There’s a mass exodus happening due to COVID-19, and with urbanites fleeing cities for homes in more remote areas, real estate in second-home markets across the country is booming. National trends show that buyers are searching for real estate in more rural markets like Steamboat, and the reason is simple. The pandemic has shown more people are able to work out of their home office as efficiently as if they were in their city office. So, what a more safe, healthy, and beautiful place to live and work than Steamboat Springs? This realization is increasing demand.
As we’ve seen over the last few years, Steamboat’s real estate market has struggled with a lack of inventory. We’ve seen declines year-over-year in the number of listings, however, we continue to see increases in sales volume and median prices due to an overall increase in property values. The market continues to see an upward pressure on values due to this lack of inventory – a classic supply vs. demand scenario. In looking at our most recent market snapshot with year-to-date info through July 31st, 2020, Pending Listings (demand) are up a whopping 99% over the same time last year, while Active Listings (supply) are down 49% as compared to August 1st, 2019. This supply/demand imbalance has kept prices in check, with our median sales price for residential sales up 20% over 2019.
To better understand the trends, the charts that follow are designed to break down the trends and statistics into smaller areas of Routt County and by property type. The Steamboat real estate market is complex and extremely varied, based on a multitude of factors. Our team of real estate professionals is here to help you decipher how market conditions, trends, and stats pertain to you. Click here for our full micro-market report.
In Steamboat Springs, the median price for a single family home is up 4.5% to $395/sf, as compared to the same time frame in 2019.
Median sales price for a townhome in Steamboat Springs is up to $715,000 in 2020, an increase of 6.1% compared to the first half of 2019.
Median sales price for condos in Steamboat Springs is up 13% this year, to $400,000, compared to $354,000 during the same time frame last year.
With more of a demand for space over convenience, more people are looking at real estate on the outskirts of Steamboat. The South Valley, which stretches south of Steamboat Springs along Highway 131, has seen a decrease in the average days on market this year down to 160 days, 21.2% less than 2019.
The Elk River area is located northwest of downtown and follows the Elk River to the town of Clark. North Routt continues north past Pearl Lake, Steamboat Lake, and Hahn’s Peak to Columbine. These ares have seen an increase in properties sold year-over-year as well as an increase in median sales price.
Stagecoach is a residential community located about 20 miles from Steamboat Springs. Single family homes here are seeing an increase of 28.9% in median sales price compared to 2019, at $555,000 in 2020.
For the full 2020 Mid-Year report and past annual and resort reports, visit our website steamboatsir.com.