HAYDEN
YAMPA
PHIPPSBURG
TOPONAS



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HAYDEN
YAMPA
PHIPPSBURG
TOPONAS




2025 marked a quiet but meaningful transition in the Steamboat Springs real estate market. What began as a buyer’s market moved steadily toward balance, with clear signals pointing to a seller’s market ahead. The year opened slowly, punctuated by a handful of notable highvalue transactions, then gained momentum as activity increased across most segments.
A common refrain throughout the year was, “I see a lot of properties for sale.” In practice, this perception did not reflect the buyer experience. Active buyers encountered a constrained market, with limited options within specific price points and property types. Inventory appeared visible, but not abundant where demand was strongest.
The Mountain Area single-family home market illustrates this shift clearly. In 2025, 37 homes sold. Currently, only seven are actively listed, representing approximately two months of supply, a clear indicator of seller-side conditions. At a more granular level, the Sanctuary neighborhood currently has one active listing, while six
homes sold in 2025, and another one is under contract. These patterns reflect sustained absorption with minimal replacement inventory entering the market.
Although much of 2023 through early 2025 felt like a buyer’s market, the anticipated pricing correction never materialized in a broad sense. Some properties entered the market with aggressive pricing and required adjustment. When pricing aligned with comparable sales, demand followed. As a result, values held firm even during periods of slower transaction volume.
Looking ahead to 2026, the market appears positioned as a coiled spring. Inventory remains constrained, pricing has proven resilient, and new sources of demand are beginning to re-enter the market. As interest builds around upcoming mountain and base area developments, the balance of risk shifts toward increased demand, with upward pressure on pricing expected to be felt broadly across the market.
2026 will be defined by base area development. While the market quietly absorbed existing inventory, development efforts accelerated behind the scenes. Three major residential projects, the Stockman, 1700 Ski Time Square, and Wildair, are expected to break ground this spring, initiating a significant transformation of the Steamboat ski area.
These projects will introduce a new tier of luxury residences to the market and establish pricing benchmarks well beyond prior norms, with upper-end offerings approaching $4,000 per square foot. New development at the ski area is both necessary and overdue. Together with expanded air access at Yampa Valley Regional Airport, these investments reinforce Steamboat’s evolution into a fully scaled, nationally competitive mountain resort, shaping pricing, perception, and demand across the market.
Record-setting year for Downtown/Fish Creek Steamboat condominiums and townhomes, with total dollars sold at 20% above the previous high of 2021.
Record-setting year for single-family homes in the Mountain Area, with total volume sold at 20% above 2021.
West Steamboat saw record-high total sales volume, with price per square foot trending upward to $616/sf.
2965 Trails Edge $17,450,000
Average price per square foot for single-family homes in the Mountain Area reached a record high of $940/sf, surpassing the average price per square foot of Downtown single-family homes.
In Hayden, average price per square foot for single-family homes reached a new high of $361/sf. See Market Trends on page 6 for details.


REPRESENTED THE SELLER ON THIS 2025 SALE, THE HIGHEST-PRICED IN STEAMBOAT HISTORY. 2813 + 2815 Trails Edge $19,675,000 ONE MONTH LATER, SET A NEW RECORD BY REPRESENTING THE

THE MOST DEFINITIVE ANALYSIS OF THE ROUTT COUNTY REAL ESTATE MARKET.
• Total dollar volume is flat year over year, while the number of sales is slightly down.
• This is indicative of rising prices, although prices are rising at a slower pace than they did from 2023 to 2024.



• Supply in Routt County continues to tighten, with 2025 seeing fewer properties coming available for sale than any other year.
• Condo supply declined by approximately 23%, the largest decline among segments.
• The supply of condos will increase over the next 2-4 years when new developments come online (i.e., Stockman, Astrid, Wildair, 1700 Ski Time Square). Land remains in limited supply, and there are no new large-scale, single-family home developments in the planning stages.

The market closed 2025 with a surge that caught many off guard. Activity accelerated in the final stretch, and the scale of that shift only became clear once the numbers were finalized. From September through December, the average asking price of properties that went under contract was 48% higher than the same period in 2024. Compared to 2022, it was 145% higher. That is a material shift in late-year pricing and a decisive finish to the year.


