Not only was it beautiful, July was a very busy month in Steamboat Springs. Summer in Steamboat Springs is a good economy, one of the strongest of western Colorado resort towns. Many groups visit to play sports tournaments, tourists visit (and stay awhile) because of the mild weather, and building is occurring - bringing in many contractors for a number of projects.
Here are the stats for July real estate sales:
|
May-15 |
May-16 |
May-17 |
Avg Days on Mkt |
April Units Sold |
Family Homes |
$605,000 |
$642,900 |
$950,000 |
195 |
22 |
Condos |
$295,000 |
$344,500 |
$300,000 |
263 |
29 |
Townhomes |
$367,250 |
$495,000 |
$577,000 |
226 |
10 |
|
|
|
|
|
|
|
Jun-15 |
Jun-16 |
Jun-17 |
Avg Days on Mkt |
June Units Sold |
Family Homes |
$907,708 |
$1,094,104 |
$809,309.00 |
105 |
21 |
Condos |
$284,648 |
$428,471 |
$397,636.00 |
147 |
22 |
Townhomes |
$410,031 |
$528,629 |
$622,300.00 |
12 |
12 |
|
|
|
|
|
|
|
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 |
At first glance, it’s easy to see the dramatic change in single family home sales. The inventory we have been working with has been getting more valuable as the days go on. Today, the beginning of August, the most affordable house in Steamboat Springs is $530,000. The median list price is $1,500,000. This increase in value has caused a shift from buying homes to condos for both working families and second home owners.
Condominiums also went up in value, with two bedroom units starting near $200,000. Most sales are starter units. Some units are being purchased to be renovated. Some units need a handful of dollars and elbow grease to turn them into a unit that will get your money back plus another handful of dollars. It’s not easy to fix and flip in Steamboat, and it can be done. The biggest challenge remains finding contractors who can fit you into their schedule.
Townhouse that are being purchased are starter units also. Many being purchased by working families and second home purchasers. Most of the 13 units sold were near the median price of $312,900.
In commercial real estate, there were a few sales. Two of note is a medical office complex that sold in 82 days and a downtown retail unit located on the main thoroughfare that sold in 183 days.
Recently, one analyst offered the data that showed Steamboat is in a Buyer’s market. The data was good and did show that the market is softening in price. I’ve seen most properties sell for less than the asking price. In some cases, the discount is as high as 10%. Owners are negotiating, and some are very set on their price.
For the better of homeowners in distress, there is consistently less than three foreclosure Notices of Election Demands made at any time.
The big news of the month is Aspen Resorts (KLS and HCC) completing the purchase of Intrawest and Mammoth Resorts. Now rivaling Vail Resorts in size, this company is changing it’s name and branding, doing away with the Intrawest name and delisting from the stock exchange. At this time, not much else is changing, and most people I speak to expects the new management to take steps to improve infrastructure and visitor incentives. You can read about it here.
Steamboat Springs is more than a world class destination area. It is a place where most things mountain and outdoor come together for excellent Summer days. My beginning time in Steamboat was for the Winter activities, and I ended up staying for the Summers that can’t be beat. If you are looking to visit or move to Steamboat Springs, give me a call or send an email. I’d be glad to help you, as I have many others.
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