Steamboat Springs Market Update April 2020
There isn’t a day that goes by that someone doesn’t start a conversation about markets. Not just real estate, but money, gold, and more. I know something about each, and real estate is what I know best.
Our community has had a number of changes in real estate. Most of them I consider temporary. The infographic above gives a quick representation of the changes since Routt County began to stay at home. Once the nation has a vaccine and industry is back to work, things will be different, and I’m assuming for the better.
There is much uncertainty being driven by the virus pandemic. Sellers are not in a hurry to sell because they don’t know what the value of their property will be in three months, let alone a year. Second-home buyers have other things on their minds right now. The dominant buyer in our market now is the local buyer.
In a recent mailing I did, I said this:
“All of us are considering what will happen for real estate and other industries locally. We don’t know what will happen in the near term, yet we see trends that are long term still look like Steamboat Springs is going to continue to grow. Between being a desirable place to be/live, Steamboat also has jobs and tourism. “
There are people who need to move. Persons are careers have changed – some people will move from Steamboat, and with the rise in work at home tech and tolerance, there are people looking for havens like Steamboat to live.
The market has slowed dramatically across the nation, and in Steamboat. When Summer rolls around, and more data is available, we will all be able to understand the current changes further.
One of the best pieces of advice I have received recently was to look at this time as a natural disaster, not a market meltdown. Both we can recover from, but the changes in society are different for each. Many people I know in Steamboat moved here to isolated from national problems. So far, that is exactly what has happened with the pandemic.