat Drive$540,000 $530,000 98%
Steamboat Mountain Area1309 Robert E Lee Ln$879,999 $850,000 97%
Whistler Meadow1570 Meadow Lane$749,000 $738,000 99%
$21,279,899 $20,455,000 96%

Steamboat’s 2017 South Valley Home Sales

Sidney Peak Ranch entry

The area south of Steamboat Springs is one of the most desirable locations in Routt County, and prices reflect that. Homes in Sidney Peak, Agate Creek, Big Valley Ranch, and other developments regularly sell above $2M.  Custom homes on large land parcels often command more.  Scroll down to see the 2017 home sales in the South Valley, or contact us to learn more about buying or selling real estate in Steamboat.

Address Steamboat Area Development Asking Price Sold Price  
26600 Henderson Park Road Henderson-Parke $795,000  $700,000  3/3/2017
31025 Sweetwater Dr. Agate Crk Preserve $2,395,000  $2,300,000  5/25/2017
28105 Big Valley Dr Big Valley Ranch $2,395,000  $2,225,000  4/13/2017
31485 Deerwood Ranch Road Deerwood Ranches $1,175,000  $1,144,000  3/10/2017
33100 County Road 41 Other $795,000  $785,000  4/21/2017
29150 Buffalo Trail Sidney Peak Ranch $2,695,000  $2,310,000  5/19/2017
30860 Elk Lane Spring Green Subdivision $1,239,000  $1,170,000  3/30/2017
31740 County Road 35 Steamboat Hills Subd $549,000  $520,000  6/9/2017
30845 RCR 35 Whitecotton Subdivision $849,000  $834,000  6/19/2017
33855 Pine Drop Dr. Wildflower Meadows $11,250,000  $9,000,000  1/31/2017

Building Permits Reveal Steamboat Real Estate Trends

The Rout County Building Dept issues building permits for all types of structures from single family to duplex, multiple family, accessory structures, commercial/industrial, and additions/renovations, in both the county and within the city limits of Steamboat Springs.  For years, building has been slow and sub contractors were more affordable and available, but that is no longer the case, especially within the city limits.

For comparison sake, we’ll look at the single family  (SF) home permits. In 2007, there were 31 permits issued for SF homes in the City of SS and 127 pulled in the county, outside of city limits.   By 2010, these numbers dropped by 77%  (7 SF permits issued) in the city limits and dropped by a whopping 95% in the county.  By year end 2016, the SF permits within city limits had more than recovered, ending at 110% of 2007 levels (34 permits issued). Although improving, the county was slower in their pace of recovery with only 54 SF permits issued which was still 57% off 2007 numbers.

In total, Routt County is still 44% down from 2007 in terms of quantity of SF permits issued, but if you look at the property valuations for these same properties, the county was only 26% off of 2007….indicating a rise in building costs.  This analysis exposes two trends that are worth analyzing in subsequent articles…why has the city recovered so much faster than the county and why are building costs exceeding those in the height of the 2007 market

This article was guest written by Kelly Becker.  To contact Kelly about new construction or what to expect when building a home in Steamboat, call her at 970-846-2300.

North Routt and Elk River Valley Home Sales in 2017

Hahn’s Peak in Northern Routt County, Colorado

See all of the North Routt and Elk River Valley home sales below:

Address Steamboat Area Development Asking Price Sold Price
29640 Elk View Dr Elk River Estates Subdivision $649,000  $649,000 
27400 Grouse CT Elk River Mountain Ranch Subdivision $759,000  $746,000 
41155 Game Trails Court Game Trails Subdivision $1,195,000  $1,045,000 
46250 County Road 46 Metes & Bounds $725,000  $650,000 
51400 County Road 129 Metes & Bounds $3,247,500  $2,925,000 
49915 County Road 129 Moonhill Meadow $549,000  $540,000 
44080 RCR 46 B Sleeping Giant $799,000  $790,000 
26350 Larkspur Lane 4 Bar G $499,900  $480,000 
26685 Katy Court Badger Meadows Subdivision $585,000  $585,000 
26875 Placer Place Badger Meadows Subdivision $480,000  $480,000 
23043 County Road 62 Captains Cove $532,000  $515,000 
29090 River Drive Elk Ridge Subdivision $359,000  $340,000 
29125 River Dr Elk Ridge Subdivision $375,000  $350,500 
61460 Hill Street Hahns Peak $379,000  $360,000 
22240 County Road 52E Metes & Bounds $699,000  $679,000 
64025 Forest Service Road 490 Other $849,000  $860,000 
60545 Parkside Drive Parkside $595,000  $595,000 
57600 County Road 62 Red Creek Subdivision $875,000  $825,000 
58605 County Road 62 Red Creek Subdivision $899,999  $875,000 
57725 Saturn Court Steamboat Lakes $449,500  $435,000 
26645 Neptune Place Steamboat Lakes $469,000  $459,000 
25450 Tanglewood Dr. Tanglewood Heig $495,000  $450,000 

Should you Buy a home in January or February or Wait until Spring?

Steamboat Springs Winter Carnival

Steamboat Springs Winter Carnival

Most buyers have zero interest in buying a home in the middle of a Steamboat Springs winter, especially if it means moving all your stuff in the middle of a snowstorm.  But research says it’s better to buy now.  According to Nerdwallet and Realtor.com, January and February are the best months to buy because sales drop 47% and prices are, on average, 8.45% less than prices in July and August. 

