Steamboat Springs, CO Housing Market: November 2024 Analysis

The Steamboat Springs, CO metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 2.3% year-over-year, reaching $1,061,250, indicating a steady appreciation in home values. Conversely, the Median List Price has seen a significant decline of 24.3% YoY, now at $942,500, suggesting potential adjustments in seller expectations or market conditions.

Price Per Square Foot Trends

The median Price Per Square Foot has risen by 7.9% YoY to $675.65, reflecting a robust demand for space in the area. However, the Median List Price per square foot has decreased by 12.9% YoY to $736.15, which may indicate a shift in the types of properties being listed or a strategic pricing approach by sellers to attract buyers.

Sales and Inventory Insights

Home sales have surged by 20.0% YoY, with 54 Homes Sold in November 2024, showcasing strong buyer activity. Pending Sales remain unchanged from the previous year, with 42 transactions in the pipeline. New Listings have decreased by 15.8% YoY, totaling 32, which could contribute to the tightening inventory levels. The inventory has increased by 26.8% YoY to 175, providing more options for prospective buyers.

Market Supply and Demand

The Months of Supply have risen by 10.0% YoY to 3.2 months, indicating a slight shift towards a more balanced market. The Median Days on Market have decreased by 4.0% YoY to 40 days, suggesting that homes are selling relatively quickly despite the increased inventory.

Pricing Strategies and Market Behavior

The average sale to list ratio has improved slightly by 0.4% YoY to 97.0%, indicating that homes are selling closer to their asking prices. However, the percentage of Homes Sold above list price has decreased by 3.0% YoY to 14.8%, which may reflect a more cautious buyer approach or competitive pricing strategies by sellers. Price Drops have increased by 6.0% YoY to 18.3%, highlighting potential adjustments in pricing to align with market conditions.

Off-Market Activity

The percentage of homes going off the market within two weeks has risen by 14.3% YoY to 23.8%, suggesting a segment of the market is experiencing rapid transactions, possibly driven by motivated buyers or attractive pricing.

Conclusion

The Steamboat Springs housing market in November 2024 exhibits a blend of growth and adjustment. While sales prices and activity remain strong, the decline in list prices and increased inventory suggest a market recalibration. Buyers and sellers should remain informed and strategic to navigate these evolving conditions effectively.