Market Update for Steamboat Springs in the Third Quarter of 2021
The fall colors are peaking, the temperatures are falling, and the hustle and bustle of town has quieted down just a little. But, as we enter the fourth quarter of 2021, how is the Steamboat Springs real estate market faring? The greatest issue a year and a half after the epidemic began is whether the market will slow down any time soon. Since June of 2020, real estate in Steamboat has been a frenzy, with record-breaking data across the board and historically low inventory. Here’s a look at where the market is at the end of 2021.
It’s been fascinating to see as changes in the local market reflect some major patterns we’ve observed in both Colorado and nationally. People are now lot more willing to go where they want to be much more frequently, and other things have become less important to them. It’s useful to take a step back and contemplate a few things in order to assess what’s going on.
*When compared to the third quarter of 2020, the statistics have slowed slightly but remain solid. This, on the other hand, appears to be a positive indicator.
*Things opened up even further in July of 2020, as individuals began to appreciate the new freedom of living and working in the mountains, driving the market into high gear.
*The third quarter of 2020 was the first in which the new market was in effect, and we are now beginning to compare it to that quarter, as well as a good first quarter and a slow second quarter in 2020.
This year’s third-quarter insolation figures appear to be a little slower than last year’s. This is due to the past year’s spike as the world began to open up. As we enter the fourth quarter of 2021, October witnessed a surge in new activity in a month when things generally calm down. While inventory remains low, this is a good sign that the market is still robust.
The increase in price-per-square-foot and median sales price has resulted in a 52 percent increase in sales volume so far in 2021 compared to the volume through the end of September 2020. Residential sales, excluding fractionals, have reached $499/sf (a 36% increase), with the median sales price reaching $745,000. (a 31 percent increase). Single family houses and townhomes have the lowest inventory available in the downtown, Fish Creek, and mountain area communities, and are selling at 100% of the list price on average. Demand is so high in these property types priced under $1 million that homes are selling for 101 percent of the asking price, with typical over-ask bids at 3% higher than the list price, and sometimes in a multiple-offer situation.