Market Reports



Colorado Group Realty Insider - May 2022


How's The Market?

How's the Market?
We hear a common refrain from would-be buyers on the streets: “But there’s
just no inventory!” The numbers tell a different story. There are currently 69
offerings across Routt County, the same number as last month, but there were
84 closings county-wide. The average days on market also remains incredibly
low, currently at just seven days.
The numbers tell us a couple of things: First, that listings go under contract
almost as quickly as they’re put on the market. Second, while standing inventory
has remained persistently low, the number of actual closings has ticked up
showing that there is inventory; it just sells fast. This has been the trend in Routt
County for the last dozen years, however the pandemic super-charged it.


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Colorado Group Realty Insider - April 2022


How's The Market?

While the weather in Steamboat this time of year may keep us guessing, one
thing that has remained consistent from the past month is the number of
available listings. Across Routt County, residential offerings continue to sit at
only 69 properties. There were 58 closings countywide in the month of March,
which means that there are roughly the same number of properties closing as are
hitting the market. Average days on market is also holding steady at seven days.
The median close price for single family homes in Steamboat Springs continues
its ascent, rising from about $1.5M in February 2022, to $1.65M in March 2022.
Those looking for a single-family home in Steamboat for under $2M continue
to be challenged as there are only 11 listings currently in that category.

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Colorado Group Realty Insider - March 2022


How's The Market?

With warmer weather approaching, we will hopefully soon get a thaw in the
persistently low inventory. Last month, there were only 51 residential offerings
across Routt County; as of this writing, we’ve ticked up slightly to 69. Indeed, there
appears to be a slow gradual increase of new listings throughout the county as the
year progresses, with 13 new listings in December 2021; 16 new listings in January
2022; and 21 new listings in February 2022. That said, we’re still a long way off from
what is considered a balanced supply of inventory of around six months. Currently,
we only have a meager two months of supply.



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Colorado Group Realty Insider - February 2022


How's The Market?

Although it may seem like 2022 is off to a slow start, there’s no need to worry;
while there are currently only 51 offerings throughout Routt County, there were 48
transactions county-wide in January (compared with 67 in January 2021). January
had $47M in sales volume in the county, which was down only 14% from last year
but still up significantly from January 2020 when there was only $29M in volume.


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2021 Steamboat Springs Real Estate Report


2021 AT A GLANCE

In 2021, real estate in Routt County continued chugging along on its run of epic proportions. The ongoing pandemic kept fueling buyer demand as more and more people looked to own real estate in the Yampa Valley. Half of the buyers were existing locals or those who were able to move here full-time due to location-neutral jobs. The other half purchased vacation homes, seeking a respite from life outside of Steamboat. Sellers often received multiple offers, many above asking price; on average, sellers received 99.6% of their listing price.

Curiously, despite rapidly appreciating property values, many would-be sellers seemed content to let the market appreciate; this resulted in all-time low listing inventory. Some potential sellers were optimistic that there would be ongoing appreciation while others were challenged to buy elsewhere amidst a nationwide surge in home values and dearth of inventory. In Routt County, we had 98 listings going into 2021 and we entered 2022 with a paltry 71 offerings.

2021 eclipsed the record-breaking statistics of 2020. Routt County closed out the year with over $1.4B in sales volume, an increase of 31% over 2020. The average price of residential properties in Steamboat Springs went up by 24% to $630K, following 2020’s very healthy price appreciation of 18%. Single-family homes in Steamboat city limits saw the biggest spike, increasing by an astounding 38%, with the average price now just over $2M. This price appreciation was fueled by the luxury market, with 62 transactions of homes above $2.5M, almost double that of 2020.
Neighboring towns also reaped the benefits of an escalating housing market. The average price of a single-family home in Oak Creek reached $735K and in Hayden the average price is now $449K. With soaring building costs, the sale of raw land was also hot, with 519 closings in 2021, an increase of 47% over 2020. With so much demand, it is easy to see why building permits remained strong in 2021, with 986 building permits issued county-wide.
With workers sporadically returning to the office in 2021, the commercial market is also making a recovery. There were only 45 commercial transactions county-wide in 2020, but a healthy increase to 65 transactions in 2021. Although only anecdotal, the commercial market seems to lag residential home sales by about 6-12 months. If that’s true, commercial transactions should be hot in the coming year.

