No one could have predicted the wild real estate market ride since the beginning of the COVID-19 pandemic. Following national trends among rural and resort towns, Steamboat has seen home sales soar with rapidly increasing prices and extraordinarily low inventory.

Activity was at a near standstill in the Spring, however, by late summer sales had taken off at warp speed. In June, things were looking grim with sales down 19% from YTD 2019, but by September 2020 sales were up 31%!

Why the surge in sales? Well, at least some of the increase in activity can be attributed to people’s ability to work from home, the need to have more space (home offices!) and spend more time outdoors. As the long-term reality of location neutral professions settles in, people are rethinking their living situations and fast tracking their dreams of living in resort towns like Steamboat. According to a recent article in The Washington Post, “as work becomes less tied to the office or disappears completely, the pandemic is fundamentally changing the appeal, necessity and feasibility of living in a big city.” “For a large swath of people in the country’s most expensive cities, it’s a way to get more living space and be closer to nature, something increasingly made possible by the growing trend of remote work.” Technology and necessity have opened alternatives to work almost anywhere and the Steamboat real estate market is feeling the effects of this societal change.

It is easy to see that real estate in Steamboat is in a dynamic phase. If you feel that the time is right for you to make a change, buying or selling, don’t hesitate to reach out.