Even here in Steamboat, where seasonal ski properties are a huge part of our market, more people come to look in the winter but don’t actually buy until later in the year.  Buyers often think they’ll wait until ski season is over to get a better price, although in a rising market, most sellers coming on the market are pricing their properties higher than the last one that sold.  The combination of low inventory and interested buyers mean sellers are often getting close to their price.

You also have a better chance at negotiating when you aren’t in competition with other buyers.  Once a seller has their choice of multiple offers, the “winning” buyer often pays more.

Another reason it makes sense to buy January and February of 2017 is because interest rates are expected to increase.  You can get ahead of rate hikes by locking in rates now.  If you are part of the 50% of buyers who pay cash for a home here in Steamboat, this doesn’t apply.

If you are ready to start your home search, contact us here.

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:

N Routt and Elk River Area DevelopmentsAddressAsking PriceSold PriceClosing Date
Badger Meadows Subdivision26765 El Dorado Drive$835,000 $825,000 10/7/2016
Badger Meadows Subdivision26780 El Dorado Drive$519,000 $525,000 9/27/2016
Badger Meadows Subdivision26670 Katy Court$949,000 $890,000 11/18/2016
Captains Cove39355 Leeward Lane$749,900 $727,500 8/26/2016
Elk Ridge Subdivision29020 Owl Dr$419,000 $430,000 9/30/2016
Glen Eden54737 County Road 129$95,000 $91,000 7/12/2016
Glen Eden54737 County Road 129$95,000 $91,000 7/12/2016
Hahns Peak25641 Second Ave$274,500 $272,500 8/11/2016
Hahns Peak61276 Main Street$110,000 $110,000 6/14/2016
Metes & Bounds50355 Semotan Drive$749,000 $742,000 9/6/2016
Metes & Bounds48755 RCR 56C$7,800,000 $7,650,000 8/10/2016
Metes & Bounds25500 Gustavus Lane$300,000 $300,000 10/14/2016
Other61970 Rounty County Road 129$1,149,000 $1,055,000 9/8/2016
Sleeping Giant26025 Vista Valley Ct$1,510,000 $1,450,000 8/12/2016
Steamboat Lakes57525 Golden Tide Place$529,000 $529,000 9/30/2016
Steamboat Lakes58005 Jupiter Pl$429,000 $418,000 8/8/2016
Steamboat Lakes26850 Neptune Pl$345,000 $334,000 8/17/2016
Steamboat Lakes57940 Longfellow Way$369,000 $339,000 8/23/2016
Steamboat Lakes57955 Jupiter Pl$419,000 $400,000 9/6/2016
Steamboat Lakes57775 Saturn Ct.$375,000 $375,000 10/12/2016

Steamboat Springs Home Sales in October

The Range at Wildhorse Meadows

The Range at Wildhorse Meadows

There were 24 Steamboat Springs area single family homes that sold during October.  The average price was $853,750, and no homes sold for under $500,000 in the city limits.  Buyers looking to stay below $500,000 are purchasing in some of the surrounding neighborhoods like Stagecoach, Milner, and North Routt.

Sold prices averaged 96% of the asking price leaving very little negotiating room for buyers.  If you’d like to discuss purchasing a home in Steamboat, please call us at 970-819-6372.

Steamboat Springs AreaSteamboat AddressAsking PriceSold Price% List to Sold 
1-DOWNTOWN AREA31 Logan Ave$1,400,000 $1,400,000 100%
1-DOWNTOWN AREA436 Emerald Ct.$529,000 $527,000 100%
2-FISH CREEK AREA380 Cherry Drive$927,000 $896,000 97%
2-FISH CREEK AREA270 Caribou Lane$897,000 $877,500 98%
2-FISH CREEK AREA35 Steamboat Blvd$889,000 $850,000 96%
3-MOUNTAIN AREA1792 Meadow Lane$599,000 $585,000 98%
3-MOUNTAIN AREA940 Twilight Lane$1,649,000 $1,575,000 96%
3-MOUNTAIN AREA2175 Bear Drive$1,569,500 $1,569,500 100%
3-MOUNTAIN AREA2394 Fox Ridge Lane$1,950,000 $1,950,000 100%
3-MOUNTAIN AREA3429 Stone Lane$615,000 $585,000 95%
3-MOUNTAIN AREA4015 Whistler Road$829,000 $790,000 95%
5-WEST STEAMBOAT21490 Second Avenue$289,500 $285,000 98%
ELK RIVER AREA25500 Gustavus Lane$300,000 $300,000 100%
SOUTH VALLEY35985 Agate Creek Road$1,975,000 $1,845,000 93%
SOUTH VALLEY26050 Old Stage Trail$675,000 $540,000 80%
SOUTH VALLEY32805 McKinnis Creek Rd.$669,000 $640,000 96%
SOUTH VALLEY27145 Whitewood Drive East$469,000 $450,000 96%
SOUTH VALLEY31310 Star Ridge Road$949,000 $925,000 97%
SOUTH VALLEY31645 Redtail Lane$1,595,000 $1,475,000 92%
STAGECOACH30345 Coyote Run Ct.$435,000 $420,000 97%
STAGECOACH20690 Cinch Trl$235,000 $175,000 74%
STAGECOACH23095 Lynx Basin$839,000 $801,500 96%
W 40 CORRIDOR37450 Saddle Mountain Drive$750,000 $693,500 92%
W 40 CORRIDOR38895 Spruce$350,000 $335,000 96%