• In 2024, only the Downtown/Fish Creek area had an average DOM under 100.
• In 2025, the Oak Creek/Phippsburg/Yampa area held that distinction with an average DOM of 82.
• Average DOM have increased in: Hayden (with the longest DOM of 176), Downtown/Fish Creek, West Steamboat/US 40, South Valley/South & West
• Average DOM have decreased in: Stagecoach, North Routt, Oak Creek/Phippsburg/Yampa
• Flat: Mountain Area

Average days on market can be heavily influenced by a small number of extended listings. In the Downtown area, there were 58 transactions in 2025. Thirty of those sold in fewer than 30 days. In fact, 44 of the 58 sales, or 75 percent of all transactions, averaged just 26.75 days on market. That presents a very different picture than the broader average suggests. A limited number of longer-running listings elevated the overall figure, while the majority of properties traded quickly.
• Average price per square foot has increased in every area of Routt County with the exception of Oak Creek/Yampa/ Toponas, which has a slight decline of 2%.
• Data shows that Stagecoach, North Routt/Elk River, and Oak Creek/Yampa/Toponas had a more challenging market in 2025, perhaps indicating areas for opportunity and improvement in 2026.

Routt County is experiencing a K-shaped economy—a clear divide between its core resort market and its secondary, more locally driven submarkets. The primary resort areas showed positive movement across nearly every category. In contrast, feeder markets such as Oak Creek, Hayden, and Stagecoach recorded broad slowdowns in volume and pricing metrics.
It is important to view this data in context. These markets operate with very limited inventory and small transaction counts, which can amplify year-over-year swings. Hayden is an exception, with a meaningful increase in rental housing inventory influencing activity.
At the same time, several long-term developments could materially impact these areas, including Stagecoach Mountain Ranch, the Amazon distribution facility, the Hayden Business Park, and the planned Yampa Valley Regional Airport expansion. With constrained supply, future demand drivers may present opportunity over time.












The downtown market offers a wide range of properties, from traditional mountain homes to stunning new builds. A multitude of pathways links neighborhoods to parks, trails, and open space, while shops, restaurants, and schools are often within walking distance of home. Elevated above downtown with sweeping valley to mountain views, the Fish Creek area offers access to great hikes and is centrally located between downtown and the mountain.
• Our analysis groups the Downtown, Fish Creek, and Strawberry Park areas. However, there is a 45% difference in average price per square foot between townhomes, duplexes, and condos downtown vs. Fish Creek.
• 2025 was a record-setting year for Downtown/Fish Creek condos and townhomes, with total dollar sales volume coming in at 20% above the previous high mark of 2021.
• The total volume of single-family home sales is slightly up, while the number of sales is down, illustrating the rising average price per square foot in the Downtown/Fish Creek/Strawberry Park market.
• With the majority of vacant lots acquired and supply dwindling, land sales in this area are at their lowest since 2015/16.
• Average PPSF Single-Family Homes: $900
• Average PPSF Townhomes/Condos between 3rd and 12th Streets: $1,182
• Average PPSF Townhomes/Condos Whole Area: $810

PROPERTY: 1891 LUNA LANE
Listed by Chris Paoli: $1,324,000

PROPERTY: 514 8TH STREET
Sold by Amy Brown: $4,039,878 | Represented the Seller

PROPERTY: 620 PINE STREET
Sold by Michelle Parilla: $1,685,000 | Represented the Buyer

FEATURED PROPERTY: TBD DEERFOOT AVENUE
Listed by Chris Paoli: $4,600,000




The area surrounding Steamboat Resort offers homes ranging from fractional ownership and amenitized condominium properties to landmark ski-in/ski-out estates and single-family homes on large sites within some of Steamboat’s most beloved neighborhoods. Many properties in the area are located within Steamboat’s Green Zone, allowing short-term rentals without restrictions.

