May Market Update Steamboat Springs 2018

By
Real Estate Agent with Colorado Group Realty

Steamboat has had an incredible Spring.  The weather has been blue skies and sunshine for weeks.  Though there is some worry about wildfires, we have had enough rain to keep most of those fears at bay.  Now is the season for floating inner tubes down the Yampa and taking hikes into alpine lakes and mountain tops.

 

The Steamboat Springs housing market seems to keep on trucking along with good energy.  The number of sales occurring is slightly greater than this time last year.  Value of the transactions has increased sharply.  Single family homes seeing an average sales price of 54.8% increase; townhomes and condos have seen a slight increase in median sales price.

 

Here’s this months statistics:

 

What is consistently interesting to me is the low inventory across our area.  The amount of inventory is down at least 26% for homes and 38% for condos.  There are a few developments being built which will bring to the market over 100 units.  With 84 families a year moving here, these units will be sold quickly.  

 

These facts are a strong indicator of how persons find Steamboat a desirable place to live, especially when regarding single family home purchases.  Most commonly, these purchases are for persons who want to live here.  Townhouse/condo purchases are more commonly for second homes.  This segment of the market is also active with persons who work here, mostly professionals and business owners.

 

For those I have been working with, buyers are patient and becoming more discerning in their decisions.  With values increasing, the quality of residence needs to reflect care of the home as well as updating.

 

I’ve read pundits’ theories on interest rates rising, housing inventory shortages, and more.  I find many things being said have some take aways, but overall, Steamboat Springs is still a great place to be and is considered one of the less expensive ski towns to be in.  And real estate will remain an investment of choice, especially because banking regulations are still strict in regards to mortgages.  

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Paul Weese

Steamboat Springs Broker and Outdoor Enthusiast
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