July 2019 Steamboat Springs Market Report
Steamboat has busted into a brilliant Summer! The depth of green color and wildflowers has all of us more in love with where we live. The Yampa River is ready for tubing and most of the trails are dried out and easily traveled. It’s a good Summer already!
This weekend is the Balloon Festival. Balloons have been arriving all week and are quite fun to watch them float through the valley!
The market has changed, reflecting national trends of increasing inventory and price stability. Townhome and condo values are holding, with those in the $400,000 range becoming more competitive. Sellers are holding onto Spring values and Buyers are working for their best opportunities. Best opportunities have different definitions ranging from best design, interior amenities, and price. Sellers have different motivations, ranging from maximizing returns to getting on to the next phase of living.
Homes in the $1.5m and up range are staying on the market longer, with downtown area homes having an inventory that exceeds 12 month supply. They are selling, sometimes very quickly, yet overall the competition is bigger than the last two years due to Buyers being particular and demand is softening. It is still the case that a family can buy a home cheaper than having one built.
Overall, there is a greater inventory than this time last year. I have seen recent weeks where there is an equivalent number of new listings to the number of listings that go under contract. In the past 7 days, the number of new listings is 61, the number of listings under contract is 20, and 35 have had price decreases.
Even with great interest rates and strong economic news, the market is changing from the trends of the last two Summers.