• 2025 was a record-setting year for single-family homes in the Mountain Area. Total volume sold was 20% above the previous high mark in 2021 during the COVID boom.
• Average price per square foot for single-family homes reached a new high: $940/sf, driven in part by a relatively low supply of single-family homes in the Mountain Area, and by the in-demand, luxury neighborhoods of Wildhorse and the Sanctuary.
• Both dollar volume and total number of sales for condos and townhomes were similar to 2024.
• Average price per square foot for condos and townhomes is flat, but is expected to rise in 2026.
• Sales of land are at a low not seen since 2015, which is indicative of the few parcels of available land in the Mountain Area, as infill and new development take place.
• Average PPSF Single-Family Homes: $940, surpassing the average price per square foot for Downtown single-family homes.
• Average PPSF Townhomes/Condos: $743
• There is a significant difference between ski in/out properties and the non-Green Zone condos/townhomes in the mountain area.
• Condominiums and townhomes are an area to watch in 2026. After nearly 15 years of limited activity at the resort base, close to one billion dollars in new condominium projects are set to come to market, including The Stockman, Wildair, and 1700 Ski Time Square.
• Early indications suggest that the new base-area developments are expected to launch at approximately $2,500 per square foot. In total, these projects are expected to introduce roughly 150 residences to the market.
• Buyers introduced to Steamboat through high-end, slope-side development often expand their search beyond the base area, thus the expectation is that the new development at the mountain base will put upward pressure on pricing throughout the region.

Sold by Rachel Elston: $1,475,000 | Represented the Seller

by Justin Read & Amy Brown | $1,975,000




The growing west side of Steamboat Springs begins at the intersection of Lincoln Avenue and Elk River Road. Residential offerings range from townhome communities, such as Basecamp Row, to the single-family-home dominated neighborhoods of Steamboat II, Heritage Park, Silver Spur, and The Glen subdivision, which is now under construction. The newer Sleeping Giant School attracts many families to the area, while craft breweries, restaurants, shops, and services offer nearby access to everyday conveniences.
• West Steamboat is another area where total sales achieved a record high in 2025.
• Average price per square foot for single-family homes continues to trend upward, reaching $616/sf in 2025.







Located 25 miles west of Steamboat Springs along Highway 40, Hayden offers more attainable homeownership options, as well as closer proximity to the Yampa Valley Regional Airport. Hayden continues to grow as property development continues, while areas outside of the town include rural homes with acreage and ranch properties.
• Average price per square foot for single-family homes reached a new high of $361/sf.
• Sales of single-family homes are slightly higher than in 2024.
The Town of Hayden is working with Amazon on plans for a 40,000-square-foot warehouse and distribution micro-center near Yampa Valley Regional Airport, designed to improve delivery service across Northwest Colorado and southern Wyoming. Once completed, the facility is expected to anchor the Northwest Colorado Business Park, bringing new jobs, increased assessed value, and long-term economic momentum to Hayden and the surrounding region.







Valley, South & West, Grouse Creek, Blacktail, Henderson, South Routt
The scenic and sprawling South Valley is home to rolling ranchlands, luxury master-planned communities, and singlefamily homes offering significant acreage and access to year-round recreation just minutes from the Steamboat ski area. Communities in the area offer various levels of amenity offerings, from equestrian facilities to championship golf, and include Catamount Ranch & Club, Alpine Mountain Ranch, Priest Creek Ranch, Storm Mountain Ranch, Dakota Ridge, Agate Creek, and Sidney Peak Ranch.
• The South Valley is one of the few areas where the single-family average price per square foot declined by 8%.
• Of note: in 2024, there were three single-family home sales in Alpine Mountain Ranch with an average price per square foot of $1,544 and a total price of over $30M. There were none in 2025.
• Land sales in the region were down 61% from 2024. Declining land sales is a trend we see throughout Routt County in 2025. Possible causes include the high cost to build and the lack of vacant land supply.
• Average PPSF Single-Family Homes: $856






Located 20 miles south of Steamboat, Stagecoach State Park is the focal point of the Stagecoach area and a regional destination for recreation. Residential offerings encompass condominiums, townhomes, single-family homes, and undeveloped land, with many owners commuting daily for work and school. Several new developments, including the ultra-luxury, planned Discovery Land project, continue to make Stagecoach an area to watch in the coming years.

