The Steamboat Springs real estate market continues to experience historically low inventory. There were only 92 active single-family homes and 219 condos and townhomes available within city limits at the end of February. With such tight inventory and buyers waiting for new options to hit the market, this causes quick or multiple offer scenarios to arise. Typically a slew of new properties come on the market in the spring, which will hopefully help rebalance our supply to demand.

January ended with 4.9 months of inventory for single-family homes and 4.5 months of inventory for condos and townhomes; this represents a significant decrease from 2017. The median sold price for the end of January was $414,500; this represents a nearly 10% increase from 2017. As inventory continues to be depleted, prices will likely continue to appreciate.

Across Colorado, limited supply and rising building costs are altering the dynamics that influence home buying. With fewer homes for sale, buyer competition is fierce, homes are on the market for less time and prices are driven higher. Inventory shortages don’t have a single cause, but one of the biggest roadblocks is the lack of new construction. While we have seen an uptick in land sales and construction activity in Routt County over the past two years, it has yet to provide meaningful inventory at an affordable level. The rumors of multi-family developments set to break ground in 2018 gives us something to look forward to, but will it be enough?

We expect the newly announced Ikon Pass to be another accelerator for the Steamboat real estate market as more visitors experience all that Steamboat has to offer. Please feel free to contact us at 970-870-8800 with any questions about Steamboat real estate.