Steamboat Occupancy and Land Sales May 2021
Steamboat Springs in Spring is an excellent season! Flowers are up and things are getting green. We have just had several fronts move through that made sure that we remembered that this is still ‘Mud Season’. Today, the skies are blue and it’s 68 degrees.
Here’s the current Daily Occupancy Report:
It’s a bit boring. It reflects our shoulder season well. Being a forecast, I find that it has represented the past weekends well enough. Many residents can tell that there are more visitors than usual right now. I don’t know if this is a COVID related trend or the way tourism is going to be from now on. Next Spring, and even this Fall, will give us more data to work from to understand further.
Many of the customers I am working with right now are buying land. This is a newer trend. I suspect this comes from much of the same drive for purchasing second homes and sometimes relocation.
There are persons who are looking for a place to escape to and a remote location is often top of mind for some folks. In the Stagecoach area there are lots of locations that provide seclusion and beauty as well as land that is smaller and affordable. Having up to a few acres provides space and a place to escape to.
That being said, Steamboat has very few lots available. Builders struggle to find places to build homes. Hayden has some lots, and those are being purchased at a higher rate than anyone expected. In Oak Creek/Stagecoach, parcels with utilities are hot right now. Persons are able to get out to see these lots and decide if they are fit for their new home. Builders are flocking to this area too. Availability is good and there are many near the lake that are easier to build on than others located towards Lynx Pass.
Interestingly enough, Stagecoach HOA is in the process of changing their covenants to allow ‘tiny homes’. The current regulations require a minimum house size of 1000 square feet. The new criteria would allow homes of 500 square feet. There are both persons and builders looking forward to this change because it fits what they like to do.
What’s up with the market?
Nothing has changed since I last wrote. The biggest difference now is that sales continue to be strong through what is typically a slow time of year. Inventory is maintaining a historic low in all price ranges. Trying to find a place to buy or rent now is very frustrating.
The Summer doesn’t look much different than today. Without more building or higher interest rates, housing will continue current trends.
What will happen at the end of COVID? That’s a good question. With the amount of money the government is investing into the country, the increase in wages persons are getting from workforce shortages, and the great savings families have from not spending for a year, the US economy looks great. When we all get back to the new normal, maybe this Fall, that’s when we will see some changes in spending patterns.