Discovery Land Company’s Stagecoach Mountain Ranch is currently in the planning and approval process, and is proposed to include over 600 residences, a private ski area, and club amenities, set on 6,100 acres of open space. Scan to read more about Stagecoach Mountain Ranch and what’s to come in the years ahead.
• Both sales volume and the number of single-family home sales declined, while the average price per square foot rose 12%. Demand for single-family homes, particularly newer product, is strong.
• Contrary to single-family home prices, the average price per square foot of townhomes and condos in Stagecoach is trending down for the third year. This indicates a potential area of opportunity.
• Land sales in Stagecoach fell drastically by 61%. Speculation over the new Discovery Land project and its potential impact on pricing may be influencing potential sellers, who are waiting to sell until a possible market upturn materializes.
• Average PPSF Single-Family-Homes: $476
• Average PPSF Townhomes/Condos: $350






FEATURED PROPERTY: 29780 RIFFLE RUN Sold by Noah Zedeck: $1,315,000 | Represented the Buyer
A quaint bedroom community 20 miles south of Steamboat, Oak Creek has a charming downtown with a grocery store, shops, restaurants and library. A little further south are the communities of Phippsburg, Yampa, and Toponas, where properties are predominantly large parcels and ranchlands, with Phippsburg and Yampa offering small downtowns and commercial offerings.
• Total sales in the region topped $21M, and were second only to those of 2021.
• Interestingly, land sales were negligible, accounting for only $345,000.
• Properties in this region sold the fastest in 2025, with an average of 82 days on the market.
• Average PPSF Single-Family Homes: $476







The tight-knit community of North Routt is beloved for its year-round recreation, outdoor access, and privacy. Homesteads, cabins, and single-family homes on acreage are mainstays, offering nearby access to the Medicine Bow-Routt National Forest and the Mount Zirkel Wilderness, making the area ideal for those seeking to live surrounded by Northwest Colorado’s stunning wild places.
• The total number of single-family home sales in the region decreased by 30%, while overall dollar volume increased modestly.
• This is reflected in the 12% increase in average price per square foot.
• The total dollar value of land sold returned to near 2016 levels, with a 50% decrease in volume from 2024.
• Average PPSF Single-Family Homes: $680








Set along one of downtown’s most established residential streets, this boutique collection of three five-bedroom homes balances clean modern lines with mountain sophistication. Each residence features light-filled designer interiors, a private gated yard, a detached ADU, and a two-car garage, all within walking distance of downtown restaurants, schools, shops, and trail access. Two homes sold, one pending.
Offered at $3.99M
EighthStreetSteamboat.com

Powderline offers nine new fully furnished turnkey condominiums in one of Steamboat’s most central locations. Single-level homes feature contemporary design and private outdoor spaces, some with fenced yards. Shared amenities include a fitness studio, sauna, and lounge, while each home has a private Club Room for entertaining or gear storage
Coming 2026–2027 ski season. Powderline-Steamboat.com

A modern approach to in-town living, Basecamp Row offers new construction townhomes designed around walkability, contemporary design, and everyday ease. Located on Steamboat’s west side, these move-in-ready residences suit both full-time living and lock-and-leave ownership, with quick access to dining, shopping, and year-round recreation. Final five remain, with select homes offered fully furnished.
Priced from $1.32M
BasecampRow.com

Terrain is a collection of eight new modern residences designed for lock-and-leave living moments from the Steamboat base. the homes feature spacious open floor plans, large view-driven decks, and two-car garages, with no nightly rentals fostering a strong sense of community. Six remain available.
Pre-completion pricing from $2.1M TerrainSteamboat.com

The final available residence at 608 Yampa, this penthouse offers a rare combination of modern architecture, Yampa River frontage, and downtown proximity. One of only four custom residences in the boutique building, Penthouse 302 occupies the southern side with a rooftop deck and expansive views from the Steamboat Ski Area to Emerald Mountain.
Offered at $5,400,000 608Yampa.com

