Shift - essentailly more people comeing to town. Do we talk about a delay here in people starting to come out later? We hit a lot of this with the 'main' market report but still think this is the central point on why there is a huge increase in total sales and avg sales price.
2. Price Point Shift
The primary shift in the average sales price increasing 39.3% was a significant increase in higher end properties. There were 30 properties in 2020 that sold in July above $900k. In 2019 there were only 11 sales above $900k.
While not the only factor, the increase in the luxury condo market was a contributor in the increased sales in this segment. In 2019 there was only 1 condo sale in this segment. In 2020, there were 5 sales that were condos or townhomes in July.
Additionally there was a decrease in the sales at the lower end of the price spectrum. In 2019 there were 39 sales under $400k. In 2020, there were only 22 sales that were under $400k. As they sell quickly and things appreciate out of this price point.
Much of the shift on the lower end of the price spectrum can be attributed to lack of inventory.
3. Location Shift in Sales
There was a shift in where the homes. In 2019, 26% (23/88) of the properties that sold in July were outside of the City of Steamboat. In 2020, only 14% (14/97) of the properties sold outside of city limits. Lack of inventory is also a story with homes outside of the city of Steamboat Springs, and homes that are priced well are selling quickly.
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The First Half of 2020
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