Steamboat had a hot summer! In Q3 of 2017, 13 single-family downtown homes sold for $9.25M in total sales, averaging $384/sf and 88 DOM (days on market). In the mountain area, 19 single-family homes sold for $19.35M in total sales, averaging $333/sf and 252 DOM. There are currently nine single-family downtown homes for sale and more than half have been on the market for a year or more. With such little inventory, why do they sit while others see multiple offers per day?

Location matters, but so does style and function. Functional obsolescence—the decline in a home’s usefulness or desirability because of an outdated design feature—can be cost prohibitive. Buyers pass on homes that can’t fulfill their potential. Downtown, the low inventory of desirable homes lends to higher sale prices often driven by multiple offers.

Low inventory of desirable styles leads to a hot market. Many downtown buyers purchase and renovate properties in a contemporary, mountain modern style for efficiency, function, and an open concept. The Craftsman style home maintains its timeless appeal and historic Steamboat charm. There’s an appetite for downtown Craftsman homes, but currently none are on the market.