• The commercial market in Steamboat Springs is only partially reflected in the MLS system, showing only 21 transactions, with the largest transaction being the $3,500,000 sale of Vectra Bank on Resort Drive.
• Like many markets, the bigger commercial transactions happen outside the MLS system and require a more personal knowledge of the marketplace. The biggest transaction of the year was the sale of Sundance Plaza on August 29, 2025 for $18,925,000. This is a retail and office center on seven acres with Starbucks as an anchor. The plaza consists of 67,500 square feet of space with a CAP rate (based on the marketing information) of 6.37%, and average rents of $23 per square foot.
• Another off market sale is 1104 Lincoln Avenue, which closed for $5,800,000 on April 21, 2025. This building is located on the west side of downtown and contains 22,537 square feet of retail and office. At $257 per square foot, the sale price represents a value compared to the potential replacement costs in the downtown market.
• Overall, the Steamboat Springs commercial market continues to see minimal additions to supply in the retail and office segment. Development does continue in the industrial sector with smaller live-work and warehouse projects delivering in 2026. Development land continues to be scarce with larger multi-acre parcels being very difficult to find.





Colorado is an outdoor paradise with an ideal climate, dramatic mountains and four seasons of outdoor recreation. Each town has a unique personality and community, appealing to a specific subset of buyers. Here is a birds-eye view of pricing and sales for a few of the major resort markets:
Yampa Valley Regional Airport is entering a significant expansion phase in 2026, with construction set to begin this spring on an $86 million terminal project. Before the pandemic, the airport served approximately 150,000 passengers annually. Today, that figure exceeds 450,000, driven by record winter traffic during the 2023–24 season and continued growth in summer enplanements as airlines added capacity and increased load factors.
The expansion will add roughly 60,000 square feet across two levels, effectively doubling the size of the terminal, while introducing additional gates with boarding bridges, upgraded baggage systems, and expanded passenger amenities. Among U.S. mountain resort markets, only Jackson Hole currently supports more airline service. This level of air access continues to position Steamboat as a nationally competitive destination, supporting sustained demand from second-home buyers, investors, and high-net-worth travelers.





#1
Best Ski Resort in North America
OnTheSnow Visitor’s Choice Awards, 2023
2ND LARGEST
Ski Resort in Colorado with 3,741 skiable acres
30 MINUTES
Distance to Yampa Valley Regional Airport
16
Major U.S. cities with Seasonal Direct Flights to Steamboat
3 HOURS
Driving Distance from Denver
3.16 MILES
Length of the Wild Blue Gondola, the Longest in North America
13,508
Population of the City of Steamboat Springs
293
Average Inches of Snowfall Per Year
$250M 2025 Total Sales Volume
$70M 2025 Off-Market Sales Volume
Highest Average Sales Price in the Steamboat Market

13 Brokers on our Boutique Team
$90,762 In Charitable Donations
A HISTORY OF RECORD-BREAKING SALES
$17,450,000 2965 Trails Edge
Represented the seller on this 2025 sale, the highest-priced in Steamboat history.
$19,675,000 2813 & 2815 Trails Edge
One month later, set a new record by representing the seller and buyer of this ski-in/ski-out property.















The Agency Steamboat Springs consistently ranks at the top of the local market for record residential sales and the highest average sales price. These outcomes reflect a deliberate structure built to support complex, high-value transactions.
Our agents are supported by a dedicated in-house marketing team responsible for positioning, storytelling, and demand generation. This structure allows agents to remain focused on market expertise, pricing strategy, client counsel, and negotiation, while each listing benefits from disciplined execution behind the scenes.
My vision for The Agency Steamboat Springs is to build an elite team of market experts supported by a dedicated marketing team, rather than a traditional model where one or two marketing professionals support 60 or more agents. This structure ensures focused execution for every agent and every listing.”
- CHRIS PAOLI, MANAGING PARTNER

