October was an excellent month in Steamboat Springs. Autumn brought mild weather with snow in alpine areas. Being a shoulder season month, not many tourists have been around. This reprieve from activity created a lazy month that ended in the Halloween Stroll which had perfect weather and many smiling kids. The resort opens November 22nd!
Here’s the stats for the month:
|
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 |
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Sep-15 |
Sep-16 |
Sep-17 |
Avg Days on Mkt |
Sept Units Sold |
Family Homes |
$605,000 |
$930,750 |
$747,382.00 |
111 |
25 |
Condos |
$293,450 |
$327,611 |
$463,453.00 |
141 |
39 |
Townhomes |
$513,979 |
$657,123 |
$895,500.00 |
99 |
9 |
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Oct-15 |
Oct-16 |
Oct-17 |
Avg Days on Mkt |
Oct Units Sold |
Family Homes |
$720,000 |
$859,000 |
$729,000.00 |
122 |
13 |
Condos |
$288,000 |
$345,000 |
$378,500.00 |
201 |
29 |
Townhomes |
$639,750 |
$588,500 |
$490,000.00 |
104 |
13 |
The number of units sold indicate two factors: the shoulder season slow-down as well as the low inventory in town. The slow-down is seasonal and should continue through the Holidays. Inventory numbers are not expected to pick up until after New Year’s.
The low inventory has caused a Denver-like market where properties are on the market for about a day and multiple offers are submitted. In my dealings, I found that with most of the properties I worked with at least one other offer was all cash and a quick close. This activity is pushing up values of properties to the point that everyone involved wonders if loan purchasers will be able to compete with purchase price and appraisal values both. Appraisals have been coming in at purchase price, however, there are some that do not.
Values of the properties that are receiving multiple offers are below a million dollars, mostly under $600,000. The most competitive properties are two bedroom condominiums under $450,000. Location is not as big of a priority in comparison to amenities and overall HOA costs.
One market resource I follow talks about the current Steamboat Springs market having a slight Seller’s advantage. I find this to be true, and an understatement.
The least expensive house in Steamboat this week is $645,000 and is 2583 square feet.
In the News
There are two articles of note that I found this month. This article is from Skiing Magazine and talks in depth of the expansion of Aspen/KCL holdings and the purchase of Steamboat Resort.
And this article is a great look at the current housing market in Steamboat by a Steamboat Today journalist.
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