Spring is in full swing here! Daffodils are blooming along the Yampa Core Trail, bears are knocking over trash cans, and mountain bikes are everywhere. It’s good to see the deep green hillsides of the Yampa Valley, and calves in the fields.
The Steamboat Springs market is still strong. Though there is less inventory than we normally see this time of year, many buyers are still finding what they are looking for, and sellers are getting 97-100% of their asking price in homes under $1.5m.
Here are the stats:
Yes, values are still going up. Currently, this trend does not look as strong as last year, but it is only May. The two largest drivers last year were the shortage of workforce housing and the news of Alterra buying Steamboat. Workforce housing is still a factor, and the fever for Steamboat second homes has slowed some. The slowing in second home purchases probably has much to do with some persons finding what they want to the limited inventory on hand.
From talking with other brokers, we do not have a good handle on when more inventory will come to market. Sellers could be waiting for appreciation, or just want to keep their Steamboat home.
A great discussion that we have had recently is related to the value of different types of properties from land to homes on the outskirts of Steamboat Springs to homes in Old Town. In general, what was found through research is that most properties (that have not had major renovations) have not hit their 2007-08 values except for homes in Old Town and they are 11% above their values 10 years ago. Land is at 74%, representing the largest bargain.