If we learned anything in 2021, it’s that we cannot predict the future. With meager inventory, continued low interest rates (even if they go up), and the seemingly-permanent changes that the pandemic has brought, 2022 is looking to be yet another healthy year.

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Colorado Group Realty Insider - January 2022


How's The Market?

Happy New Year! Despite persistently low inventory, Routt County closed out the
year strong with 122 land/residential transactions (of which 91 were in Steamboat)
in December. Routt County closed out the year with over $1.48B in sales volume,
up 31% from 2020. The year has started at a similar place to where last year’s
ended, with only 57 residential offerings throughout the county (not including
fractionals). The average price appreciation for homes in Steamboat Springs in
2021 was 27.3%, while county-wide, homes appreciated at an average of 23.7%.
What a year to be an owner of real estate!


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Colorado Group Realty Insider - December 2021


How's The Market?

What. A. Year. One for the ages. 2021 was a banner year for real estate nationwide,
especially in the Yampa Valley. In spite of the shortage of listings, 2021 sales in
Routt County shattered records. To put it into perspective, in 2019 through
November there was a healthy $642M in sales volume in the County. Last year,
through November, that figure ballooned to $952M. This year, to date, there has
been nearly $1.33 billion in sales volume! While the number of transactions is
up from last year (1,563 compared to 1,321), price appreciation is really what is
driving the massive sales volume growth.

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Colorado Group Realty Insider - November 2021


How's The Market?

Bidding wars. All cash offers. Homes selling far over asking price. The Yampa
Valley housing market is still on fire. Overall sales volume through October is
up more than 50% from this time last year while the number of active listings
in Routt County remains lower than this time last year. Homes continue to
be snapped up, often within days of listing. The county-wide median days on
the market is a meager eight days. This is not surprising since there is only
1.3 months of inventory available. Pending listings county-wide are actually
up from September (111 in October vs. 108 in September) and the number
of closings in October remained strong at 114. September’s closings were
cash heavy, with 52% of buyers closing without a loan.

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Colorado Group Realty Insider - October 2021


How's The Market?

Unfathomable growth in real estate continues in Routt County, with overall sales volume through September at $1.23B, almost double this time last year. Although active listings in Routt County are still fewer right now than this time last year (99 vs. 158), properties continue to move through the marketplace. Pending listings county-wide are down compared to last month (39 in September vs. 58 in August). Closings are also cooling, down about 26% from this time last year, and about 30 fewer closings than last month. Of these transactions, 53% were local buyers and 47% were front range or out-of-state.

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Colorado Group Realty Insider - September 2021


How's The Market?

After 15 months of real estate market frenzy, we may finally be entering a slight
cool down phase. Or perhaps it's better worded to say that we may be coming to
the end of the frenzy but the market is still very hot. Through August, total sales
volume in Routt County is up 88% from this time last year.

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Colorado Group Realty Insider - August 2021


How's The Market?

Although one might be able to say that the Routt County housing market is
softening a bit, it's not exactly cooling. Overall sales volume through July was
$811M, more than double this time last year. However, there are more active
listings (147) than there have been in recent memory. Still, listing are significantly
lower than they were this time last year, when there were 357 residential
properties listed for sale. With inventory a bit higher, competition is softening
ever-so-slightly. Instead of some properties receiving up to 15-20 offers in April
and May, similar properties may "only" be getting 5-10 offers. Indeed, there were
10% fewer single-family and 17% less condo sales in July 2021 compared to July
2020, suggesting that the market may be moving back towards some sense of
normalcy.

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Colorado Group Realty Insider - July 2021


How's The Market?

Warm weather, hot housing market; that seems to be the case in Routt County!
The number of active listings remains low with 134 active listings (excluding
fractionals) throughout Routt County compared to 406 listings this time last
year. This dearth of supply encourages a competitive marketplace with many
properties receiving multiple offers. Indeed, the average days on market this
year is just 39, while it was 93 through the first six months of 2020.

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Colorado Group Realty Insider - June 2021


How's The Market?

We'll get to the market report in a moment, but the big news this week is the
Steamboat Springs City Council's vote on short-term rentals. Just recently, City
Council voted in an emergency meeting to enact a six-month moratorium on
vacation home rental permit applications. Council called the special meeting
because of the impact that short-term rentals have on the long-term rental
pool, community character, and neighborhood disruptions caused by guests.

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Colorado Group Realty Insider - May 2021


How's The Market?

