1. More people can be in Steamboat more of the time and are less attached to where they were living. Many people now have more flexibility in where they work from and have taken the time to re-evaluate their priorities over the last year. Individuals are seeing that they can still work at a high level out of the office, and achieve their larger life goals while spending more time in the mountains.
2. People are spending more time outside, with their families, and in their homes. This is either bringing people to Steamboat, as opposed to other places, or making them re-think their home here. There are not many towns where nearly everything they want to do is 10-30 minutes away. We are also in our homes more often now, which has many people looking for a different features or more space.
3. Green acres are the place to be. We saw a big increase in the popularity of rural homes in 2020. Having more space to roam is appealing as people re-think their goals. Our valley is a rare place to find 35 acre parcels near a ski area that don’t cost well over $1M. High-speed internet options in rural areas are improving with Luminate laying fiber to serve rural Routt County, and SpaceX’s Starlink internet delivering high speeds in beta test—so why not combine your career with a rural ski town life?
4. More people’s mountain homes became their primary residences in 2020. This year is looking similar. Many people are just as productive, if not more productive, working remotely and more companies are giving their team the ability to work remotely. So, why not be in Steamboat with our awesome sense of community, schools, and lifestyle?
5. Land is selling Faster. The market for land is very strong and values are increasing. This is clearly due to the limited inventory of homes, which is pushing more people to build. At the same time, it is increasing the value of existing homes since it is more expensive to replace them. It is often the case that an older home, in need of work, is worth more for the land than the home. There are tradeoffs to consider between building and buying, so let us know if you want to strategize.
- We all know that there will be ups and downs in the economy and real restate market, but there are several factors that we believe make property in Steamboat a good long term asset.
- Covid-19 pulled in plans for many and the first wave Steamboat's real estate market saw was strong, so many wonder if things will pull back next year. That is a possibility, but many people will have waited a year to purchase a property, in order to see how working remotely goes and whether it is practical long-term. Others didn’t find the property in the first wave and are still actively looking. These interested buyers have been calling us these past few months and are driving a very strong winter market, compared to the more relaxed pace that we are used to.
- Steamboat is a great place to live or vacation, and more people are able to be flexible in where they live. This gives us comfort looking forward.
- Prices are up but increasing values also bring more properties on the market, as current owners consider their goals to sell once they get a certain amount of equity or their needs change.
- Inventory is very low, which does make buying more difficult. It also means that it would take much more inventory and lower demand for prices to pull back moderating concerns about current pricing. Basically, we have about 1/4 of the inventory as we started 2020 with; so inventory can go up quite a bit and demand could moderate a fair amount before we would expect prices to decrease.
- In a way, nothing has changed. Steamboat is a great place, with a wonderful community that many people aspire to be a part of. This has been true for a long time and we don’t see that changing.
When Results Matter, Contact The Steamboat Group.