Steamboat Real Estate Home Search and Blog

Average prices for Steamboat real estate are up in 2008, but your home or condo is (most likely) not worth more. Real estate sales have slowed this year as people take a wait-and-see attitude about the economy, and prices in many areas are being reduced to attract buyers.

Statistics work best when there is a lot of data, and the number of real estate sales this year is at a 5+ year low.  So there are fewer sales used to calculate the average price.

The sales that are being used are high-priced homes, ranches, and land that skew the average price up.  You can see from the graph that 54% of sales in 2008 are over $1,000,000. Fifteen sales are over $3,000,000.

When you add up all the sale prices and divide by the number of sales, the average price will be higher based on the data.

It doesn’t mean that Steamboat real estate has defied the national market conditions and prices are still rising.  Prices will rise again, but it isn’t happening this year.