Colorado Group Realty Insider - January 2020
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How’s The Market?
For most of 2019, real estate sales volume in Steamboat was lagging behind the rather large numbers posted in 2018. A supercharged last two months of 2019 changed that by pushing annual total sales volume in Steamboat to $788M, up 6% from 2018. Sales in November and December, which are typically less active months, totaled a massive $127M, nearly double the volume in each of the previous two years.
Much of the late charge was propelled by the luxury market. For the year, there were 150 sales over $1M in Routt County, up from 130 last year and only 100 just three years ago. Of course, ever increasing home values means more homes are worth over $1M. In fact, the average sale price of a single family home in Steamboat is now $1.3M, up 17% from last year. Two of Steamboat’s largest sales ever, both over $10M, influenced this hefty rise. The sale price of the average condo/townhome in Steamboat is accelerating at a more modest pace, up 3%, now at $493K. The average price per square foot for all properties is up 6% for the year, now at $359.
The active year-end took a significant bite out of inventory giving sellers a decided advantage. There are now only four months of inventory in Steamboat compared to over six months at the start of 2019. With only 276 active listings, buyers have been snapping up many new listings quickly, especially single family homes priced under $1M (still the category with the most demand and the lowest supply). Currently, there are only 24 single family homes under $1M for sale in Steamboat.
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