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Market Reports



Colorado Group Realty Insider - October 2020


How’s The Market?

A September flurry of activity capped off a record breaking third quarter for
real estate sales in Routt County. The surge in demand is the result of people
wanting to live or have a vacation home in the Colorado mountains as people
reconsider how they work and live during and after the COVID pandemic. Sales
volume in September alone was an astounding $178M. When compared to last
year’s healthy $65M the results are staggering. For the 3rd quarter (July, August,
September), there was $434M in closed sales volume, well more than double the
volume of any previous quarter.

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Colorado Group Realty Insider - September 2020


How’s The Market?

During the summer of 2009, the median price of a Steamboat Springs single family home was $1.4M. Fast forward 11 years and the price has crested $1.4M yet again. A historic summer in Steamboat has led to rapidly escalating prices and nearly barren inventory. The feverish pace of the last few months has cut the supply in half from a year ago and there are now only 214 active residential properties for sale in Steamboat Springs. The surge has caused inventory to drop to less than three months of supply, compared to seven months at this
time last year.

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Colorado Group Realty Insider - August 2020


How’s The Market?

The unprecedented surge in real estate activity since the quarantineinduced
lows of April and May has been nothing short of stunning! July in
Routt County was the largest month in over a decade with an astounding
$112M in closed sales volume on 154 transactions. Compared to July
2019, when there was a healthy $63M in sales volume, the numbers are
stark. August is on pace to be another huge month as activity is rushing
along at breakneck speed. Even with the drastic slowdown in activity
when the pandemic hit, Routt County is now nearly on pace with last year at $376M in closed real estate through July.

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Colorado Group Realty Insider - July 2020


How’s The Market?

After two months of pandemic-induced hibernation, the Routt County
real estate market is roaring back. In June, more properties went under
contract than in any previous month in recent history. A whopping 132
properties went pending in June, compared to a paltry 38 in April when
in-person showings were banned.

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Colorado Group Realty Insider - June 2020


How’s The Market?

As the world slowly comes out of COVID-19 hibernation, homebuyers have also
reawakened resulting in increased real estate activity. The April and May freeze,
where showings were restricted and visitors were not allowed, has thawed but
the stay-at-home orders resulted in drastically lower sales volume and transaction
numbers. May total sales volume in Routt County was only $35M compared to
$69M last year. The mere 48 transactions in the month were 57% less than May
’19. Total sales volume in Routt County is now down 18% year over year. While not
surprising, the numbers are stark.

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Colorado Group Realty Insider - May 2020


How’s The Market?

As we tiptoe out of quarantine, it’s apparent that every corner of the globe will
be affected in some way. This includes real estate in Routt County where April
sales volume was down 53% compared to April 2019. After a huge first quarter,
which included an active March, total market volume is now down 6% year over
year.

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Steamboat Real Estate | What Now?




The following article offers brief thoughts on the real estate market here in Steamboat. As always, there are many variables to analyze for different market segments. As well, there are very few cookie cutter locations, styles and quality. Each property is distinct, so I encourage you to call or email if you have questions and would like some advice. We advise our friends, family and clients daily.

Nick Metzler, Colorado Group Realty
970-846-8811 | metzlerteam@mybrokers.com


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Colorado Group Realty Insider - April 2020


How’s The Market?

This is one of the most challenging times to answer the question: “How’s the
Market?". First, let's address the strong results through the end of March. Total
sales volume in Routt County was $133M, up from $113M through the same
time last year. While there were more than the typical amount of contract
terminations in March, the vast majority of pending transactions closed on
schedule. In fact, sales volume for the month was up 15% compared to March
of 2019. Of course, almost all of those transactions were initiated before the
pandemic spread across the globe.

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Colorado Group Realty Insider - March 2020


How’s The Market?

As the Coronavirus spreads and worldwide fears escalate, leading to massive global economic changes and a bear market (a decline of 20%
or more in the stock market), it remains to be seen how the local real estate market will be impacted. One thing is certain: when a pandemic and economic event of this magnitude strikes, nearly every corner of the globe and economy will change in some way, including real estate in Routt County.

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2019 Steamboat Springs Real Estate Report


2019 AT A GLANCE

For most of 2019, real estate sales volume in Routt County lagged behind the rather large numbers posted in 2018. A supercharged last two months of 2019 changed that by pushing annual total sales volume in Routt County to $759M, up 8% from 2018.

Much of the late charge was propelled by the luxury market. In 2019, there were 150 sales over $1M in Routt County, up from 130 in 2018 and 100 in 2016. The average sale price of a single family home in Steamboat was $1.3M, up 17% from 2018. Two of Steamboat’s largest sales ever, both over $10M, influenced this hefty rise. The sale price of the average condo/townhome in Steamboat accelerated at a more modest pace, up 3% to $493K. The average price per square foot for all properties was up 6% to $359.

The active year-end took a significant bite out of inventory giving sellers a decided advantage. At the end of 2019, there were only four months of inventory in Steamboat compared to over six months at the start of the year. With only 285 active listings at the end of December, buyers were quickly acting on inventory, especially single family homes priced under $1M.

For 2020, buyers are hopeful that more inventory comes online to ease the stress of such limited supply. There are many developments in various stages of the approval and construction process, though nothing looks likely to make a large impact.

A healthy job market, low mortgage rates, limited inventory and increasing numbers of visitors to Steamboat (who often become buyers) are all strong indicators that 2020 will be another solid year for real estate.

