Single family home prices have fallen in every Colorado resort market creating opportunities for saavy shoppers. Buyers are combining lower prices with ridiculously low interest rates to purchase homes that seemed unattainable just a few years ago.
Looking closer at the stats, the number of single family homes sold in the Steamboat area in 2011 was 289, up from 192 in 2010 and 109 in 2009. Significantly more homes were sold last year at lower price points, bringing down the overall average price.
The lower price points were driven by Steamboat bank-owned properties, which buyers snapped up in 2011. Over 11% of Steamboat real estate sales in 2011 were bank-owned foreclosures. In 2010, only 4.5% were bank-owned, and in 2009, less than 2% were REOs.
The final interesting point in analyzing the data is the decrease in inventory of new construction. It’s a fact–buyers prefer new properties. In 2011, 13% of sales were new construction. Compare that with over 24% in 2010 and it’s easy to see that the brand-new Steamboat homes, condos and townhomes buyers like is rapidly being absorbed by the market.
If you are considering a real estate purchase in Steamboat, give us a call at 970-819-6372 to discuss your goals. Even though prices haven’t started rising…yet….we’re seeing the signs that the market might be ready to turn.