Steamboat Springs Inventory Now Compared to the Last Recession

As we tiptoe out of quarantine, it’s apparent that every corner of the globe will be affected in some way. This includes real estate in Routt County where April sales volume was down 53% compared to April 2019.

As the nation braces for a recession as a result of COVID-19, the real estate market is in limbo. During times of economic uncertainty, huge swaths of potential buyers will choose to delay purchasing plans until there is more financial stability.

As it appears we are heading into a recession, what does that mean for home values? The 2008 recession was caused in part by a housing and mortgage crisis resulting in significant home value declines. However, in many U.S. recessions home values actually

This is one of the most challenging times to answer the question: “How’s the Market?”. First, let’s address the strong results through the end of March. Total sales volume in Routt County was $133M, up from $113M through the same time last year.

As the Coronavirus spreads and worldwide fears escalate, leading to massive global economic changes and a bear market (a decline of 20% or more in the stock market), it remains to be seen how the local real estate market will be impacted.

As Steamboaters reveled in the Winter Carnival glow of watching the world’s largest firework explode, real estate activity in January was also booming.

2019 real estate market sets record for Steamboat and forecast for 2020

For most of 2019, real estate sales volume in Steamboat was lagging behind the rather large numbers posted in 2018. A supercharged last two months of 2019 changed that by pushing annual total sales volume in Steamboat to $788M, up 6% from 2018.

Determining how long a property will be on the market depends on a number of circumstances. Whether you need to sell your home quickly or you’re trying to time the sale to align with the purchase of a new home, keep the following factors in mind: