Should I stay or should I go? That is the million-dollar (plus) question with median and average sales prices for single-family in Steamboat Springs surpassing seven digits.  With the low inventory of only 39 homes for sale, 19 new listings in the month of May and 14 sales; median prices of $1.282M and average of $1.438M; selling now can certainly be enticing to those who have skied their last run. More affordable housing in Steamboat is achievable with townhomes & condos, with median prices for the month/YTD at approximately $650,000 and the May average sale tipping at just over $760,000. The multi-family segment saw an increase of 23% more listings than the same period last year- a time when we were unsure of what the Covid ramifications would be, and no one was traveling to the mountains to look at real estate because hotels and VRBO’s were closed. Like other world-class resorts, if you want to find more affordable options, you need to go to the nearby bedroom communities, and for Steamboat those are Hayden, Oak Creek/Stagecoach & Clark. In Routt County, only the town of Hayden received more single-family listings in the month of May than the previous year. The average sales price is teetering around $400,000 and looking to climb. As we enter the month of June, Buyers and their agents are hopeful for more inventory – reminiscent of thoughts we have about snow – when it is going to come and how much are we going to get?  The law of economics of low supply is driving prices upward for existing housing inventory as well as for lumber. This has triggered even the more cost-conscientious builders to say that the starting price to build for new construction is now at $500/s.f. in Steamboat. As most new construction is custom, it is providing little inventory relief. It will be interesting to see how many Buyers who purchased land in the last nine months are going to be patient enough to wait for an available contractor or decide it is too expensive to build? When all is said and done, the Steamboat Springs area is more affordable than many other world-class resorts and it has the potential to become the second largest ski resort in Colorado and North America’s longest gondola- if the resort is successful in their endeavors.

Note: May 2021 statistics provided via the Colorado Association of Realtors, ShowingTime, ReColorado and Steamboat Resort.