As expected, the month of May brought more activity as buyers and sellers started coming off of the sidelines. New listings for Steamboat single-family were down 20 percent compared to the month prior which was down 55.6 percent; however, new inventory for townhomes/condos is still very strained down more than 48 percent – slightly better than April 2020 which was down 50.9%. On average, sellers closing on Steamboat homes in May received 95 percent of their list price, consistent with YTD performance. Multi-family sellers received 95.8 percent of their list price with May closings and YTD at 97.1 percent. Routt County as a whole, was down similarly, 21.4 percent in new listings for single-family and 48.8 percent in multi-family. Single family new listings in the first week of June totaled 22 – which is one-third of May’s performance. The town of Oak Creek and unincorporated Stagecoach was stable in May with 13 new home listings, equivalent to last year however, only three multi-family listings hit the market versus eight in the same period last year. Buyers look to Hayden, Oak Creek/Stagecoach, Clark/Steamboat Lake areas when searching for more affordable housing.

It is interesting to note that in the last 30 days alone, there have been seven single-family homes that went under contract priced between $2 million and $5.25 million; this is in addition to five others that were pending closure prior to the quarantine. Through May of last year, there were nine homes that closed above $2 million with an average sales price of $3.1 million. Five sales have occurred above $2 million so far in 2020 with the average sales price of $4.489 million. After 911, another fear-based recession, the Yampa Valley saw a surge in its upper-end real estate. Routt County is blessed with so much open space and activities that you can be naturally socially distant – I wouldn’t be surprised to have more people want to call Routt County “home”.

Note: May 2020 statistics provided via the Colorado Association of Realtors, ShowingTime & ReColorado.