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 Steamboat Springs, Ben spent his childhood at Howelsen Hill dreaming of someday competing in the Winter Olympics. He realized that dream by representing the United States in the 2018 Winter Olympics, becoming one of 100 Olympians from Steamboat Springs dating back to 1932. 

Ben believes in learning from the best, which is why he returned to Steamboat Springs and joined forces with Cam Boyd – former co-owner of Steamboat Sotheby’s and one of the highest producing agents in the country. Together, Cam and Ben created the Boyd & Berend Group, a team focused on the luxury real estate market in Steamboat Springs. Last year, the Boyd & Berend Group worked with buyers and sellers on 47 transactions totaling over $72m – solidifying them as a market share leader within the Yampa Valley. 

Ben’s approach to the business centers around strong communication, building lasting relationships, and bringing a persistant energy to each transaction – which he attributes to his prior career as a professional athlete. 

Ben was elected to the Parks and Recreation Commission in 2021, where he continues to serve. He also volunteers as a ski coach at the Winter Sports Club and leads Olympic Heritage Tours for the local Tread of Pioneers Museum. Outside of work, Ben is known for his grand adventures on bikes and skis.