That’s the question most asked of real estate agents. In Steamboat, the easy answers are “It’s on fire!” or “There’s no inventory.” On the surface, those answers are true as total sales volume is up 24% from this time last year and months of inventory have decreased significantly the last two years. In order to really answer the “How’s the market?” question accurately, it takes more analysis.
With lower priced inventory lacking and an abundance of high priced properties, this represents an amazing “move up market”. For example, if you’re a seller with a property under $1M, you’re in a segment that lacks inventory and continues to experience rising prices; now may be a great time to sell. If you’re a buyer of a property over $1M, there are more active listings now than a year ago, allowing buyers to get more value on higher end properties. Feel free to contact your CGR agent to discuss specifics of your situation.
BUILDING PERMITS: What's The Real Story?
The Routt County Building Department issues building permits within county and city limits for all types of construction. This includes single and multi-family homes, duplexes, commercial and industrial projects, as well as additions, renovations, and accessory structures. Following the financial crisis, building tapered off and subcontractors were more available and affordable. Almost a decade later, things have changed— especially within city limits.
In 2007, there were 31 single family home permits issued within the Steamboat Springs city limits and 127 in Routt County. In 2010, permits dropped by 77% in city limits and 95% in the county. By the end of 2016, numbers inside city limits recovered, ending at 110% of 2007 levels. County numbers were slower to recover (57% down from 2007) and continue to linger behind in 2017 (44% down from 2007). The number of permits issued, however, compared to property valuations (26% down from 2007) indicates a rise in building costs.
By: Kelly Becker
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