Steamboat Springs, CO Real Estate and Community Blog

Colorado resort real estate markets like Steamboat Springs, CO, Jackson Hole, WY, Aspen, CO and Vail are experiencing the same thing– fewer real estate sales but higher average prices.

Resort markets have seen sales slow as credit tightens and buyers become more cautious. Second homes are not “must-have” purchases like primary homes, so second home buyers can take their time.

The Colorado resort market also has fewer real estate speculators. Prices were driven up-sometimes 20%-40% a year-by speculators looking to cash in on big appreciation gains by flipping properties in a year or two.

Instead, people buying Steamboat real estate are buying a lifestyle choice. They are looking to move to Steamboat for its natural beauty, small town feel and outdoor lifestyle-not to buy Steamboat real estate, fix it, and flip it. Without the speculators, buyers have time to choose exactly what they want.

Resort real estate prices have gone up because high end real estate sales are driving the average price up. And foreign buyers are finding the weak dollar means big savings for them.

Here are the numbers:

Jackson Hole, Wyoming had 25% fewer sales, but the median price was up 86% for the first quarter of 2008.

In Eagle County, Colorado (Vail, Beaver Creek), dollar volume was down 28% in January and 18% in February. Fifteen homes priced over $3,000,000 sold in February.

In Steamboat Springs, dollar volume was down, but there were 50% more homes sold in the $2,000,000-$2,500,000 price range in the first quarter of 2008 while real estate prices were up 6.7%.

Pitkin County, Colorado (Aspen) real estate sales were 50% lower in January and 32% lower in February.

Telluride, CO had 66% fewer sales while average prices rose almost 3%.