News headlines have recently claimed that the national real estate market is slowing down; these claims, without a doubt, have created a glimmer of hope amongst home buyers seeking increased inventory and lower prices. While the market may in fact be showing signs of deceleration, in reality that means that it’s just not growing at the torrid pace of the last few years. 

In the last three months, activity in the Steamboat market, $81M, is not on pace with the immense total sales volumes of the last two years. By comparison, in 2018, three months volume was at $88M and in 2017, it was at $96M. 

Steamboat currently has $530M in total active inventory, which is up solidly from the $484M at this time last year, although much lower than two years ago at $627M in total inventory. We’ve also dipped under 400 active listings for the first time since last spring. For buyers eagerly waiting for more options, May, June and July are when we typically see a lot of properties hit the market for sale. Steamboat is no different than most markets across the globe where entry level inventory is extremely limited. Fortunately, a few new developments like Fox Spring Condos, Alpenglow Village and Trailside Village are due to break ground soon providing some relief in the under $750K price category. 

Not surprisingly, median days on market is lower for smaller-sized and lower-priced properties. For the last eight months, the total median days from listing to going under contract for all properties has been just above 30 days. Of course, that’s different for every neighborhood and category with condos/townhomes taking longer to sell given the large inventory pool. Come talk to a Colorado Group Realty agent for a free market analysis for your specific market, neighborhood and home.