Are Steamboat Real Estate Prices Rising?
National trends indicate we’re at or near the bottom of the six year decline in real estate values. So what’s happening in Steamboat? The Steamboat real estate market remained strong until mid-2008, so our market has been lagging behind the national trends. Here’s what’s happening now in Steamboat Springs:
- Prices are down 30-40% making real estate more affordable for buyers.
- Inventory is tight for single family homes under $500,000–and especially tight for homes under $300,000.
- Pending sales are up.
- Some parts of the condo market are still struggling, mainly because lending is so challenging for certain condo developments labeled “condotels” by lenders.
- Bank-owned foreclosures are dwindling.
- Land is selling again, especially in popular neighborhoods like The Sanctuary.
- New developer-owned single family homes, townhomes, and condo developments like Highmark, One Steamboat Place, Edgemont, First Tracks, etc. are selling.
- Older projects aren’t attracting buyers unless they are very competitively priced.
- There are more multiple offers on well-priced homes, especially bank-owned homes.
- Prices are up in some neighborhoods.
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