We can definitely feel Summer in Steamboat! Blue skies and warm temps have made us all a bit giddy. The river has peaked and folks are enjoying kayaking and paddle boarding. Bike trails have opened up. The only thing that slows us down is occasional rain, which we really want!
The market is mostly unchanged from previous articles I’ve posted. I say mostly because there are days when I can observe changing trends. I’ve found some buyers pulling back from purchasing, not trusting the real estate market overall. I still see many landlords selling their properties. And those who pursue purchasing, do so with fervor.
Here’s the stats:
What is most significant in this chart is the number of listings that have a Price Decrease. This number is increasing.
Many of the news outlets I read, and those I talk real estate shop with, agree that a stabilizing of the market is close. It might take until Autumn, but the trends of the past year are beginning to subside.
For Steamboat, I don’t expect to see much of this until the new apartments being built in town start to fill. (Approximately 350 units for upper lower and middle income families are being built now.) This may not put much pressure on landlords overall. The rental market here is strong. What I am interested in seeing is the short term rental market. Many buyers of the past year are looking to manage their Steamboat purchase with rental income. That being said, there were many buyers and there are many still waiting to get a Steamboat retreat to rent.
For the past few months, I have spent time in Stagecoach learning the market and area more in depth. Some of it has been fascinating, such as listening to the reasons persons are purchasing land in this area. And some of it has been typical, such as persons seeing this area as a place that would make an affordable investment.
What I have seen in the big picture is people still want a place to get away from home/city/hectic life. When I talk about the challenges of Stagecoach building, most still desire a place like this.
The Stagecoach HOA board is making progress on old issues. They recently changed their regulations to allow homes as small as 500 square feet. This allows for a person to build a tiny home. And as homeowners bring personal projects to the board, the board works to find a way to make the project happen. This is really good news. I don’t know how long this trend will last. Overall, long-term residents of Stagecoach are struggling with the number of new families moving in. There is a recent article in the newspaper where the County Commissioners approved a sketch of a project and rezoning even after many residents disproved of it.
The market for lots in Stagecoach is stronger than it has been several years. Some lots still have yet to reach their 2007 value, and many owners are fine with selling at a loss, especially in a time when they know the lot will see sooner than later. Some lots are selling quickly and some languish on the market.