There are currently no disappointments with the Steamboat Springs real estate market and it looks like 2017 will finish out on a high note. These are a few variables that can be examined to project how the 2017 Steamboat Springs real estate year will finish out and they are:
- The local economy
- Positive trends within the local market
- Improvement over the prior year or two
The Local Economy and Steamboat Springs Real Estate
The recent sale (August 2017) of Intrawest Resort Holdings, the parent company of the Steamboat Ski area, and Mammoth Resorts for $1.5 billion, through a joint venture of KSL Capital Partners and Henry Crown and Company, is a strong testament to the strength of the local Steamboat Springs economy.
Anytime a large investment is made by a company in a small area, such as Steamboat Springs, the local economy sees: increased business development, expansion within current businesses, stability within the local economy, and an uptick in the real estate market as people begin to invest in properties, upgrade to larger homes, and first time home buyers make investments and lay down roots by purchasing real estate property to call home.
Positive Trends Within The Steamboat Springs Real Estate Market
According to the Steamboat Springs Board of Realtors website, two positive trends emerged in the Steamboat Springs Real Estate market between 2016 and 2017.
The first is an increase in the median sales price of single -family homes by 69. 6%. In 2016, the average price for a single-family home in Steamboat Springs was $280,000 and by 2017 that number had swelled to $475,000.
Also of note in Steamboat Springs real estate is the drastic increase between 2016 pricing and 2017 pricing of townhomes and condos. In 2016, the median sales price for a townhome- condo was $90,000, and by 2017 that number was $511, 500, or an increase of 468.3 %.
Both of these large upticks in the median pricing for homes in Steamboat Springs not only shows the strength of the Steamboat Springs real estate market, but it is also a good indicator that the Steamboat Springs real estate market will finish out 2017 strong.
Improvement Over the Prior Year or Two
As the Steamboat Springs Board of Realtors website notes, the median sales price was up 5.6% to $596,000 for single family homes in August of 2017, and 21.7% to $383,500 for townhouse-condo properties. Even though the days on market increased to 10.3% for single- family homes, it decreased to 20.1% for condo properties. These were expected results since there have not been any major changes in the economy that would affect housing, said the Steamboat Springs Board of Realtors market report for August 2017. “Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data are showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.”
Your Happiness Is My Motivation
Sunny Brstina | Steamboat Sotheby’s International Realty
Real Estate Broker | 970.846.1574| sunny(dotted)steamboat(at)gmail(dotted)com
Website:www.SteamboatHousesForSale.com