Steamboat Springs is in full Spring mode! Between the songbirds and flowers, we have found this season to be wonderful. The Yampa River is flowing well and the runoff almost at a perfect pace. Time to go rafting!
Here are the current stats from March:
It isn’t too easy to tell from these numbers, but the deceleration in the real estate industry is in full swing here. After having two really good years in a row of appreciation, real estate values here have remained steady and sometimes moving lower. Conversations with professionals in our market as to what the market is doing have pointed to customers being concerned about things ranging from politics to interest rates.
This being said, politics clearly affects our current market. However, the values of single-family homes, in the last five years, have risen 41%. In this same time, the DOW gained 47%. To me, there is more relationship between the DOW and our current market than anything else. Interest rates are going nowhere. Politics will remain the same until we get heavy into the next presidential election cycle. In the meantime, it appears like the stock market will continue to perform and interest rates to be steady.
Watching listing activity daily, I often find an equivalent number of new listings coming on the market to those going under contract. The Spring sales season looks like it will be strong and I plan on being quite busy. Last year we had less than 5% appreciation, and this year is likely to be similar unless something to drive traffic occurs, such as Steamboat Resort releasing a new base area plan or a large employer moves to town.
Reviewing the lower graphs above, the values of single-family homes are stable and continue to stay this way. For townhomes and condos, values appear to be increasing. These properties are considered valuable to second homeowners and those who want to live here. Overall, attached housing units above $350,000 and under $470,000 have not appreciated much for a year. Owners and brokers try to push these values up, but the best units are the only ones commanding a valuable price. This includes both resort type units and family type units. The Summer demand for townhomes and condos will tell us more.