Because the COVID-19 impact began in 2020, 2019 provides a reliable baseline year. Comparing performance across the following five years – through 2024 and into year-to-date 2025 – offers perspective on how different parts of the market are performing.

For the first time since writing my "Steamboat Real Estate Analyst & Newsletter" in 2000, I thought it would be a good idea to study the market by quartiles. This method divides sales into four equal groups by price point, offering greater clarity than averages or medians alone. Quartile analysis provides:

Market Segmentation – Identifies how entry-level, mid-range and luxury segments are performing.

Buyer & Seller Opportunities – Highlights where value exists and how sellers should position properties.

Hidden Market Dynamics – Reveals shifts (e.g., luxury weakness vs. entry-level strength) that medians can obscure.

Pricing Strategy Guidance – Ensures more accurate, “like-for-like” comparisons within each tier.

Affordability Insights – Tracks where first-time buyers, move-up buyers and investors are most active.

Early Trend Detection – Exposes changes in one segment that may foreshadow broader market shifts.

For this study:

• Quartile 1 (Q1) – Entry-level (lowest 25% of sales by price).
• Quartile 2 (Q2) – Next tier above entry-level.
• Quartile 3 (Q3) – Upper-middle segment.
• Quartile 4 (Q4) – Luxury market (top 25% of sales by price).

2025 is Year-to-Date (August 28) and includes pending sales, with an average sales price of 97.5% (current average) of list price.

Keep in mind “Q” defines a quartile (25%) of a particular price range, not a quarter of the year.

Single Family Residences (SFR)

Following is quartile data for single-family residences (SFR’s) in Steamboat Springs:

2019 Baseline (Q1 Example)

• Sales Price Range: $375,000 - $535,000

• Median Price: $489,000

• Median $/SF: $311

• Median Days on Market (DOM): 47

• Median Year Built: 1994

 Key SFR Findings:

• Q1 (Entry-level) from 2024 to YTD 2025 appreciated 128% to $1,217,775, up 249% from 2019.

• Q4 (Luxury) appreciated 113% to $4,728,750, also up 249% from 2019.

• Q3 homes ($2.9M median) take six times longer to sell (62 DOM) than other quartiles, suggesting stagnation.

• Overall, 2025 market movement suggests Q1 & Q3 with a slight seller advantage and Q2 & Q4 slight buyer advantage.

• Sales Price Range: $152,000 - $284,210

• Median Price: $225,000

• Median $/SF: $334

• Median Days on Market (DOM): 30

• Median Year Built: 1979

• 2025 Q1 units comprise nearly half of all residential listings but only 25% of sales.

• In 2019, the spread between entry-level and luxury condos was 49%; by YTD 2025, it has expanded to 156%.

• 2024 to 2025 Q1 Prices saw a decline of 10% (first price drop since 2011): Q1: –10% (due to increased supply); Q2: +1%; Q3; +14%; Q4; +29% (driven by new builds entering the market).

• With a median price of $700k in 2019, Q4 (Luxury) days on market went from 72 to a mere 16 days in 2025, and a median price of $2.45m.

• Overall, 2025 market movement suggests Q1 with a heavy buyer advantage, Q2 neutral, Q3 slight seller and Q4 heavy seller advantage.