A Historic Summer for Steamboat Springs Real Estate Activity
During the summer of 2009, the median price of a Steamboat Springs single-family home was $1.4M. Fast forward 11 years and the price has crested $1.4M yet again. A historic summer in Steamboat has led to rapidly escalating prices and nearly barren inventory. The feverish pace of the last few months has cut the supply in half from a year ago and there are now only 214 active residential properties for sale in Steamboat Springs. The surge has caused inventory to drop to less than three months of supply, compared to seven months at this time last year.
Highest Sales Volume Predicted for September
- August 2020 Closed Transactions: 210 versus August 2019 Closed Transactions: 124
- August 2020 Sales Volume: $143M versus August 2019 Sales Volume: $77M
August was the largest month, by far, in the last 12 years. Amazingly, September may be even bigger. The extraordinary last few months have pushed the year-to-date total volume to $524M, up 12.5% from this time last year.
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Record Real Estate Transactions Across the Country
It was hard to fathom that the market would get so hot when you think back to just a few months ago when everyone was in lockdown due to COVID-19. The way people view where they live has changed drastically leading to record real estate transactions across the country. The urban migration away from cities and smaller living spaces means there is an influx of new buyers canvassing Routt County, looking for a place to start their new chapter or to have a second home getaway.
West Steamboat Neighborhoods On Hold
Locals who voted last year to annex the land for the 450-housing unit West Steamboat Neighborhoods, may not get the inventory relief they desired after all. The developers have hit some roadblocks in their attempt to purchase the land from the owners of Steamboat 700. If the project eventually moves forward, it seems construction won’t start any time soon.
It’s a Seller’s Market in Steamboat Springs
In Steamboat, like most of Colorado, all metrics point to an extreme seller’s market. In August, the percent of closed price to asking price spiked to a 10-year high of 98.4%. At the same time, the median days from list date to contract acceptance fell to a decade low of just 12 days. The median price-per-square-foot of a residential property is now $370/sq. ft. Just three years ago it was $300/sq. ft., proving that owning in Steamboat has been a great investment.
The market has gone from a near shut down this spring to hyper speed in the last few months. It’s more important now than ever to have an expert on your side if you’re thinking of buying or selling. Find an agent today.