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. 

One new development in particular has helped fuel these robust results. 60 lots in the Sunlight community have now been sold with many new homes finished or nearing completion. Residents have begun moving in and building activity is bustling. The developers of this 93 home community plan to release the final 15 lots for sale sometime in 2020. 

Additional substantial inventory will hit our market west of downtown in the coming years as voters overwhelmingly approved the West Steamboat Neighborhoods annexation. Nearly 200 acres will be annexed into the city limits, where developer Brynn Grey will build 450 homes over 16-20 years. 

While many markets across the country are starting to show signs of deceleration, Steamboat remains a desirable place for buyers, keeping activity strong. Airport traffic is up 25% year-over-year while sales tax revenue is up 6%, with the construction and home improvement category leading the way, up 15%. Overall month’s supply of inventory is up to seven months, with single family homes seeing a sharp spike up to nine months. 

The market is ever changing; let us keep you in the know. We welcome you to chat with one of our 70 agents at any time!