Where’s the snow? There have been so many fluctuations this year- why would anyone think weather would be left out of the guessing game? Exit El Niño and enter La Niña! There is some irony between snow & real estate activity from year to year, in that you never know how much you’re going to get or how long it’s going to last? What will 2021 bring? Covid certainly made “home” a priority and allowed many people to purchase where they really want to live! Combined sales in the Steamboat Springs area is up 46.5% over last year this time. Inventory continues to be brutally low with 58.2% less active listings than last year, so the impetus persists for multiple buyers vying for the same properties. With residential inventories as low as they are, 318 land sales have traded versus same period last year of 153; many contractors are already booked out two years from now.
The upper-end market of $2M and above has closed 62% more homes at an average price of $3.1M than last year, with an additional 18 currently under contract; the successful closing of these pending contracts solidifies increased sales in this range of 116%! This seems pretty telltale that having a larger, more luxurious home, likely with a home office with outdoor space and the desire for space for multi-generations to ultimately congregate is important.
As the Steamboat Resort continues its process for approvals of a 650-acre expansion that would make it the 2nd largest Colorado ski resort and construction of the longest gondola in North America (the Wild Blue Gondola), the desirability of real estate in the Steamboat Springs area looks to stay promising.
Comments