February has been a great month for snow! We have had a series of storms moving through that has significantly changed our snowpack, making for great ski conditions. President’s Day weekend usually has a snow storm move through, and this year is no different. As well, Winter Carnival was excellent, and many of us are looking forward to this coming weekend’s Steamboat Winter Wondergrass Festival.
Here are the stats for this month:
Much of my last several weeks has been thinking through the current market and understanding why many local brokers are talking about a 20% year over year increase in values in the Steamboat Springs market. Being cautiously skeptical, I found that this is somewhat true.
Values of homes and condos/townhomes did go up at a significant rate, about 18%. I find that some complexes and downtown areas had greater increases in value. Of note are complexes like Sunray and The Villas where values sometimes increased monthly.
Now we are in a part of the real estate cycle where there are few listings and those listings that have not sold for several months are seeing price drops. Some of these price drops are nominal, such as a decrease of $7000 on a $600,000 listing. This to me doesn’t say much about motivation to sell. As a broker with numerous buyers waiting for the right property, I am keeping persons aware of this time of season and that we are about to see a great increase in the number of listings coming on the market in the next two months.
The market remains strong for properties under $500,000.
The market for Hayden properties is increasing, where starter homes with 3 bedrooms and 2 baths are able to be purchased for about $300,000. The market for Oak Creek and Stagecoach properties remains strong also, being a preferred bedroom community for many Steamboat workers.
Of note, a new subdivision is being acted on on the western side of town. It is bringing 140 new lots to market shortly.
Looking into March, the market will have more listings, weather is predicted to be blue skies for most of the month, and Spring skiing is about to begin!