As we continue to get closer to our sense of normalcy with mask mandates lifting, events returning, and gathering restrictions lifting, the real estate market in Steamboat Springs and the surrounding areas of Routt County continue to boom. Through the end of June, total residential sales volume in Routt County was more than $519M, an incredible 150% increase over the sales volume during the first half of 2020. While the number of active listings at any given point continues to be about 50% of what was available during the first half of last year, the homes that are on the market are moving faster than ever, with a median of only 7 days in the MLS in 2021. In the residential segment, 479 properties have sold through June 2021, a 76% increase over this time last year.
This disproportionate ratio of fewer active listings available yet more transactions taking place is explained by the fact that we’re experiencing “low standing inventory”—sellers are bringing more listings to the market (a 10% increase in New Residential Listings over last year), but due to the competitive nature of the market, those listings move quickly creating an inventory shortage for buyers.
The state of our current real estate market continues to put upward pressure on values in many segments, driving up median sale prices and creating multiple-offer scenarios for many listings. The median sales price for a residential property in Routt County went from just over $550,000 in 2020 to $701,000 through the first half of this year—a 27% increase. On average, residential listings are also selling for 100% of the list price, so in many cases, the list price is a starting price for where negotiations have begun, rather than a top price to work down from.
The macro-market conditions and trends noted above are a very high-level view, including all different types of properties throughout Routt County. The micro-market reports on the pages that follow 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. Our team of real estate experts is here to help you decipher exactly how market conditions, trends, and stats pertain to you.