June was a fun month in Steamboat. The weather was excellent! We had some rain, but usually everyday was beautiful blue skies and a little breezy. Hummingbirds are abundant, bears and moose are out and about, and people are tubing the Yampa river.
Through this month, I’ve seen a few reports on the local Steamboat Springs market. I’m surprised by the overall conversation between brokers’ thoughts and the reports. About two months ago, I noticed a change in the market and couldn’t to figure out what was going on between the number of new listings occurring and the number of sales completing.
Here is the current data from Steamboat Springs Board of Realtors:
Overall, brokers just recently found that there is weakness in current sales trend. Looking at the graphs, we can see that detached homes have seen a peak and plateau. For condos and townhomes, they have a sawtooth pattern with the current trend moving down. These charts have similarities in timing and trends, with single family homes having more volatility.
The median numbers show a big difference in values. We saw this in the April charts too, and this month, the average numbers tell the story that things are mostly the same year over year. I’ve thought about what could cause this because we still have many buyers and it could possibly be that Buyers are not in a hurry and are waiting to see what the market will do, or that the Buyers for Steamboat properties have hit an economic ceiling. Economic ceiling meaning that the Buyers for Steamboat properties have different economies than those buying in Vail.
The market today is similar to 2017, only without the appreciation seen last year. In other reports, there is a consistent 25% or more of listings reducing their prices. What will show us more about what the Steamboat market wants to do will be revealed through Fall, when many people purchase before snow begins to accumulate.