Steamboat Update

April 9, 2009 in Real Estate by admin | 1 comment

 

Fewer transactions in Steamboat but higher-than-average prices mean fewer people are buying more expensive properties. Realtors I have talked to indicate that buyers are still interested in real estate in Steamboat, but there is no sense of urgency because of the high inventory.  

The average price of Steamboat Springs homes in the downtown market was $908,000 in 2008 compared to the average price of $824,500 in 2007.

The average price for Steamboat mountain properties (that includes condos and townhomes) was $952,000 in 2008 compared to $780,400 in 2007. 

However, dollar volume for 2008 was less than half of the record $1.59 billion set in 2007.

There were 1,077 transactions in 2008, compared with 2,555 transactions in 2007 and 3,241 (a record) transactions in 2006.

There also seems to be a disconnect between many buyers who are looking for desperate sellers and sellers who are waiting for things to get better. We are seeing this scenario play out in many mountain communities.

 

 

 –Editor’s note: Tom Harris is the principal of Colorado Lifestyle Real Estate, which connects second home buyers and sellers with the top Realtors in Colorado resort towns. He blogs blogging about Colorado’s real estate market for CH&L and can be reached at Tom@ColoradoLifestyleRealEstate.com.

  1. JodyReale’s avatar

    JodyReale on June 10, 2009 at 3:22 pm

    Great post, Tom. I’m wondering if what’s happening in Steamboat is happening in Boulder: a relatively resilient lower-end market in contrast to a longer sales cycle in the luxury market.

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