The 2019 Year-End Micro Market Reports break down current market trends and statistics, and provide in-depth analysis on market activity based on specific areas and property types. This helps give you greater insight into the market conditions that are relevant to you. As we continue the report will break down the year-end 2019 statistics and what they mean for buyers and sellers as we look back over the last year and ahead in 2020
The new course that the Steamboat Springs real estate market set in 2018 did not alter more than a few degrees in 2019. the number of transactions posted by the Steamboat Springs Multiple Listing Service dropped 2% from 2018, at 1,242. This is most likely due to the low supply of properties for sale in the market over the past three years.
Speaking of low supply, listings declined for the ninth straight year to 1,083. Except for 2006 (1,056), 2019 carried the second lowest number of listings throughout the year, calling it a tie with 2007 at 1,081
After nine straight years of a higher supply than demand, over the last three years, the market has seen the opposite with more demand than supply. With supply not meeting demand, one would expect prices to increase, which is seen by the sharp increase in average price from $522,000 to nearly $651,000 in 2019. From 1995 to 2019, the average price for properties in the Steamboat Springs MLS has increased an average of 9.17% annually. The 2019 Average Price of $650,780 is the highest the MLS has ever recorded. Likewise, the 2019 median price was $419,000, also the highest on record.
The macro-market conditions and trends noted are a very high-level view, including all different types of properties throughout Routt County. The micro-market reports in the report above are designed to break down the trends and statistics into smaller areas, by property type. This helps give you greater insight into the market conditions in specific segments that are relevant to you.
The Steamboat real estate market is complex and extremely varied, based on a multitude of factors. I’m here to help you decipher exactly how market conditions, trends, and stats pertain to you.