Steamboat Sotheby’s 2022 Market Report

By Blog, Steamboat Springs Real Estate Market February 28, 2023

2022 YEAR IN REVIEW

 

While supply and demand, and interest- rate fluctuation might suggest falling real estate prices, we simply did not see that in the Steamboat Springs real estate market in 2022. We saw somewhat significant decreases in the number of sales, with the overall number of transactions (1,194) in our MLS down 34% from 2021 and the number of new listings down 19% (1,527), yet we still surpassed the $1-billion mark in sales volume, the second-highest on record.

Particularly in the second half of last year our market really started to shift. The absorption rate in the first half of 2022 was at an all-time high at 122%, but in the last two quarters of the
year, it dropped to 65%. Townhomes in Steamboat really saw a jump in median price, almost doubling year- over-year.

The mountain area makes up more than half of all dollar volume sold, thanks to condos making up a large portion of the inventory in the mountain area and the large number of properties sold there.

The market conditions and trends noted are a high-level view, including all different types of properties throughout Routt County. The reports that follow are designed to break down the trends and statistics in smaller areas by property type. This helps give you greater insight into the market conditions in specific segments that are relevant to you.

About the Author
Ben Berend, ASSOCIATE BROKER

Born and raised in downtown Steamboat Springs, Ben spent his childhood at Howelsen Hill dreaming of someday competing in the Winter Olympics. A member of the US Ski Team for five years, Ben made 24 World Cup starts and competed in multiple World Championships. He represented the United States in the 2018 Winter Olympics, becoming one of 96 Olympians from Steamboat Springs dating back to 1948.

After realizing his Olympic dream, Ben headed to the University of New Mexico, where he earned his BA in Media and Journalism. While in Albuquerque, Ben raced for the UNM Ski Team, becoming a team captain and D-1 Academic All American. GO LOBOS!

Most recently, Ben was the Marketing Director for USA Nordic where he focused on building strong foundational partnerships within the Olympic and outdoor industry. Unable to shake the Yampa Valley Curse, Ben returned to Steamboat Springs to join the Boyd Team, forming The Boyd & Berend Group at Steamboat Sotheby’s International Realty.

Ben comes from a family in the custom home business and understands the importance of the ideal space. He brings his driven approach and local knowledge to The Boyd & Berend Group and aims to not only navigate his clients through successful transactions, but to create an experience that is cherished for years to come.

Outside of work, Ben can be found volunteering his time at the Steamboat Springs Winter Sports Club, backcountry skiing, mountain biking, gravel riding, or enjoying Chowders at Storm Peak Brewing.