It’s the good news and the bad news; the good news is a lot can change in a year- and the bad news is a lot can change in a year! Looking back at June 2020, when coming out of a two-month pandemic-induced hibernation, our market realized more properties under contract than in any previous month in recent history. Like bears hungry & in search of food, Buyers emerged in record numbers, ravenous in their quest for mountain real estate.  The food supply – inventory – has been waning for several years, and active listings are down 65% for single-family and 78% for multi-family year over year.  New listings for this period tallied at almost 7% and 17% less respectively for single-family & townhomes/condos. Understandably, the berry-picked properties are still seeing multiple offers and last less than seven days on the market.  Despite the reduced number of offerings, pending sales differ only slightly in count- two less properties each in both single & multi-family for this period vs last.

As to be expected in a market like this, some Brokers/Sellers are testing the market and we do see some price resistance resulting in price reductions. However, for the most part Sellers received what they wanted in June- within 1.2% of list price for single-family and multi-family receiving 2% more than list. Cash transactions are still a significant force, emanating a survival of the fittest approach, much to the frustration of very qualified Buyers who need to finance to buy. Brokers and committed Buyers have to take on a tough Jeremiah Johnson mindset – persevering the market conditions as they continue their hunt and hopefully will find it “worth the trouble” in the end.

Routt County was Colorado’s hottest vacation home market last year according to the National Association of Realtors and reported by the Denver Post on June 16th.

The Steamboat ski base redevelopment is well underway with construction where they are investing an unprecedented $135 million with plans for on the Mountain of new lifts/terrain and around the mountain plans for an après ski plaza, new restaurants and bars, new lodging, a ski beach and an ice rink- all of which will enhance the Steamboat experience for everyone who visits us.

 

Note: June 2021 statistics & info provided via the Colorado Association of Realtors, ShowingTime, ReColorado & Steamboat Resort.