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Colorado Group Realty Insider - February 2020


How’s The Market?

For most of 2019, real estate sales volume in Steamboat was lagging behind the rather large numbers posted in 2018. A supercharged last two months of 2019 changed that by pushing annual total sales volume in Steamboat to $788M, up 6% from 2018. Sales in November and December, which are typically less active months, totaled a massive $127M, nearly double the volume in each of the previous two years.

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Colorado Group Realty Insider - January 2020


How’s The Market?

For most of 2019, real estate sales volume in Steamboat was lagging behind the rather large numbers posted in 2018. A supercharged last two months of 2019 changed that by pushing annual total sales volume in Steamboat to $788M, up 6% from 2018. Sales in November and December, which are typically less active months, totaled a massive $127M, nearly double the volume in each of the previous two years.

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Colorado Group Realty Insider - December 2019


How’s The Market?

Real estate activity in Routt County for 2019 started off appearing as it would be much slower than the activity of 2018. However, after a busy last few months, the market is only down 2% in total volume, making 2019 an extremely active year. Through November, there were 1,109 transactions totaling $683M, down only $9M from this time last year.

Single family homes in Routt County continue to appreciate at a healthy rate, with an average price of $933K, up 10% from a year ago. Condos and townhomes are increasing in value at a more modest rate, up only 2% to $478K.


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Colorado Group Realty Insider - November 2019


Happy opening day; the earliest one in the history of Steamboat Resort! As we wax and sharpen our skis and boards, we also enter into the winter months where real estate activity is historically much slower compared to the summer months.

Through October, total sales volume in Routt County remained healthy at just over $600M. 998 year to date transactions is 9% less than this time last year; however, the average size of a transaction continues to surge, now at $605K. This is quite the increase, up $85K from the $520K at this time in 2017.



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Colorado Group Realty Insider - October 2019


As another glorious Steamboat fall begins its transition to a white (and hopefully powdery) winter, we also begin a shift to a seasonally slower real estate market. While October is typically quite active (October 2018 was the second busiest month last year), when the snow falls in November, sales activity usually starts to dwindle.

Sales volume in Routt County between April-September 2019 averaged $51M/month, a stark difference from the average volume of $30M/month from November 2018-March 2019. While a winter slowdown is common in most cities across the country, it’s exacerbated in most ski towns. Nonetheless, 2019 is shaping up to be quite robust for real estate activity.


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Colorado Group Realty Insider - September 2019


August sales volume in Routt County was $62M, down from $76M in August of 2018 but up from $56M in July of 2019 (which was also buoyed by a $10M home sale, the year’s largest transaction). Total volume for the year is down 5% from 2018 but is on track to be the county's second or third most active year ever. Median home prices continue to rise, up 3.4% in 2019, as inventory in certain segments remains somewhat restricted, putting upward pressure on home values. Routt County single family homes are the fourth most expensive of any county in Colorado with a median price of $675K. Compared to the median prices in Pitkin County ($3.25M) and Summit County ($1M), living in Steamboat seems like a bargain.

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Colorado Group Realty Insider - July 2019


How’s The Market?
With another festive Fourth of July in the rear view mirror, it’s an ideal time to reflect on how the Steamboat Springs real estate market performed in the first half of 2019.

Summer in the mountains is the busiest time of year for real estate activity; it was no surprise that the $59M in closed Steamboat sales during June made it the biggest month of the year. It was a bit of a surprise however that it was up a hefty 34% from June of 2018. Total volume for the first half of the year is $247M, up from $226M through June of 2018. Residential transactions are down ever so slightly with 347 compared to 358 last year.

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Colorado Group Realty Insider - June 2019


With the arrival of vibrant sunny days, the influx of Steamboat’s visitors has begun. Town is buzzing with activity as is the real estate market. May closed sales volume in Routt County was $59M, 2019’s largest month thus far and up 10% from the previous two Mays'.

Our visitors are undoubtedly hearing locals debate the upcoming vote regarding the annexation; if passed, nearly 200 acres will
become West Steamboat Neighborhoods. 450 units are planned to be built over 16-20 years by developer Brynn Grey, taking some much needed pressure off of our already constrained
inventory. Ballots must be received by the city by June 25th.

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Colorado Group Realty Insider - May 2019


The more things change, the more they stay the same. April real estate activity in Steamboat was quite similar to the last two years. Total sales volume for the month
was $48M, up slightly from $46M last April. e busy month eased worries of a market slowdown that was stoked by a moderately slow rst quarter of 2019 when we averaged only $27M per month. Total volume this year is now only down 3% compared to last year's rapid start.

May and June are typically the busiest months for new listings and buyers hope that 2019 is no di erent. In the last few years, total active listings have increased more than 20% during these prime selling months. With 365 currently active residential listings, buyers are optimistic that inventory will spike even further heading into the summer. In Denver, inventory relief is well on its way, as active listings there are up 35% year over year. However, active listings in Colorado are down 4% year over year.

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Colorado Group Realty Insider - April 2019


News headlines have recently claimed that the national real estate market is slowing down; these claims, without a doubt, have created a glimmer of hope amongst home buyers seeking increased inventory and lower prices. While the market may in fact be showing signs of deceleration, in reality that means that it’s just not growing at the torrid pace of the last few years.

In the last three months, activity in the Steamboat market, $81M, is not on pace with the immense total sales volumes of the last two years. By comparison, in 2018, three months volume was at $88M and in 2017, it was at $96M.

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