In most cities across the globe, spring is the time of year when the highest volume of properties hit the market. Steamboat is no exception and local buyers are hopeful to see significant supply added to help balance the high demand. While the 112 new listings that came on the market this March didn’t measure up to previous years, it was the highest number of new properties added in the last seven months. Year to date, 264 new properties have gone on the market, down 22% from 2017. Based on this activity, we expect that the same trend will continue in April and May: healthy but not the volume of past years. The market has held steady for the last six months with about 400 total active listings.

What’s holding potential sellers back given increasing sale prices? Many express the desire to sell but have the challenge of finding something else to buy. We continue to call this a “Move Up Market”; when sellers of lower priced properties can sell at a premium and buy in higher priced categories where supply outnumbers demand. The categories with the most limited supply remains the entry level and under $1M single family home markets with only two months of supply, while the luxury category, over $2.5M, has a healthy supply of 28 months.

Speaking of increasing sales prices, the median sales price for single family homes in Routt County has crested $600K, up from $540K at the same time last year. Routt County condos and townhomes are also at their highest level in years, at a median price of $400K, up significantly from just two years ago when the median condo and townhome was selling for exactly $300K.

For additional information, please call us at 970-870-8800.