The Steamboat Springs, CO metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 5.1% year-over-year, reaching $998,000. This upward trend in sales prices contrasts sharply with the Median List Price, which has seen a significant decline of 33.4% YoY, now standing at $1,032,000.

Price Per Square Foot metrics also reflect a downward trend. The median Price Per Square Foot has decreased by 12.8% YoY to $718.09, while the Median List Price per square foot has dropped by 10.6% YoY to $866.70. These figures suggest a potential correction in the market, with sellers adjusting their expectations to align with buyer demand.

In terms of sales activity, the number of Homes Sold has decreased by 19.4% YoY, with only 25 Homes Sold in February 2025. However, Pending Sales have increased by 33.3% YoY, totaling 52, indicating a potential uptick in future sales. New Listings have surged by 45.5% YoY, reaching 64, contributing to a substantial increase in inventory, which is up by 70.0% YoY to 187 homes.

The Months of Supply have seen a dramatic increase of 400.0% YoY, now at 7.5 months, suggesting a shift towards a buyer's market. The Median Days on Market have increased by 8.0% YoY to 52 days, indicating that homes are taking longer to sell compared to the previous year.

The average sale to list ratio has improved slightly, up by 1.7% YoY to 97.4%, suggesting that homes are selling closer to their list prices. However, the percentage of Homes Sold above list price has decreased by 11.4% YoY to 8.0%, reflecting a more cautious buyer approach. Price Drops have remained relatively stable, with a slight decrease of 0.1% YoY to 14.4%.

Finally, the percentage of homes going off the market within two weeks has increased by 9.0% YoY to 34.6%, indicating that while some homes are lingering on the market, others are being snapped up quickly, possibly due to competitive pricing or desirable features.