When COVID19 became a part of all of our lives in the US in mid-March, uncertainty suddenly became a real factor in everyone’s day-to-day life. Uncertainty about many things - health, jobs, and the broader economic future. One thing that hasn’t changed is that Steamboat is a special place with a great community, recreation, and schools that people enjoy living in and visiting. Many people have taken this as a time to reset and reconsider their goals.
The good news is that the value of most homes and land is either stable or up a bit. While this report specifically focuses on January to June, it also includes a brief outlook moving forward. The market is giving us a good idea of how demand is coming back, so we will also discuss what we are seeing through the end of the summer as our short-term outlook on the real estate market.
Looking at total $ sales numbers this half, which are down significantly (-20%), will not tell you what is actually happening price-wise or looking forward. We broke half of the segments down into month-by-month graphs below. These 3 segments (single-family homes, condos, and townhomes) have the most transactions, so they give us a clear picture of the shifts we are seeing. In addition, we did the same month-by-month analysis for the entire market to show that overall these trends are consistent across the market.
While on many fronts some uncertainty remains, it is clear that people want to spend more time in Steamboat, but do so thoughtfully. Our commitment at The Steamboat Group is to give you the info/insights you need to make the best decisions for you and help you achieve your goals or wait until the time is right for you.
- January through March Sales in $ were very strong (up 17%). The stock market dropped in the last 2 weeks of March but most transactions still closed as many took a long term view, some re-negotiated, and a few opted out.
- April and May were down (-54%) due to limited travel, limited nightly rentals and limited showing availability but people started putting things under contract setting the stage for June.
- In June closings picked up (only down -16% vs June 2019). Showings picked and short terms rentals opened.
- This led to a very strong July which has been one of the busiest months we have ever seen.
One of the biggest contributing factors is that people are now able to work from home and have the opportunity to live or spend more time in a place that they love.
A few quotes from recent Wall Street Journal articles that capture the sentiment of buyers we are seeing in Steamboat.
"For some, it was always the plan and the pandemic just accelerated the plan while others had a change of heart about living in the city.”
“As many firms embrace remote working people are taking the opportunity to untether from astronomically priced cities and get more space, scenery, and quiet …
“You can work from anywhere right now and I don’t think that’s going to change.”
“Whatever it is that brings joy and relaxation is being given a much higher priority.”
We are seeing a strong July and August coming together and promising activity leading into the fall, so at this point, we are cautiously optimistic about how our market finishes 2020.
That said, most people take a long term view on things. While we can’t predict how any particular year will be in the future, we believe in people’s desire to live in Steamboat. Give one of us a call to discuss your goals, questions, the pros, cons, and anything else you would like.
Many individuals are continuing to face uncertainty and difficulty. We realize that many in the community here in Steamboat are still feeling the effects on both their health and livelihoods so we are trying to do our part.
We currently have two matching fundraising drives for Lift Up and CASA where we will donate $5,000 to each organization. Our goal is to raise $20,000 in total. Click Here if you would like to make a donation.
In addition, we want to help a few of our neighbors that need to move due to the COVID19 situation. The Steamboat Group will charge no listing commission for up to 3 people who need to sell their home because they have lost their job, business, or become very sick. Fees for any broker who brings the buyer will still be required to be paid by the seller, likely no more than 3%.
Do you know someone that has lost a job, business, or has become very sick, and may need to sell their home to get through this? Please click the link below to tell us your story for our consideration.
For more details and reasonable guidelines & terms click below!❤️ The Steamboat Group Will List 3 Homes For FREE
When Results Matter, Contact The Steamboat Group.