August was a beautiful month in Steamboat Springs. The sun was out everyday and we commonly saw a long afternoon rain. Today, Steamboat is just showing it’s late Summer colors, with the alpine areas beginning to turn colors of Autumn.
Many of our visitors were trying to escape Summer heat. They commonly talk about how the heat in Steamboat Springs is comfortable. August is a good time to be away from Texas, Arizona, and similar areas. Temperatures in August rarely hit got close to 90 degrees.
Here’s the stats for last month per the Steamboat Springs MLS:
|
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 |
|
|
|
|
|
|
|
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 |
Looking at this data, I have found that Condo sales are stable. Prices are going up, but at a much slower pace than was seen in Spring. Townhouses are also stable, and preferred by those willing to spend more money. Townhouses in the lower part of the market tend towards fix and flip projects and starter families.
Overall, our inventory is still tight. Similar to other areas in America, we are experiencing low inventory with building lagging behind demand. For Steamboat, government regulations are still lagging as well. Though the City Council has been proactive to get projects moved through, there is not enough housing planned to meet current demand. In the County, zoning regulations are still prohibitive relating to growth. It seems clear the government does not want the city to grow north of the airport or east of town.
The Winter season is about to start, our workforce housing problems are likely to be discussed again, and more frequently. Where to put employees is still a big question. Several other western Colorado resort towns are having the same problems.
Single family homes are still in large demand, with the working family mostly out-priced. There is currently 73 single family homes on the market, of which 50 are valued over $750,000. The lowest priced home is $425,000 in west Steamboat, and the lowest priced home in downtown is $699,000. The median value across the market is $1,324,000.
Here is a snapshot of homes $750,000 and above:
2016 2017
$750K-$1.5m
Total sold 90 39
Average Days on Market 176 152
Median Sale Value $1,019,951 $1,090,000
$1.5m-$5.0m
Total Sold 28 13
Average Days on Market 296 199
Median Sale Value $2,277,500 $1,823,104
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