Steamboat Springs Real Estate Activity Surges in July
The unprecedented surge in real estate activity since the quarantine-induced 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.
Mountain Lifestyle and Rural Living Become More Desirable
COVID-19 has created a massive shift in how people think about their homes and where they live. Demand to live in places like Steamboat Springs and the surrounding rural areas has increased drastically the last few months as homebuyers flock to the haven of smaller cities. The lifestyle of the mountains has become even more desirable. While second homeownership is on the rise; buyers are looking for a sanctuary and more physical space. Estimates are that over 50% of U.S. jobs can now be done through remote work. Many people who previously couldn’t move to Steamboat because of their jobs, have become untethered from their offices and are following their dreams.
A Spike in Demand Creates Good News For Sellers
The spike in demand is good news for sellers, as the steady rise in home values has accelerated. The median price of a residential property in Steamboat is now $575K, up 13% since last July. The median price of a single-family home is approaching $1M, currently at $979K. Active inventory has fallen to all-time lows with only 250 properties for sale in Steamboat Springs, compared to 450 this time last year. Buyers looking to get settled in Routt County prior to the school year are feeling the pinch to act fast, as the median days on market from listing to contract has plummeted to just 21 days. Demand doesn’t show any signs of easing as people are moving forward with accelerated life plans and the value of home continues to be reinforced.
- Median Price of Residential Property in Steamboat Springs: $575K, up 13% since last July
- Median Price of Single-Family Home in Steamboat Springs: $979K
- Active inventory has fallen to all-time lows with only 250 properties for sale in Steamboat Springs, compared to 450 this time last year
