With the first half of the year in the books, it’s a good time to look at how the market is performing. A healthy year for real estate has only been held back by a lack of inventory. In Routt County, through June there have been 370 closed sales, down from 459 through the first half of 2017. This represents a total dollar volume of $249M, compared to $285M through June 2017. Still, relative to previous years and with the expectations of a very busy July and August, the real estate market is strong. 

Our common theme of lack of inventory continues, though the gap is closing slightly. In fact, for the first time in over a year, the number of months it would take to exhaust active listings is more than the previous year, currently at 7.5 months. Construction crews are hard at work around town with building permits issued YTD at 45 in Steamboat and another 29 in Routt County. These numbers are up a bit from last year but still not hugely meaningful towards our lack of supply given the population growth and rising view of Steamboat for potential second home owners. Until major developments like Sunlight, RiverView and West Steamboat Neighborhoods (if approved) have new product on the market, you can expect demand to outweigh supply. 

Of course, a supply/demand imbalance means changing home values and 2018 has seen significant appreciation across most market segments. In Steamboat Springs (80487), the median single family home sale is now over $800K, up 13% year over year. Condo/townhomes are not increasing at the same pace, but still up 4% to just under $400K. Sellers still believe there is more room to rise as the difference between the average listing price and the average estimated value is growing significantly. 

A big thank you to our clients, family and friends; we love helping you find your dream home or selling your property quickly and for the most value.