Steamboat Springs Real Estate Market Report Nov 2022
Ski season is almost here and Steamboat is ready. The town is a bit slow and so is the real estate market. Here’s some market stats comparing October 2021 to October 2022. These are residential stats, which include single family homes, condos, and townhomes. It does not include land, commercial, or fractional ownership.
- Number of Residential Sales – October 2021 = 120 2022 = 70
Sales are decreasing, but still above pre-pandemic levels.
- Median Closed Price – 2021= $622,500 2022= $771,000
(down from Sep $870,000 / down more from Aug at $905,000) Seasonality, we typically see fall months to be rather slow in real estate here in Steamboat.
- Active Listings – 2021 = 144 2022 = 207
Still historically low volume is providing validity as to why we aren’t seeing prices crash in Steamboat. Inventory, not recessions or interest rates, influences price appreciation or depreciation the most.
- Median Days in MLS – 2021 = 8 2022 = 32
Days on market have increased giving buyers more time to make better decisions. But, this timeframe still signifies a seller’s market.
- Weeks of Inventory or absorption rate – 2021 = 3.25 weeks 2022 = 12 weeks
Three months of inventory means the market is competitive, and many buyers that have been waiting on the sidelines to see what happens still have the means to jump in when they see opportunity. We have observed the increase in inventory is due to less closings. Not an increase of people wanting to sell their home. And a lot of those people reluctant to sell are because they have a historically low interest rate.
- Pending Listings – 2021 = 107 2022 = 54
Pending listings are down. But, this is generally a slowing period of the year because tourism is down and school’s back in session. 2021 was very unusual in that it was one of the busiest times of the pandemic in terms of activity levels.
So, what’s going to happen next? Nationally, while we’re seeing prices softening in 20 major metropolitan cities (Case-Shiller Home Price Index).
Some major entities across the countries are predicting prices to increase about 2.5% in 2023.
Real estate prices are a nuance discussion. We believe the market isn’t going to be making any big swings next year, and whether the local market goes up or down will be up to micro-influences. In Steamboat, with the clarity from short term rentals, the resort improvements, we believe we will see continued appreciation, albeit much less than during the last few years This is data we will be monitory on a daily, weekly and monthly basis so stay tuned for our next update.
Regards, Charlie Dresen & Travis Crooke
The Group Real Estate, Inc. 970-846-6435
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