Our marketing department operates as a fully integrated firm within the brokerage. Strategy, writing, design, digital distribution, and media placement are handled in-house, allowing for consistency, speed, and control across every listing and campaign.
The team works in close partnership with agents and development clients to shape how properties are introduced, positioned, and sustained in the market. Combined with a curated database of high-net-worth buyers and investors, this approach supports both public launches and discreet offmarket transactions.
In 2025 alone, The Agency Steamboat Springs facilitated $250 million in sales with more than $70 million in offmarket sales, reflecting a level of trust, discretion, and buyer access built over time.
The combination of disciplined marketing and a trusted buyer network produced outcomes that don’t rely on exposure alone. We’ve built a system designed to perform.” “
At the start of 2026, The Agency’s listings were featured across leading regional and national platforms, extending our reach well beyond the Steamboat market.
Our creative team produces original photography, video, social content, and multimedia campaigns tailored to each property’s audience and intent. This work is designed to support both immediate engagement and long-term brand equity for our clients.




In a competitive market, results are driven by more than individual effort. They are shaped by systems, clarity of roles, and consistent execution. Our marketing infrastructure allows agents to focus on the personal side of the transaction, advising clients, navigating negotiations, and protecting value, while every listing is supported by a team built to execute at the highest level.
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In Steamboat Springs, participation is woven into community life. Events come together through volunteers, and programs are sustained through local support. The town’s character is defined by the steady involvement of people and organizations committed to the place they call home.
In 2025, The Agency Steamboat Springs contributed $90,762 to nonprofits, schools, cultural organizations, and community initiatives across Routt County. These contributions supported families, youth development, arts and culture, recreation, education, and access, areas that directly shape daily life in the Yampa Valley.
Organizations supported throughout the year included:
• Yampa Valley Autism Program
• Boys & Girls Club of Northwest Colorado
• BookTrails
• Live Big Love: The Jesse Cyrus Hamric Foundation
• STARS Therapeutic Riding Center
• Steamboat Free Summer Concert Series
• Tennis & Pickleball Center
• Steamboat Youth Hockey
• Elevation Dance Studio
• Steamboat Dance Theatre
• Local museums, historic preservation efforts, and school-based fundraising initiatives

Together, these organizations serve residents at every stage of life, from early childhood through adulthood, and contribute to the character, connectivity, and livability that define Steamboat Springs. As a locally founded brokerage, our involvement reflects a long-term commitment to the health and future of the community.
Scan to read more about our year of giving on the blog.







#1
Among the U.S.’s Top 50 Firms in Average Sales by Sides at $2.5M
#2
Largest Privately Held Independent Brokerage in the Nation
#13
Among Top 500 Residential Real Estate Brokerages REALTRENDS

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2813 &2815 TRAILS EDGE
$19,675,000
Chris Paoli represented the Buyer & Seller.

747 ANGLERS POND
$11,000,000
Kenny Reisman represented the Seller.
Chris Paoli represented the Buyer.

2965 TRAILS EDGE
$17,450,000
Chris Paoli represented the Seller.

2811 WHITEWATER LANE
$7,650,000
Michelle Parilla represented the Buyer.

32505 COUNTY ROAD 20
$5,750,000
Chris Paoli represented the Seller.

34225 HIGHWAY 131
$5,635,000
Chris Paoli represented the Seller.

31605 ASPEN RIDGE ROAD
$5,622,875
Chris Paoli & Michelle Parilla represented the Seller.

2580 RIDGE ROAD
$5,365,000
Chris Paoli & Justin Read represented the Seller.

33800 CATAMOUNT DRIVE
$9,950,000
Listed by Noah Zedeck

33750 SKY VALLEY DRIVE
$8,950,000
Listed by Lee Calihan

42375 RIVER DRUM TRAIL
$8,975,000
Listed by Chris Paoli

2440 SKI TRAIL LANE #B
$6,500,000
Listed by Chris Paoli & Justin Read

795
$6,500,000
Listed by Chris Paoli

28100
$5,950,000
Listed by Chris Paoli


2796
$6,445,000
Listed by Chris Paoli

33250
$5,450,000
Listed by Chris Paoli & Kenny Reisman
