“Steamboat is a very desirable place and a lot of families want to make it home, but there’s not a lot of great options,” Goldman admitted, CEO of Colorado Group Realty.

Half of the buyers in Steamboat are from out of town. They’re looking to buy something different from what single families want, he explained.

“You have a very big group that is looking for a luxury house or you have a lot of people who are just looking for a ski condo,” Goldman said. “The locals, they’re looking to raise families here — they’re really looking for under the $1M price range that doesn’t really exist.

“The locals are the ones who are struggling the most,” he added.

Currently, there are only 24 single-family homes under $1 million for sale in Steamboat. Condos are available in Steamboat in the $300,000 range, but they offer far less space in addition to reoccurring homeowner association fees. Those looking for a reasonably priced single-family homes are forced into the Hayden, Oak Creek and Stagecoach markets, he said.

While homes under the $1M mark become harder to find, luxury home sales have increased. In 2019, there were 150 home sales over $1M, which is up from 100 sales just three years ago. There’s also excess supply in homes selling for $2M and above, so those buyers are getting good deals, according to Goldman.

To read more about the 2019 market and for an outlook on 2020, read the full article here.