A personal THANK YOU goes out to all my clients who put their trust in me during 2021.
A personal THANK YOU to all my clients who put their trust in me in 2021. It was a banner year for real estate in Steamboat Springs with more records shattered. To put it into perspective, in 2019 through November, there was a healthy $642M in sales volume in Routt County. Last year (2021), through November, that figure ballooned to $952M. In 2021, there has been nearly $1.33 billion in sales volume, and price appreciation is what is driving the massive sales volume growth.
Single family homes in Routt County have gone up 25%, while values of condos and townhomes increased an eye-popping 38%. In Steamboat Springs, the numbers are even more stark with single family homes up 40%, while condos and townhomes have increased in value by 42%. Looking back on the past year, nobody could have foreseen such a market at the beginning of 2021.
This past spring, Fannie Mae and Freddy Mac predicted that rising interest rates, low supply, and high demand could cause a slowdown in market activity. Shortly thereafter, pundits began predicting the real estate bubble to burst, except there has been no bubble.
The arrows just kept trending upwards. Surging sales have been partly due to Routt County having been affected by both the Great Reshuffling (migration from metro areas into rural ones) as well as the Great Resignation (workers leaving jobs and not coming back).
In 2022, the outlook is difficult to predict. However, given the Steamboat Resort’s expansion and a $200 million-dollar investment into the ski area, properties around the resort will continue to be in high demand. Similar to last year, we’re still battling a nationwide pandemic.
The Federal Reserve is indicating they will raise the federal funds rate (how much banks pay one another in interest to borrow funds on an overnight basis from the federal reserve) which could indirectly affect mortgage rates. Labor shortages are likely to persist. The big question is, will there be an increase in supply to fulfil the high demand?
Despite all of the unpredictability of the coming year, one thing remains certain for 2022: I will continue to deliver unprecedented service to my clients.
Regardless, I’m here for you in all your real estate needs. If you want a no-obligation home valuation, I’m ready. If you’re ready to buy that perfect Steamboat getaway, we can make that happen too. Or if you just want to casually talk real estate, I’m open for that as well.
Happy New Year and let’s hope 2022 will be a little more normal on all fronts.
Charlie Dresen (970-846-6435)
Owner | Broker – Colorado Group Realty
Want to learn more? Check out the links below for more insight into the Steamboat Real Estate Market.