2019 Spring Market Update: Q1  
The Steamboat Report
Our goal at The Steamboat Group is to help our clients make informed decisions about real estate in Steamboat. Scroll down for 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 4 categories cover the Steamboat Springs School district including North Routt.

This analysis is NOT examining Q1 2019 vs Q4 2018.  Due to the seasonality of the market in Steamboat, it is more appropriate to examine data Year-over-Year instead of Quarter-to-Quarter.

When Results Matter call The Steamboat Group, we can give you advantages no one else can and our results prove it.

Single Family

  • Just like in 2018 this continues to be one of the best performing segments in the market with average sales price growing 21% from $730K in Q1 2018.
  • Low inventory, high new construction costs, and broad-based demand continue to drive the market. While we don't report on Days on Market, homes that have been coming on in this segment that are priced & marketed well are selling quickly.
  • The majority of single family homes are shifting above $1M - there were 8 sales above $1M in this segment in 2018 and there are now 11 above $1M in 2019. There were 14 sales below $600k in this segment in 2018, and there were only 8 sales below $600k in 2019. This may moderate a bit as the snow melts and more county homes come on the market but sales over $1M are growing in the county too.
  • The average $730,221 home in 2018 is not worth $885,741 in 2019. The difference is a higher % of people are buying pricier homes and there are fewer homes at lower prices available than in 2018.
  • See Luxury Single Family Homes below for how the top 10% of the market by units is doing. We separate them so the averages are more meaningful.
The Steamboat Group -  5x Best of the Boat Real Estate Agent & 2018 Best of the Boat Real Estate Firm.

Luxury Single Family

  • The Luxury segment includes the top 10% of Single Family homes (units) by value.
  • Looking at these separately gives you better insight into both the luxury and traditional single family home market.
  • This segment is unique because a few sales can shift the numbers considerably. Values are actually up but the averages moved dramatically based on one or two different price point homes selling. For instance in 2018 the highest sale was $5.1M and in 2019 the highest sale was $3.1M. Some more expensive homes went under contract in March so the Q2 average is likely to jump back up.
  • The size of the homes sold went down significantly due to shifting buyer tastes for smaller homes. In 2018 the average size was 6,280 sqft, in 2019 the avg size was 5,075 sqft. The WSJ had an article about this trend towards smaller luxury homes in the last few weeks.
The Steamboat Group has already given back $15,050 to Steamboat in 2019. Over $2,500 per broker in the first 3 months.  Our goal is to top $50,000 in 2019 so we are a bit ahead of schedule 😀.

Townhomes

  • As Single Family home prices continue to go up, we expect Townhomes/Duplexes to continue to be a more important part of the market from $200K to $2M. Low supply compared to demand is limiting sales in this segment.
  • The number of sales in down while the average prices are up a step more giving us a slight increase in sales volume for townhomes.
  • One of the biggest aspects to note is in 2018 there were 16 sales under $500k, in 2019 there were only 8 sales under $500k which is reflected in the 34% increase in the median price since 2018. This affected the median more than the average because there were 4 sales between $500-700K in 2018 and 10 sales in the same range in 2019.
  • Similar to single family home sales, as inventory that is well priced comes on the market these units sell quickly. There are very few single family homes currently available under $600K. In 2019 there were 5 townhomes sales from $500-600k vs 0 in 2018. While we don't report DOM, because there are often a lot of caveats, we did look it up for this segment. The average for these 5 townhomes was 42 days on market. When properties are priced appropriately they are selling quickly!
We were 39% more productive per broker than any other Top 3 Steamboat Firm in 2018. This advantage has increased significantly in 2019 due to the unique advantages we give our clients, and the results we get for them.

Condos

  • Overall the average Condo is worth 5-15% more in the last year. The decrease in average price is due to significantly lower luxury condo sales and inventory to sell in 2019.
  • More people have turned to single family homes and townhomes in the higher end of market as they spend more time here, as seen above in the single family stats.
  • There were fewer sales over $600k (13 in 2018 vs 5 in 2019 a decrease of 61.5%) but, below $600k there were 51 sales in 2018 and 41 sales in 2019 a decrease of only 19%. This kept the median relatively similar YOY, while lowering the average more.
We are proud to have helped 103 families in 2018 the most of any team or agent and have already helped 45 in 2019.

Hayden Homes

  • The Hayden market was very strong in 2018 due to increasing prices in Steamboat, the new Hayden K-12 school project, having a brewery & coffee shop, and an increasing sense of community is making Hayden an even better place to live.
  • The higher end of the market has increased dramatically. The highest sale in 2018 was $340k and in 2019 the highest sale was 25% higher at $425k.
  • New construction became a larger segment of the market in 2018 and continues to be a factor as overall demand has increased.
  • As the price of single family homes continues to increase in Steamboat we expect the average sales price to continue to correspondingly increase in outlying areas like Hayden.

Phippsburg /Yampa/Oak Creek Homes

  • Similar to Hayden, people interested in the Yampa Valley are exploring areas outside of Steamboat. South Routt County is gorgeous country so we are not surprised.
  • The big story in the 1st quarter of 2019 was the dramatic increase in sales in this area changing from 1 sale in Q1 2018, to 4 sales in Q1 2019. The 1 sale in Q1 2018 was at $268k, the 4 sales in Q1 2019 ranged from $140k - $396k. This pushed sales up 318%, a lot of activity for this area in the winter.

Stagecoach

  • The biggest new in this part of the market was the big increase in sales in the first quarter of 2019. In 2018 there were 3 sales in this area, in 2019 there were 7 sales.
  • The range of sales resulted in a fairly similar average and median price, with a much bigger range in sales prices. The highest sales price in 2018 was $510k. In 2019 there were 3 sales above this at $537k, $587k & $665k. There were also 0 sales under $400k in 2018 vs 3 sales under $400k in 2019.
  • As Steamboat Springs home prices continue to increase, we expect Stagecoach will continue to be an active market and see more $600K+ sales.
  • Note: Stagecoach is technically in Oak Creek but for MLS purposes. Stagecoach is a separate area and it performs a bit differently so we report it on it's own.
  • Hopes that the Stagecoach Ski area will be re-opened have gone dormant for now so real demand is replacing some of the purchases that hoped that project would succeed.

When Results Matter, Contact The Steamboat Group.

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Jon@TheSteamboatGroup.com