Mid-Summer Market Report for Steamboat Springs
Well, it’s official. Officially crazy, I mean. This is a very busy time for real estate brokers in Steamboat Springs. Not all brokers are busy, but most are. If a broker had business going into the Spring shutdown, they are busy now.
In my past posts, I continued to say we will know a lot more in September. We know a lot more now, and I’m thinking that the current market trend of a hot market will continue through any ‘second wave’ of the virus that comes through. If anything, there will be a slow down due to processes, not a lack of desire to move to/away/up in Steamboat.
Here’s some stats:
The Steamboat Springs market is very vibrant right now. We are probably going to see our most active month since prior to the Great Recession. One third of residential listings are currently pending. Overall, the number of listings is down 38% year over year. And values are holding, not skyrocketing. On pace with Realtor.com statistics, we have seen about 1% growth in values.
Here’s more stats:
These are from The Hustle, a free email newsletter on many news items, especially business oriented.
Though we are having great business in real estate today, there is an undercurrent of not so good news. In fact, these numbers represent a major part of our population and as long as COVID is a part of our lives, these numbers are likely to persist.
Of those smart people that I study, most agree that there could be problems in some sectors of housing upcoming. There is also comments about problems in the jumbo loan market, where persons wanting a loan above Freddie Mac and Fannie Mae are willing to lend will continue to have trouble getting monies.
In a recent Colorado Group Realty meeting, we received a number of statistics. These reflect those above:
Times are interesting!
September is around the corner. You’ve heard me talk about September and I’ll explain why. Locally and nationally we have good statistics to understand markets in the COVID reality. In September, I believe we will understand more than ever about what may be ahead in relation to government actions and more shutdowns. This will be an indicator to me the next six months after. To me, Winter looks like a challenge for everyone.
Here is an excellent article from the Colorado Sun that discusses case increases in Colorado and what Fall will look like, particularly in our hospitals. This is what I’m talking about. If there is a surge in cases, good chance many activities will remain closed and some cease. And this is just Colorado, who has kept a good record with the virus in comparison to other states.
If skiing is shut down, even partially, this season, there is likely to be an affect on second homeowners and the hospitality industry the most.
In closing, the values of real estate should remain flat for at least a month or more. Increases in value come from short supply, which appears most in units valued under $600,000. For the long term, real estate in Steamboat will continue to be in demand, and persons are moving around.