2018 Fall Market Update: Q1-Q3  
The Steamboat Report
Our goal at The Steamboat Group is to help our clients make informed decisions about real estate in Steamboat. Here is a quick and easy guide to what is happening in the Steamboat Springs Real Estate market - Notable trends, changes, and shifts over time.  

The first slide shows how the overall market looks, and then we break things down by the key market segments.

As always, conditions vary by area and even street so just reach out to us if you would like to know more.

970-879-0879 or jon@thesteamboatgroup.com

The Steamboat Market

  • Here is how everything in Routt County has performed so far in 2018. This is a good starting point to see the direction of our market. Our market is healthy with avg. prices increasing due to real demand and limited inventory.
  • The following sections give us a bit deeper but still insightful at a glance look at the different parts of the market. For example, if you are looking at homes it is more useful to look at avg prices and appreciation in that part of the market.
  • Thank you to Melissa Gibson at Land TItle for her excellent market stats. This graphic to the right is based on her numbers. In my experience Land Title is the Best in Steamboat. The rest of our report's data originates from the Steamboat Springs MLS - including sales in Steamboat School district. We will add in Hayden and Oak Creek for our year-end report.

Single Family

  • This has been one of the best performing segments in the market this year to date with almost all stats hitting the double digits for appreciation in this segment thru the first 3 quarters of the year.
  • One of the biggest stories that we have heard, is a lack of inventory in this segment. While we don't report on Days on Market, homes that have been coming on in this segment that are priced well are selling quickly, often at a premium price.
  • See Luxury Single Family Homes below for how the top 10% of the market is doing. We separate them so the averages are more meaningful.

Luxury Single Family

  • This segment represents the top 10% (by price) of single-family sales. We feel that looking at these separately gives you better insights into both the luxury and the traditional single-family home segment.
  • In 2018, 16 of the 20 sales were over $2.5M vs. only 4 of the 21 sales in 2017 were over $2.5M. This was the main thing that caused such a large % increase in the average sales price followed by appreciation
  • This segment is unique as a few sales can shift the numbers considerably. In 2017 there was one sale at $9M. Without this sale, the increase in average sales price would be even higher YOY. We have also seen a shift from high-end condo sales to high-end single-family sales so far in 2018.
  • Note - With the transition in Steamboat to a new MLS system in late-2017, we don't have finished sq ft in the data from 2017 so the appreciation understated a bit.

Townhomes

  • The increase in sales volume was purely unit driven by more sales in both the lower and higher end of the spectrum.
  • With the average sales price similar YOY, the shift in $/sq ft was driven by the decrease in average unit size from 2064 in 2017 to 1840 sq ft in 2017.
  • As SF home prices continue to go up we expect this will continue to be an active market at all price points.

Condos

  • It's interesting that the average sales price is down, but the median is up slightly. That said, most condos are worth more than last year (up 5-20%). The decrease in average is due to significantly fewer luxury condo sales in 2018 due to lower supply of those. There were fewer sales in 2018 over $800k (9 in 2018 vs 19 in 2017) but between $360-800k, there were 6% more sales in 2018. This kept the median relatively similar YOY, while affecting the average more dramatically.
  • This is due to 2 main factors. 1) More people have turned to single family homes in the higher end market (as seen above in the single-family stats). 2) There are also fewer options currently available on the market in the higher price range for condos.

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Jon@TheSteamboatGroup.com