Prudential Steamboat Realty 2011 Market Report · 3/11/2012  · come stiff odds to achieve a sale. This lack of demand led to a period of price declines for nearly all properties.

Prudential Steamboat Realty2011 Market Report

970.879.8100 | PruSteamboat.com

Data excludes timeshares and fractional units

Routt County – Price Point Summary by Units SoldSingle Family Homes, Condos and Townhomes

Routt County – Total $ VolumeTotal $ Volume

2009

2010

2011

$439,744,300

$512,100,114

$450,579,300

Total Units Sold

2009

2010

2011

1,817

1,398

1,063

$90,000,000

$80,000,000

$70,000,000

$60,000,000

$50,000,000

$40,000,000

$30,000,000

$20,000,000

$10,000,000

$0Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2009 2010 2011

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172114111372927111240 151454

29%19%19%6%5%5%2%2%7%3%2%1%1%

$20,720,400$28,476,500$42,856,400$20,394,700$18,842,100$20,488,500$9,497,400$11,654,500$48,331,600$26,865,000$31,472,400$14,040,000$15,799,000

Less than $200,000$200,001 to $300,000$300,001 to $500,000$500,001 to $600,000$600,001 to $700,000$700,001 to $800,000$800,001 to $900,000$900,001 to $1,000,000$1,000,001 to $1,500,000$1,500,001 to $2,000,000$2,000,001 to $2,500,000$2,500,001 to $3,000,000Over $3,000,000

4514 15

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27

29

37

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172

40

Making Sense of the Market

2011 saw indications that Steamboat’s real estate market is transforming from a distinct buyer’s market to one in which buyers occasionally need to be more competitive.

The number of sales in our market bottomed out in 2009. At that time, serious buyers faced little competition and sellers had to over-come stiff odds to achieve a sale. This lack of demand led to a period of price declines for nearly all properties. Lower prices, a good selection of quality properties and historically low interest rates have attracted more buyers into the market since that time.

Buyers took advantage of good deals in all

price ranges in 2011; however sales of $300,000 or less accounted for nearly half (48%) of the total sales volume. Due to the strong interest in these properties, there was a drop in the median price of all properties sold to $280,000 – down from the market high of $367,000 in 2007.

The number of new foreclosure filings dropped 11% in 2011 while the number of distressed property sales (foreclosures and short sales) nearly doubled to 1 in every 3 properties sold. As of March 2012 only 4.6% of available properties were identified as bank owned, and 3.6% as potential short sales. The competition for aggressively priced

properties has increased as savvy buyers realize the values won’t last forever.

Prudential Steamboat Realty once again led the way in 2011 generating 34% of the total sales volume recorded in the MLS. Prudential also exceeded the unit sales of the next two closest competitors combined.

Change is under way and it’s evident that now is the time for buyers to take advantage of incredible opportunities in the market. The distressed inventory is being absorbed by the market and we anticipate seeing less downward price pressure from these properties going forward.

Above information compliments of Land Title

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$ V

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$ V

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$12M

$10M

$8M

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$10M

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Surrounding Communities – $ Volume, Units Sold, Avg Days on MktSingle Family Homes, Condos and Townhomes

City of Steamboat Springs $ Volume, Units Sold, and Average Days on Market

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Volume VolumeVolume Units Sold Units SoldUnits Sold

Hayden

2009 2010 2011

123 166 166

North Routt50

40

30

20

10

0

50

40

30

20

10

0

50

40

30

20

10

0

$12M

$10M

$8M

$6M

$4M

$2M

$0

2009 2010 2011

248 143 149

Stagecoach

2009 2010 2011

239 152 159

AVG DAYS ON MKT

AVG DAYS ON MKT

AVG DAYS ON MKT

AVG DAYS ON MKT

AVG DAYS ON MKT

AVG DAYS ON MKT

AVG DAYS ON MKT

150

125

100

75

50

25

0

$175 mil

$150 mil

$125 mil

$100 mil

$75 mil

$50 mil

$25 mil

$0

UN

ITS SOLD

Volume Units Sold

TOTA

L DO

LLA

R VO

LUM

E

Single Family Homes20

06

2007

2008

2009

2010

2011

250

200

150

100

50

0

$175 mil

$150 mil

$125 mil

$100 mil

$75 mil

$50 mil

$25 mil

$0

UN

ITS SOLD

Volume Units Sold

TOTA

L DO

LLA

R VO

LUM

E

Townhomes

2006

2007

2008

2009

2010

2011

500

400

300

200

100

0

$175 mil

$150 mil

$125 mil

$100 mil

$75 mil

$50 mil

$25 mil

$0

UN

ITS SOLD

Volume Units Sold

TOTA

L DO

LLA

R VO

LUM

E

Condominiums

2006

2007

2008

2009

2010

2011

80

60

40

20

0

$70 mil

$60 mil

$50 mil

$40 mil

$30 mil

$20 mil

$10 mil

$0

UN

ITS SOLD

Volume Units Sold

TOTA

L DO

LLA

R VO

LUM

ELand

2006

2007

2008

2009

2010

2011

153

221 354

165139

175 340

263181

232 204

227182

318 180

218202

189 353

225182

225 186

191

Above information provided by Steamboat Springs MLS

610 Marketplace Plaza Suite 100 | 970.879.8100

Steamboat Compared to Other ResortsMedian Price – Single Family Homes, Condos, Land

Statistics include only participating members of the 2011 Rocky Mountain Resort Alliance

Information provided by Steamboat Springs MLS

$1,100,000 $1,000,000

$900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000

$0

% $ Volume Sold in 2011 Units Sold in 2011

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In literal terms, Median is the middle number in a set of sorted data. Median is commonly used in lieu of Average when data contain large outlying numbers that can skew the Average. For instance: 1, 2, 3, 4, 99 would have an Average of 22 while the Median is more representative of the norm at 3.

What is Median:

Market Share 2011Top 5 Real Estate Agencies in Steamboat Founded in 1988, Prudential Steamboat

Realty has seen various market trends throughout our history. The one thing that remains, however, is the persistent desire to call the Yampa Valley “home.”It is Prudential Steamboat Realty’s un-wavering commitment to our community that allows us to keep perspective regardless of economic conditions. With over 50 licensed agents who live, work and play in the Yampa Valley, we offer unsurpassed knowledge and expertise in every facet of our local real estate market. Let us prove to you why we are Yampa Valley’s leader in real estate.

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