The recent positive economic news continues to bolster the Steamboat Springs real estate market and we are seeing an increase in Buyer inquiries. In general, June is typically a slower month; however, property showings are steady (consistent with June 2008) and interest rates continue to create great opportunities for buyers in all price ranges. The number of sales for the month was 37, well below normal, and the closings were 1/3 of the sales from last year at this time. We are seeing sales occur at all price ranges in all areas, but all sales consisted of properties that were priced very aggressively. Buyers are looking for deals, and there are plenty of them out there.
The basic economic lesson of Supply and Demand is alive and well in the Steamboat Springs real estate market - plenty of listings, fewer buyers creating a genuine Buyers Market. Low interest rates have provided added value to already well-priced properties in our market; however, the guarantee of continued favorable rates is uncertain. Plus, government programs (i.e. First Time Homebuyer tax credit and higher USDA loan-to-value ratios) have sunset provisions that require action sooner rather than later - pulling buyers off the sidelines.
Sales
Single Family Homes
- June '08 - 19
- June '09 - 8
Condos/Townhomes
- June '08 27
- June '09 15
Median Price:
Single Family Homes
- June '08 $610,000
- June '09 $312,500
Condos/Townhomes
- June '08 $440,000
- June '09 $480,000
Average Days on Market:
Single Family Homes
- June '08 149
- June '09 223
Condos/Townhome
- June '08 103
- June '09 204
Based on information from the Steamboat Springs Board Of Realtors MLS. Statistics intended only to show market trends. If you would like to receive a comprehensive Market Report to please contact your Prudential Steamboat Realty broker today or email us at contact@prusteamboat.com.
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