Archive for steamboat real estate

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:

Buyer Tour RegionDevelopment NameAddressList PriceList/Sold $% List to Sold
Downtown Area1St Add To Steamboat Springs134 12th St$1,000,000 $800,000 80%
Downtown AreaBrooklyn Subdivision65 Agate St$975,000 $950,000 97%
Downtown AreaNo Defined Development14 Logan Ave$1,450,000 $1,425,000 98%
Downtown AreaOrig Town Steamboat Springs235 Pine St$869,000 $855,000 98%
Downtown AreaOther1141 Soda Ridge Way$890,000 $850,000 96%
Downtown AreaPioneer Village1563 Conestoga Ct$415,000 $395,000 95%
Downtown AreaVillage Green1061 Merritt St$600,000 $565,000 94%
Elk River AreaElk River Estates Subdivision32890 S Elk Dr$899,000 $870,000 97%
Elk River AreaElk River Mountain Ranch Subdivision44000 Diamondback Way$1,249,000 $1,150,000 92%
Elk River AreaGame Trails Subdivision30500 Game Trails Dr$1,000,000 $910,000 91%
Elk River AreaMetes & Bounds50355 Buck Mountain Ln$595,000 $585,000 98%
Fish Creek AreaEmerald Knoll492 Sandhill Cir$689,000 $689,000 100%
Fish Creek AreaHillside Subdivision230 Hillside Dr$619,000 $610,000 99%
Fish Creek AreaHorseshoe Subdivision1500 Fish Creek Falls Rd$855,000 $835,000 98%
Fish Creek AreaMountain View668 Meadowbrook Cir$1,249,000 $1,224,000 98%
Fish Creek AreaNo Defined Development1184 Anglers Dr$2,999,999 $2,550,000 85%
Fish Creek AreaSteamboat Point Subdivision435 Emerald Ct$599,999 $570,000 95%
Fish Creek AreaSteamboat Point Subdivision428 Emerald Ct$595,000 $587,800 99%
Fish Creek AreaTamarack Point Subdivision535 Wyatt Dr$595,000 $585,000 98%
Fish Creek AreaWillett Heights Subdivision610 Amethyst Dr$825,000 $800,000 97%
Fish Creek AreaWillett Heights Subdivision650 Amethyst Dr$840,000 $832,000 99%
Fish Creek AreaWillett Ridge Subdivision475 Willow Ct$829,000 $815,000 98%
Mountain AreaDakota Ridge Subdivision36370 Trail Ridge Rd$2,850,000 $2,650,000 93%
Mountain AreaRendevous Trails Subdivision2894 Burgess Creek Rd$1,395,000 $1,350,000 97%
Mountain AreaRiver Place Subdivision890 Dougherty Rd$495,000 $480,000 97%
Mountain AreaRunning Bear2275 Bear Dr$1,495,000 $1,287,500 86%
Mountain AreaRunning Bear2080 Bear Dr$1,350,000 $1,292,000 96%
Mountain AreaRunning Bear2200 Bear Dr$1,560,000 $1,405,000 90%
Mountain AreaSanctuary The Subd936 Steamboat Blvd.$2,735,000 $2,500,000 91%
Mountain AreaSteamboat Barn Village945 Twilight Ln$1,495,000 $1,495,000 100%
Mountain AreaTree Haus36965 William William$825,000 $814,000 99%
Mountain AreaTree Haus36915 William William$1,250,000 $1,180,000 94%
Mountain AreaWalton Pond970 Confluence Ct #3$165,000 $162,000 98%
South And WestBeaver Ridge Estates Subdivision33885 County Road 43a$480,000 $480,000 100%
South ValleyBig Valley Ranch27680 Beaver Ridge Rd$5,700,000 $5,150,000 90%
South ValleyDakota Ridge Subdivision31635 Aspen Ridge Rd$1,299,000 $1,260,000 97%
South ValleyEmerald Meadows West Subdivision29850 Emerald Meadows Dr$3,990,000 $3,783,920 95%
South ValleyMetes & Bounds32305 County Road 20$2,250,000 $2,030,000 90%
South ValleyStar Ridge Estates31215 Star Ridge Rd$636,500 $636,500 100%
South ValleySteamboat Pines Subdivision30365 Deer Ln$1,975,000 $1,830,000 93%
South ValleySteamboat Pines Subdivision30350 Blue Grouse Ln$2,250,000 $1,925,000 86%
Strawberry ParkStrawberry Park39800 Amethyst Dr$2,850,000 $2,237,500 79%
West Steamboat / US 40Heritage Park27361 Brandon Cir$645,000 $630,000 98%
West Steamboat / US 40Heritage Park27390 Brandon Circle$695,000 $675,000 97%
West Steamboat / US 40West End Village2869 Abbey Rd$439,900 $439,900 100%
West Steamboat / US 40West End Village2339 Oxford Way$675,000 $675,000 100%

