Sellers have been in control in most housing markets across the country for a solid four years. Escalating prices and inventory shortages have become the norm. But is the balance of power finally starting to shift to buyers? Data from other markets clearly shows a swing in favor of buyers. Interest rate hikes, stock market volatility and political instability all seem to be making an impact. In Denver, September 2018 home sales were down 20% from September 2017, quite a significant drop. 

Nonetheless, September in Steamboat was still relatively strong but buyers are feeling a hint of relief. After record sales in August, month’s supply of inventory actually remained flat (eight months for single family homes and five months for condo/townhomes). September total sales however were down 23% from September 2017 and median sales prices dipped a tad for the first time this year. Sellers remain optimistic as the average list price is $1.6M, up 18% from last year. An abundance of luxury inventory brings the average list price up significantly. 

The purchase of two prime parcels at Ski Time Square, near the base of Steamboat Resort, has people buzzing after waiting nearly a decade for some kind of development in this premier location. While no plans have been announced by the Washington, D.C. developer who paid $11.5M for approximately seven acres, locals are excited to see something new in the works. 

Numerous other big developments continue to make their way through different stages of planning and build-out. Sunlight, Riverview, West Steamboat Neighborhoods, Overlook Park, Trailside Village, Urban Street at the Mountain and others represent massive boosts to Steamboat inventory unlike anything seen in years. Come chat with us about these projects; we’d love to share timing, pricing and other details with you.