Spring is in full swing now. The weather is warm, songbirds are back and skiers are wearing shorts. Three of the biggest indicators of Spring!
It’s been a couple of months since I’ve written a market report. Sitting down to write this one, I wanted to make it short and say nothing has changed, but that is short-sighted and a bit lazy. Overall, things appear to have not changed in any way, which itself a signal that the market is continuing to be stable. Properties near the resort sell quickly and those in downtown Steamboat Springs and little slower, with most other properties taking up to three months to sell.
Prices are remaining steady, meaning I haven’t seen them go up or down in a noticeable way. I have seen some properties remain on the market due to sellers overpricing them. In Steamboat, it is very difficult to get affordable housing, or any housing at all even if you have the income.
There was a recent article where a recent hire for the City of Steamboat Springs declined the job even though wages were decent. There was no housing to be had. Another story I read estimated the income needed to live in Steamboat is $350,000 annually. Most of the new residents of town I’ve met fit this demographic. A gentleman from Alabama I was talking real estate market with asked me how the working class can live in Steamboat. I replied that it’s because they bought homes before the dramatic increase in values. Otherwise, alternative locations are considered.
A special election was held last week regarding Brown Ranch. Brown Ranch has received national attention and is often cited in articles related to affordable housing in Colorado ski towns. It has also received attention from Colorado State’s government. It is very supported.
After lengthy conversations, the annexation and community plan, though not recommended by Planning Staff, was approved by City Council. Shortly after, there was a referendum. In the end, Steamboat Springs community voted it down by a large margin. I was surprised, and many others I work with were also. The no votes came mostly from the planned development focused on only workforce housing, deed restrictions, and that the costs of development are not solid.
This has been a fantastic drama for our community with lots to talk about.
I bring this up specifically to show more of how little the market is changing. No new inventory means prices will remain at their current levels. As new housing inventory comes on the market, it will affect values, however, the new inventory pace must outpace new residents before any substantial change in prices will occur.