As the temperature starts to dip in the Yampa Valley so has the temperature of the red-hot housing market – at least in one segment of the market.
Real estate all over Steamboat has been insane the last 18 months. We’ve seen appreciation from 20-50% but over the last couple months we have started to see the primary home market cool slightly. This has allowed buyers to pause a little longer before they jump on a property.
A lot of this has to do with the COVID migration. Those that had the urge to move away from the big cities and move to small communities like Steamboat Springs did it. Secondly, buyer fatigue – people who were competing in multiple offer situations and getting outbid are exhausted and have taken a step back. Another reason is a lot of buyers have been out priced.
Now even with a slight slow-down, some properties that are really special, ones on the river, modern construction, true “cream-puff” properties, homes that stand out will still sell for higher price per foot. But for the average home, we’re starting to see price drops on those that were priced too high and coming down in increments to a level that’s market value.
One area of the Steamboat market that continues to drive forward is the condo/townhome or “ski area” properties around Steamboat Resort. Steamboat Resort is working on several improvement projects around the base area – gondola relocation, new loading station, and a skating rink around the large plaza.
Up the mountain has also seen some big changes. A lot of dirt work and grading has been going on between the Basher lift and Thunderhead. This is to make room for the new Greenhorn Ranch learning center. Next summer we’ll see more shops and restaurants around the base area and the first stage of the new Wild Blue Gondolas which will give access to the Greenhorn Ranch and also extend up the mountain.
The following summers we’ll see a new lift going in around the Pioneer Ridge and Fish Creek area. This will expand the ski area another 650 acres making Steamboat the 2nd largest ski area in Colorado.
So with this $200 million dollar investment into the ski area, properties around the resort will continue to be in high demand.
Here’s a snapshot of August 2021 – keep in mind we had a really slow spring in 2020 because of the COVID outbreak.
Dollar volume is up 97% YTD from 2020.
Transactions were up 59% YTD from 2020.
Click the link below to see all the stats from August 2021.
YTD – Average price of a single-family home is up 31% from 2020 $1,159,000 to $1,520,000. Now the Median price is not so dramatic with an increase in only 15%. But still, 15% is a lot compared to normal. Multi – family or townhome and condos have gone up as well with the Average price increase up 25% and the median price up 26% YTD.
Needless to say, the market in 2021 has been very active and the numbers support this.
Want to learn more? Check out the links below for more insight into the Steamboat Real Estate Market.
Charlie Dresen 970-846-6435 or Charlie@SteamboatsMyHome.com
Credit Land Title for the graphs.