As many areas around the country are reporting slowing real estate sales, August in our area was heating up! The $76M in closed sales in August was our biggest month for volume in over a decade; this moves us to $390M year to date, up 6% from this time last year. 

There are increasing signs that the sellers’ market of the last two years is starting to tilt a tad in the buyers’ direction. The key indicator, inventory, which has been at its lowest levels in years, has gradually started to rise over the last year. In fact, in each of the last five months, more new listings have hit the market than in the previous year. Increased home values are no doubt encouraging potential sellers to act sooner rather than later. 

There are currently 493 active residential listings on the market which is flat when compared to the last two months. Given that July and August were very strong for closed sales and we still have similar inventory levels, perhaps buyers may begin to see some relief. 

One category that is impacting overall volume is the Steamboat luxury market. With 13 sales over $2.5M, compared to just four at this time last year, the luxury market is seeing some solid activity. Nonetheless, when compared to other ski resort towns, the very high end luxury market in Steamboat is almost non-existent with only one residential sale over $5M in 2018. 

Fall in the mountains is often a time when real estate agents catch their breath from a busy summer; this year is clearly different as the activity level is still on the rise. We can’t wait to help you; please contact us at 970-870-8800 with any questions.