Colorado Group Realty Insider - February 2021



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How’s The Market?

The booming real estate market of 2020 is rolling right into 2021 and activity
in the Yampa Valley is taking off quickly. January’s $62M in sales volume on
106 transactions was up considerably from last January when there was a
solid $42M in sales volume on 55 transactions. These enhanced numbers
continue to surprise as inventory persistently remains at an all-time low.
There are now just a paltry 84 residential properties for sale in Steamboat
Springs down from 206 at the same time last year. This means that there is
just one month of inventory, the lowest in the city’s history.
One surprising stat is that the high number of transactions in January led
to a much lower average sales price for the month: $583K in Routt County.
There’s no doubt that the 38 land parcel transactions drove the average price
down. Land sales have been on a tear lately with total land sales volume over
the last seven months equating to the last three years combined. Limited
options for buyers means that more people are opting to build.
Some potential long-term assistance to the inventory problem recently hit
the market. Overlook Park Subdivision, located on the west side of Steamboat,
offers 140 home sites spread across 70 acres and is for sale for $12M. Hopeful
home buyers are rooting for a developer to take on the project especially
since the 450 home West Steamboat Neighborhoods appear to have stalled
or been cancelled altogether.
Skiers frustrated by the long lift lines are excited about the recent
announcement of Gondola Square being redeveloped. The project, slated
to start at the end April, includes plans to move the gondola building and
to utilize that space for additional restaurants, shopping and entertainment
venues.
This redevelopment is just the start of several improvements that are part of
Ski Corp's master plan. These updates will improve the experience of both
locals and guests, and will increase out-of-base capacity from 6,000 people
per hour to 10,000 people per hour.
As we continue to monitor the activity in Steamboat, please reach out to us
with any questions that you may have. We are happy to serve as your trusted
real estate advisors during this ever-changing period.


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