The more things change, the more they stay the same. April real estate activity in Steamboat was quite similar to the last two years. Total sales volume for the month was $48M, up slightly from $46M last April. The busy month eased worries of a market slowdown that was stoked by a moderately slow first quarter of 2019 when we averaged only $27M per month. Total volume this year is now only down 3% compared to last year’s rapid start.
May and June are typically the busiest months for new listings and buyers hope that 2019 is no different. In the last few years, total active listings have increased more than 20% during these prime selling months. With 365 currently active residential listings, buyers are optimistic that inventory will spike even further heading into the summer. In Denver, inventory relief is well on its way, as active listings there are up 35% year over year. However, active listings in Colorado are down 4% year over year.
Limited inventory in the last few years has, not surprisingly, led to healthy price appreciations. In Steamboat, the median price is now $312/Sq. Ft., up 9% from last year and up 27% from three years ago. Steamboat’s neighbor to the west, Hayden, has also seen solid home price appreciation. Properties in Hayden now sell at a median price of $285K, up 21% in just the last two years.
The Yampa Valley Housing Authority, with developer Overland, recently broke ground on its newest affordable housing project, Alpenglow Village, a 72-unit development on Pine Grove Rd. Those interested in leasing there will have the opportunity to apply in the Spring of 2020. Meanwhile, on the other side of Highway 40, construction plans on the 180-unit development Trailside Village have changed. While many units were under contract, developer Aria Colorado encountered unforeseen construction costs that triggered them to delay, or possibly cancel, the project.
Colorado Group Realty’s 70 local agents are happy to provide you specific information on the latest developments or your home at any time.