"When is the bubble going to burst?" is a common question these days and
it's easy to see why: Active inventory is down, prices are skyrocketing, and
demand is fierce. Although overall inventory on the national level grew slightly
since last month, there is still a huge supply shortage. So, is this a bubble that
is about to burst? Many experts seem to agree that the answer is "not any time
soon."

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Colorado Group Realty Insider - April 2021


How's The Market?

Many recent national real estate reports are littered with the terms "all-time" and
"historic" reflecting the unbelievable impact COVID-19 has had on the housing market.
Nationwide inventory has shrunk to only 2.4 months of supply and the national median
home price has reached a record high of $311K. Home prices have now increased on
a year-over-year basis for a staggering 105 months straight, validating the value of
owning real estate.

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Colorado Group Realty Insider - March 2021


How's The Market?

The Routt County housing market is still on fire, despite the lean inventory. Routt
County total sales volume for January and February was $321M, up 85% from
last year. Through February, there have been 464 transactions, more than double
each of the previous two years. The last nine months have brought an entirely
new meaning to the term "seller's market".

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Colorado Group Realty Insider - February 2021


How's The Market?

The booming real estate market of 2020 is rolling right into 2021 and activity
in the Yampa Valley is taking off quickly. January's $62M in sales volume on
106 transactions was up considerably from last January when there was a
solid $42M in sales volume on 55 transactions. These enhanced numbers
continue to surprise as inventory persistently remains at an all-time low.
There are now just a paltry 84 residential properties for sale in Steamboat
Springs down from 206 at the same time last year. This means that there is
just one month of inventory, the lowest in the city's history.

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2020 Steamboat Springs Real Estate Report


2020 AT A GLANCE

With fear and uncertainty taking center stage in 2020, one thing is assured: the pandemic has shifted real estate markets across the globe on an unprecedented scale. Routt County was no exception, with a feeding frenzy from June through November that pushed sales volume to an eye-popping $1.2B. Not since 2007 has there been such a flurry of activity. Year-over-year sales volume growth from 2019 was 50%, shocking even the most experienced industry veterans.

Urban migration away from crowded cities and buyers looking for second-home mountain getaways led to a robust seller's market. COVID increased the desirability of properties with access to the outdoors, more space, quiet neighborhoods, home offices, and newer kitchens. Apparently, homes in the mountains fit the bill where social distancing comes easier. Other Colorado resort towns experienced similar historic surges as home values hit record highs across the state, while inventory dwindled to all-time lows. In Steamboat Springs, we enter 2021 with just a meager 43 single family homes and 55 condo/townhomes for sale, both down over 50% from the start of 2020.

Single family homes appreciated by 12% to an average price of $1.47M, while condos/townhomes swelled by 19% to $636K. Droves of wealthy homebuyers snapped up luxury homes at a record pace with 74 properties over $2M being sold, more than the previous two years combined.

The surging prices led neighboring towns to go through booms of their own. The average home price in Oak Creek crested $600k, up 33% from last year, while Hayden saw the average price increase by 10% to $333K. Some struggling buyers opted to purchase land with 353 vacant parcels being sold, double 2019. Builders should bde busy for a while as the city issued building permits for 208 new units (single family homes and apartment units combined).
Many wonder if the market is due for a correction similar to the post-2007 irrational real estate bubble. While a valid concern, the market is hot this time for very different reasons. Industry experts seem comfortable that no crash is near. People have shifted where and how they live as working from home has enabled them to move to their dream location. Low mortgage rates and stringent lending requirements mean buyers can purchase only what they can afford, unlike in 2007.

With the lack of inventory, it seems improbable 2021 can reach the heights of 2020, but demand from the COVID migration isn't dwindling any time soon, giving confidence of a healthy year.

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Colorado Group Realty Insider - January 2021


How's The Market?

With fear and uncertainty taking center stage in 2020, one thing is assured: the
pandemic has shifted real estate markets across the globe on an unprecedented
scale. Routt County was no exception with a feeding frenzy from June through
November that pushed sales volume to an eye-popping $1.2B. Not since 2007
has there been such a flurry of activity. Year over year sales volume growth from
2019 was 50%, shocking even the most experienced industry veterans.

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Colorado Group Realty Insider - December 2020


How's The Market?

After six straight months of escalating real estate activity in Routt County,
November kicked off the traditional winter market cool down. Still, "cool
down" is a relative term as the $149M in sales volume was up 84% compared
to last November. September ($175M) and October ($192M) were all-time
highs for Routt County.

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