The 2019 Mid-Year Micro Market Report breaks down current market trends and statistics, and provides in-depth analysis on market activity based on specific areas and property types. This helps give you the knowledge you need to understand the market, and not just the market that is relevant to you, but Routt County as a whole… and knowledge is power… right?
The Steamboat real estate market is complex and extremely varied, based on a multitude of factors. And I’m here to help you decipher exactly how market conditions, trends and stats that pertain to you.
So… here’s the skinny:
The Steamboat Springs and Routt County real estate market remained strong through the first half of 2019. Total residential sales volume in Routt County was at $275 million through the end of June, an 8% increase over the same time frame in 2018. Total sales volume was $295 million, up 4% year-over-year. In the residential segment of the market, there were 382 properties sold, almost exactly the same as the 384 that were sold through mid-year 2018. Despite an even number of transactions, the increase in sales volume can be attributed to an overall increase in property values. The median sales price for a residential property in Routt County went from $470,000 through mid-year 2018, to $498,000 in 2019—an increase of 6%.
The market continues to see upward pressure on values due to a lack of inventory in many segments, coupled with sustained demand from buyers—a classic supply vs. demand scenario.
However, as we move into the second half of the year, demand and supply may be leveling off closer to equilibrium in some segments of the market. Equilibrium is good. That will result in pricing pressures being diluted for many buyers, while sellers will continue to enjoy the advantage of an overall tighter housing supply.
The macro-market conditions and trends noted above are a very high-level view, including all different types of properties throughout Routt County. The micro-market reports on the pages that follow are designed to break down the trends and statistics into smaller areas, by property type.
Check it out, dive in deep. Get your stat fix.