September was a beautiful month in Steamboat Springs. The weather was great and many tourists visited for Chili Cook Off, Oktoberwest, and many other events. The resort’s renovated gondola is running well and downhill mountain biking season is still strong. Well, until yesterday when we saw the end of a snowstorm that brought six inches to the valley and over twenty on the top of Storm Peak.
For real estate, the momentum of buying and selling is still active, similar to August. In some cases, such as properties valued under $450,000, the market is more active now that Winter is coming. Here’s the stats:
|
Jul-15 |
Jul-16 |
Jul-17 |
Avg Days on Mkt |
July Units Sold |
Family Homes |
$681,500 |
$794,500 |
$677,000.00 |
98 |
8 |
Condos |
$272,000 |
$282,500 |
$325,000.00 |
159 |
37 |
Townhomes |
$575,000 |
$395,000 |
$312,900.00 |
97 |
13 |
|
|
|
|
|
|
|
Aug-15 |
Aug-16 |
Aug-17 |
Avg Days on Mkt |
July Units Sold |
Family Homes |
$717,582 |
$724,375 |
$725,699.00 |
151 |
46 |
Condos |
$376,444 |
$264,000 |
$386,520.00 |
143 |
43 |
Townhomes |
$511,000 |
$580,216 |
$521,000.00 |
93 |
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep-15 |
Sep-16 |
Sep-17 |
Avg Days on Mkt |
Sept Units Sold |
Family Homes |
$605,000 |
$930,750 |
$747,382.00 |
111 |
25 |
Condos |
$293,450 |
$327,611 |
$463,453.00 |
141 |
39 |
Townhomes |
$513,979 |
$657,123 |
$895,500.00 |
99 |
9 |
Single Family Homes: Trends in this market are steady with a softening in the upper value ranges. This softening is due to the larger amount of inventory in relation to demand. Location neutral buyers and retirees appear to be the main demographic for these properties. There is still some buying occurring for second/vacation homes in the $1m+ range.
Condo and Townhomes: The market for these units is strong. They are often more affordable than a single family house. Demand for primary residences is coming from the workforce. The second/vacation homes are often bought with short term rentals in mind. The value of property workforce families can afford does not commonly meet the lower valued single family homes, or the amenities houses offer.
Condo demand for the past month has been curious. Some nice units remained on the market for up to three months without a sale. Suddenly, these units get multiple offers. I speculate that this is a function of demand versus availability and persons are making purchasing decisions on property that they would not normally purchase due to lack of inventory.
Psychology of the market is Seller’s pricing their units 5-10% above the market. Some market analysts find the Steamboat market to be neutral trending towards a Buyers’ market.
Overall, trends toward appreciation are still active. Conversations with brokers reveal that though there will be a slowing for Christmas, this up market is likely to continue.
Commercial Transactions: September saw better than average activity with a few smaller industrial/warehouse units selling or going into contract, and a few more coming on the market. The biggest sale was a 5040 square foot industrial training facility on 4.48 acres selling for $1,750,000.
Local Government: Little conversation has occurred regarding changing regulations to allow faster building, rezoning, and subdivision. Most projects being reviewed are infill units. Here is an article on a plan for 86 new residences on Walton Creek Road near Casey’s Pond.
Colorado: The Colorado market is strong except for plains areas and the southwest corner of the state. Resort towns and the Front Range are seeing a huge lack of skilled tradesmen to execute building. Until builders can catch up with demand, it is expected the appreciation being seen will continue, varying by market area.
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