How’s the real estate market in Steamboat?

How’s the real estate market?  As a real estate advisor, this ubiquitous question is not easy to answer.  Especially in Steamboat Springs, Colorado where our real estate varies from small vacation condos to multi-million dollar homes.  So these “how’s the market” question really depends on the property in question.

The national media sources like S&P/Case-Shiller Home Price Indices reports that average home prices are up 12.4% over the last year. While this is true, not every property in Steamboat Springs went up in value over the last year.  Some properties saw 20+% appreciation. While others properties continued to drop in value. So much of this depends on the location, size, condition and type.

For real estate value to go up, there needs to be a greater demand than supply. And generally speaking that is the case.  But here’s where it get confusing. Here’s the average time it takes to sell a specific property.

Single Family Home Average = 8 months

·      Priced under $500,000 = 6 months / Priced over $1,000,000 = 12.3 months

So it’s a Seller’s Market for homes priced under $500,000 and a Buyers Market for home over $1,000,000. Thus, the market’s great if you’re selling a home priced under $500,000 but not great if you’re selling a home priced over $1,000,000.

Town house Average = 6.5 months

·      Priced under $500,000 = 2.4 months / Priced over $1,000,000 = 21 months

So it’s a Seller’s Market if priced under $500,000 and a Buyers Market it priced over $1,000,000.  Again, great if you’re a seller of a more affordable town home but if you’re selling a town house valued over million the market isn’t great.

Condominium Average = 10.3 months

·      Priced under $500,000 = 9.6 months / Priced over $1,000,000 = 9.2 months

So it’s a Buyer’s Market for condos priced under $500,000 and a Buyers Market for condos over $1,000,000. And if you fall in the range between $500,000 and $1,000,000, it might take 24 months to sell.

So how’s the real estate market?  That answer can vary dramatically.  Now more than ever, it’s vital to contact your trusted real estate advisor to get a real answer to that question. Real estate is local and a trusted local realtor is one that can more accurately answer that question to better suite your needs. 

I'm always up for talking real estate. Give me a call. 

Thanks,

Charlie  970-846-6435