Steamboat Springs May 2019 Market Report
The weather has been the topic of the month. Granted we know this is ‘mud’ season, but the weather has been unusual. We had snowfall all day yesterday, with the top of the mountain seeing greater than 10” of new snow. It’s good to have more moisture, especially slow melting snow on the mountain. All of us are ready for sunshine and playing outdoors regularly.
Here’s the stats from the past month:
The number of listings coming to the market and those being sold are nearly equal, with listings being more than sales. There are approximately 7+ months of supply of inventory. This amount of inventory indicates a stabilization between value and opportunity. One market report I follow said that there is a slight Seller’s advantage. Three reports indicate an increase in the number of listings available year over year. With Spring upon us, there is a normal pattern of an increase in listings. This year there are more homes on the market than last year.
Within the city limits of Steamboat, properties are holding their value, and some are appreciating. Properties lying outside the city limits, except those with commercial or development opportunity, are being offered at more competitive values than the last two years. In some areas, they have not achieved sale values equivalent to 2017-2018 sales.
Building in Steamboat is accelerating. New applications for building are growing in number with projects ranging from single family homes to condominium complexes. That being said, Trailside Village recently withdrew from their new construction because costs of construction have risen too much over the last three years. This is due to a shortage of contractors to complete construction. High costs of housing and other affordability factors have kept new laborers from working in Steamboat.
Real estate this year looks like it will be a brisk Summer season. I’m talking to many Buyers and Sellers daily, and see many brokers within my company quite busy.
If you’re in town this weekend, check out Riverfest, particularly Saturday afternoon when the river rodeos are going on.