Spring is in the air, as is the smell of fresh asphalt. Across Steamboat Springs, construction is underway on road repair and more importantly for the housing market, on a number of new developments and spec homes. While we accept that supply has yet to catch up to today’s demand, buyers may find opportunities as developments such as Sunlight and Riverview hit the market. It remains to be seen how rising interest rates will slow down demand but at this pace, it’s inevitable. According to Freddie Mac, 30-year fixed rate mortgages have climbed to a seven-year high of 4.6% up from 3.9% just five months ago.

Overall sales volume at $243M, while very healthy, is down 7.5% from a year ago, restricted mostly by a lack of inventory. The median sales price of a single family home has risen to $830K in Steamboat Springs (80487), up almost $80K from just a year ago. This remains the category with the most limited supply. 

Months of supply across the market has remained fairly consistent since the fall, currently sitting at 5 months. With less than 400 active listings, concerns for buyers continue as we quickly work through the inventory that hit the market in the spring, by far the biggest time of year for new listings. Median price per square foot continues its ascent to $294/sq ft, a 7% gain in just one year. 

We love discussing market trends and educating our clients; please give us a call at 970-870-8800 to discuss this further.