Steamboat Springs had a wonderful November. Though we did not get much snow, we did get plenty of warm weather and blue skies. Much of my free time was spent hiking and playing Frisbee golf. Golf courses nearby just closed for the season because snow finally came! Time for skiing and Christmas thoughts.
Last month, our local Board of Realtors switched MLS providers. This month starts a new market report format due to this. Feel free to send suggestions to make this market report more valuable to you.
Here’s November’s statistics:
Single Family Home Sales
Condominium Sales
Townhome Sales
Tracking average numbers for sales for Fall, properties continued to sell at or near asking price. Inventory is still low and the number of buyers still strong. Townhome and condominium prices continue to edge up. The biggest differences in value are related to amenities available, as well as if short term rentals (a week or less) are available. Complexes that allow only long term rentals tend to be less expensive with Buyers being dominantly starter families and workforce.
Moving into 2018, I expect an increase in the number of listings for the Steamboat Springs area to begin in late-January and continue into April where Sellers are hoping to get maximum value for their real estate.
With the purchase of Steamboat Ski Resort Corporation by Aspen/KSL, many residents on the Front Range have become interested in Steamboat area properties. Steamboat Springs is off the beaten path for most people, however, it is still the same time to drive here as other ski resorts along the I-70 corridor. The bonus is the lack of traffic. We have seen an increase in real estate shoppers from Fort Collins to Colorado Springs.
There are a few housing projects that are almost through the approval phase at the city government level. It appears at least 86 new units will be built next year. This will mitigate some of the demand pressure for housing units, however it will not solve much. For conversation, to get enough employees housed, small two bed/one bath apartments that are used for employee housing now house six occupants rather than four.
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