The Steamboat Market
The real estate market in Steamboat / Routt County continues to be strong. Our recreational activities, great schools, and amazing community continue to convince locals and visitors to own property here. Demand has been steady, supply is limited by the characteristics of a mountain town. The vast majority of people purchase a home to use it and about 50% are paying cash - so the fundamentals of the market feel good.
- Total Sales during the first half of 2019 were $302M which is up 2.6% from 2018.
- The number of sales were 495 in the first half of 2019, down 6.1% due to limited supply.
- The average sales price was $558K in 2018 moving up to $610K in 2019 an increase of 9%.
- Demand is consistent so most values have increased but there are exceptions where supply is high.
- Properly priced & marketed homes are selling well but homes that reach too far are sitting a long time then selling for lower prices.
- The City of Steamboat Springs just approved West Steamboat Neighborhoods to provide more entry-level housing for locals with 60% of voters supporting it. The plan includes 450 homes to be built over 20 years with 1/3 being lower cost deed restricted or rental apartments.
- There is fairly little development breaking ground of any size but a fair amount of new construction in existing developments limiting supply.
* Source Steamboat Springs MLS