Yes, it’s all true. The real estate market is hot. We’ve never seen such an imbalance of supply / demand which is driving up prices to record level. Nationwide inventory has shrunk to only 2.4 months of supply and the national median home price has reached a record high of $311K. Home prices have now increased on a year-over-year basis for a staggering 105 months straight, validating the value of owning real estate. Here in Steamboat the median price of a home is up 63% from 2020 to a record $777,000. The average closed price of Routt county homes was $1,152,995 in March, a 53% increase year over year and an 18% increase month over month. And the average price per foot of SOLD properties was $506 last month.
Nationally, the construction industry is responding to the demand as 110K new construction jobs were added in March in the U.S. Unfortunately, lumber and other construction material prices are escalating rapidly, likely meaning housing prices won’t stop their ascent any time soon.
In Steamboat Springs, there is now less than one month of condo/townhome inventory, compared to over 32 months of inventory exactly a decade ago. The Steamboat real estate market reports sound like a broken record when discussing the lack of inventory; this report is no different. Steamboat Springs currently only has 46 single-family homes and 47 condos for sale, a measly 29% of what was for sale at this time last year.
In Q1 of this year, 218 new residential properties were listed for sale, while 221 went under contract, keeping inventory flat but still depressed. This is the highest number of new properties listed for sale in the first quarter since 2017, but as fast as they get listed, they fly off of the shelf. The median days from list date to contract date is just 16, meaning desperate buyers need to act extremely fast and sellers need to be ready for a flurry of showings right out of the gate. With COVID-19 and limited showings, 3D tours, videos and professional photography will only drive more buyers to your home fetching a higher sale price.
Whether you’re a potential seller looking for your next home or a buyer seeking your first home, I’m here to assist every step of the way.
Charlie Dresen 970-846-6435 or Charlie@SteamboatsMyHome.com