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:

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%

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

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.

September Real Estate Sales Up 36.55%

Country Green Neighborhood

Country Green Neighborhood

September was certainly a treat with 176 Transactions and $80.5M in Gross Volume!  Compared to last September Gross Volume was up by +36.55%, with the YTD. at +12.99%. Transactions were also up by +32.33% compared to last September, with the YTD. at +7.22%

Average Sales Price:
Single Family +5%
Multi Family -2%
Vacant Land -48%

Median Sales Price:
Single Family +13%
Multi Family +4%
Vacant Land -59%

Average PPSF
Single Family +9%
Multi Family +2%
Vacant Land +7%

New Unit Sales were down with 6 in September, compared to 8 in August.  There was great upper end activity this month with 19 in September, compared to 11 in August.

This info provided by Land Title Guarantee, Steamboat Springs

Best August Real Estate Sales in Years

The following Steamboat real estate information is provided by Melissa Gibson of Land Title Guarantee.  Melissa writes,

“August was a great month for Steamboat Springs real estate sales with $68.4M in Gross Volume and 161 Transactions – one of the best August months we have seen in years.  Compared to last August, Gross Volume was up by +9.59%, with the YTD. at +9.36%.  Transactions were up 7.33% compared to last August and YTD up 3.53%.

Average Sales Price:
Single Family +1%
Multifamily -2%
Vacant Land -43%

Median Sales Price:
Single Family +13%
Multi Family +4%
Vacant Land -34%

Average PPSF
Single Family +10%
Multi Family +2%
Vacant Land +15%

There were two bank sales in August, up from 0 in July.

New Unit Sales were up slightly with 8 in August, compared to 7 in July.

Upper end unit sales were static with 12 in both August and July.”

Median Sales Price Just Doesn’t Matter

steamboat real estate median sales priceWhen buyers read headlines like “Median Prices Down 53%!” and “Median Prices Down 62%!” you would think sellers were practically giving their homes away here in Steamboat Springs.  Nothing could be further from the truth.  Many buyers (with good reason, in many cases) are looking for homes and condos with a mindset left over from the dark days of 2009-2011, and month-to-month stats like the ones below tend to reinforce that thinking.

If you take a look at the month-to-month median prices for Steamboat area single family homes and condos, you’ll find swings of several hundred thousand dollars.  Condo prices tend to be a little more reliable because there are more sales, and more data points, to generate better stats.

So what’s really going on?  This year has been the year of the entry level buyer.   Currently, rental inventory is as limited as our housing inventory. We’re seeing more first time buyers and buyers in less costly areas like Hayden and Oak Creek who are finding it’s cheaper to buy than rent.  So those numbers are affecting our median prices even though they have little to do with the Steamboat Springs real estate market.

In the City of Steamboat Springs, it’s a different real estate story.  There are currently 81 homes for sale. Only three of them are priced <$500,000 and 51 of them are priced over $1,000,000.  We are seriously lacking in home inventory priced between $500,000-$900,000.  Half the homes currently listed between $500,000-$650,000 have less than 1000 sf and have two or fewer bedrooms.  They are basically tear downs.

Inventory Graph

Buyers have a few options.  They are choosing to build, waiting for new listings to come on the market, or they are upping their budget.  If you are thinking about buying, please call us at 970-819-6372 to talk about your options and sign up for notifications of new homes on the market.