Colorado Group Realty Insider - February 2019
Steamboat Springs real estate market didn’t exactly start off with a bang in 2019. Sales volume in the city limits was just shy of $25M, down from $28M in 2018 and $35M in 2017. In Routt County, outside of Steamboat's city limits, there was another $2.5M in January sales volume. In our market, winter months are typically the slowest months of the year and then activity picks up significantly in spring and summer.
Usually we see a spike in new inventory in the spring, then a gradual decline in active listings all the way through the following winter. Over the last 10 months, inventory has held in a tight range of around 400 residential properties for sale. Will the normal spring inventory influx take us to new levels, providing buyers more options? Buyers have received some recent relief as 30-year fixed mortgage rates dipped to 4.4%, the lowest rate in the last 10 months.
Steamboat homeowners continue to see price appreciation in most categories. In fact, in the last five years the average price per square foot in Steamboat has risen from $240/sq. ft. to $340/sq. ft., proving being an owner here has been a solid investment. Properties in the luxury segment (above $2M) average $550/sq. ft. but haven’t fluctuated much in the last five years. Meanwhile, properties in the under $1M market average $320/sq. ft. but have risen 50% over the last five years. While each price category changes uniquely, so does each neighborhood. For example, Old Town Steamboat has grown in popularity but has limited inventory, leading to average price per square foot growth of 80% over the last five years from $250/sq. ft. to $450/sq. ft. Downtown living continues to be desirable across the country and Steamboat is no exception.
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