2019 AT A GLANCE
For most of 2019, real estate sales volume in Routt County lagged behind the rather large numbers posted in 2018. A supercharged last two months of 2019 changed that by pushing annual total sales volume in Routt County to $759M, up 8% from 2018.
Much of the late charge was propelled by the luxury market. In 2019, there were 150 sales over $1M in Routt County, up from 130 in 2018 and 100 in 2016. The average sale price of a single family home in Steamboat was $1.3M, up 17% from 2018. Two of Steamboat’s largest sales ever, both over $10M, influenced this hefty rise. The sale price of the average condo/townhome in Steamboat accelerated at a more modest pace, up 3% to $493K. The average price per square foot for all properties was up 6% to $359.
The active year-end took a significant bite out of inventory giving sellers a decided advantage. At the end of 2019, there were only four months of inventory in Steamboat compared to over six months at the start of the year. With only 285 active listings at the end of December, buyers were quickly acting on inventory, especially single family homes priced under $1M.
For 2020, buyers are hopeful that more inventory comes online to ease the stress of such limited supply. There are many developments in various stages of the approval and construction process, though nothing looks likely to make a large impact.
A healthy job market, low mortgage rates, limited inventory and increasing numbers of visitors to Steamboat (who often become buyers) are all strong indicators that 2020 will be another solid year for real estate.
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