Deep in history and long in legend, the mountain community of Steamboat Spring Ski Resort has risen in prominence as one of the true-grit western towns of modern age. Its friendly faces, picturesque setting, world-class amenities and healthy climate and make Steamboat Springs property a rewarding place for all to call home. No wonder legend has it a Ute Indian chief once placed a ‘curse’ on the Yampa Valley, claiming that once a person visits The Valley, they will forever be captivated and compelled to return.
Steamboat Springs Property: Weather
Steamboat Springs, CO, gets 24 inches of rain per year. The US average is 37. Snowfall is 166 inches. The average US city gets 25 inches of snow per year. The number of days with any measurable precipitation is 119.
On average, there are 239 sunny days per year in Steamboat Springs, CO. The July high is around 82 degrees. The January low is 1. Our comfort index, which is based on humidity during the hot months, is a 68 out of 100, where higher is more comfortable. The US average on the comfort index is 44.
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Buying a home in Steamboat Springs Ski Resort—what to know.
- Steamboat Springs Ski Resort, named for its distinctive hot spring sounds, is renowned as “Ski Town, U.S.A.” and “The Boat,” famed for its Champagne Powder® snow and Olympic athletes.
- Located at 6,900 ft, it offers lower altitudes for visitors, reducing altitude sickness risk.
- Famous for over 150 hot springs which is significant to Native American tribes. It boasts a winter ski season from November to April and a summer range of 65 to 85°F.
- Situated 160 miles northwest of Denver. It’s a 3-hour drive from Denver Airport. Hayden Airport, 35 minutes away, offers major airline services.
- Population-wise, the City of Steamboat houses 12,088, with Routt County totaling 23,509 residents.
- Home to notable companies like Smartwool and Honey Stinger, Steamboat Springs provides abundant recreational activities including skiing, golfing, hiking, biking, water sports, and more.
Things to do in Steamboat Springs Ski Resort:
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- Discover Must-See Attractions: Steamboat Springs is brimming with captivating sights and activities. With our expert guidance, you’ll easily navigate the city and surrounding areas, ensuring you don’t miss any highlights. Whether you’re staying for a short visit or an extended stay, we’ll ensure you make the most of your time in Steamboat Springs.
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Steamboat buyers agents provide Key Tips for Homebuyers in Steamboat in 2024:
- Clarify your priorities: Consider your needs, wants, and must-haves, like location and proximity to schools and amenities. While crucial, they’re flexible. For example, you may prioritize proximity to work but be open to a longer commute for a property near good schools.
- Understand your financial position: Get pre-approved for a mortgage to determine your buying power. It shows your borrowing capacity, guiding your search within budget, and boosts your credibility with sellers and real estate professionals during negotiations.
- Consider all expenses: Consider additional costs beyond the mortgage, like property taxes, insurance, maintenance, and utilities. Some lenders may ask for reserves for mortgage, taxes, and insurance, highlighting the importance of a strong emergency savings account before buying a home.
- Choose the right buyers agent: They’re your all-in-one solution for navigating the complexities of the Steamboat Springs market. With expertise in various property types, they handle necessary paperwork, ensure timely transactions, and offer insights on local amenities and regulations. Find the top buyers agents here.
- Real estate teams provide unbiased guidance, clarifying transaction jargon and aiding in budget-friendly home searches. They access the latest listings and market data through MLS, filtering out unavailable properties and giving you a comprehensive view.
- With extensive experience and legal knowledge, Realtors navigate market shifts effectively. They also connect you with a network of professionals like CPAs and lenders, streamlining financial decisions and negotiations to ensure your interests are represented. Trust their expertise for a thorough purchasing process.
- Ensure you hire a home inspector: While recommendations from your real estate team are helpful, it’s wise to research independent inspectors as well. Look for affiliations with reputable organizations like the American Society of Home Inspectors. Even for new construction homes, an independent inspector is essential, offering a different assessment from building code inspectors to ensure thoroughness.
Steamboat Real Estate Market Statistics
Steamboat Springs, located in Colorado, encompasses 16 zip codes. Currently, there are 9 homes for sale, ranging from $580K to $8M, including affordable condo/townhomes and 1-2 bedroom listings.
In February 2024, the median listing home price in Steamboat Springs, CO stood at $2M, marking a significant 115.5% increase year-over-year. The median listing price per square foot was $909, with homes selling at a median price of $1.5M.
The sale-to-list price ratio was 97.61%, indicating that homes in Steamboat Springs sold for approximately 2.39% below the asking price on average in February 2024. It’s worth noting that February 2024 saw Steamboat Springs, CO as a buyer’s market, indicating an excess of homes available compared to demand.
On average, homes in Steamboat Springs, CO sold after 77 days on the market. Although there was a slight decrease in median days on the market compared to the previous month, there was a slight increase compared to the previous year.
Among the 16 zip codes in or around Steamboat Springs, Arrowhead at Vail holds the highest median listing home price of $3.7M. While Beaver Creek Village is the most affordable zip code with a median listing home price of $34K.
Steamboat Housing Market Trends in 2024
After two years of navigating the aftermath of the pandemic. Also witnessing a gradual return to normalcy, we are not observing a post-COVID gap in demand. Many individuals expedited their home purchases, ensuring there is no discernible dip in demand now that the COVID-era upheaval has subsided. Despite some individuals returning to work, many still have the flexibility to spend extended periods in Steamboat. Which is also contributing to sustained demand.
The primary constraint on sales remains inventory. Currently, there are only 99 residences on the market in all of Routt County. Over the past three years, inventory levels have fluctuated between 39 and 180 units, briefly dipping below 75 units. In the spring of 2019, there were approximately 360 units on the market, demonstrating the tightest inventory levels since 2005.
Total sales volume in dollars experienced a 15% decline in 2023. While demand has tapered compared to the peak COVID years, it remains significantly higher than available supply. With a 15% increase in inventory in 2023, sales could have matched those of 2022.
January 2024 witnessed a notable surge in interest, accompanied by a 20% rise in closed sales. Additionally, there is robust new contract activity expected to close in February or March. Conversations with clients indicate they are adapting to new interest rates. They are also more inclined to secure their homes in Steamboat as we embark on 2024. People are taking a long-term perspective on interest rates and anticipate opportunities for refinement in the coming years. Particularly with the notable decline in inflation.
VIDEO LINKS FOR COLORADO
To access the National Buyers Agents Association Youtube channel. Click here.
The National Home Buying Guide for 2024:
https://youtu.be/a49pIBvcTgg?si=v5mO2MfIsE_U6bs8
5 Critical Home Buying Decisions:
https://youtu.be/7Py4I94I9Ro?si=tB_fBayaffAi2aWP
2023 Home Buying Guide in Colorado:
https://youtu.be/jKyTM9I2Xwo?si=Rx-TYLwqbu7mOBrJ
