Building Permits Reveal Steamboat Real Estate Trends

The Rout County Building Dept issues building permits for all types of structures from single family to duplex, multiple family, accessory structures, commercial/industrial, and additions/renovations, in both the county and within the city limits of Steamboat Springs.  For years, building has been slow and sub contractors were more affordable and available, but that is no longer the case, especially within the city limits.

For comparison sake, we’ll look at the single family  (SF) home permits. In 2007, there were 31 permits issued for SF homes in the City of SS and 127 pulled in the county, outside of city limits.   By 2010, these numbers dropped by 77%  (7 SF permits issued) in the city limits and dropped by a whopping 95% in the county.  By year end 2016, the SF permits within city limits had more than recovered, ending at 110% of 2007 levels (34 permits issued). Although improving, the county was slower in their pace of recovery with only 54 SF permits issued which was still 57% off 2007 numbers.

In total, Routt County is still 44% down from 2007 in terms of quantity of SF permits issued, but if you look at the property valuations for these same properties, the county was only 26% off of 2007….indicating a rise in building costs.  This analysis exposes two trends that are worth analyzing in subsequent articles…why has the city recovered so much faster than the county and why are building costs exceeding those in the height of the 2007 market

This article was guest written by Kelly Becker.  To contact Kelly about new construction or what to expect when building a home in Steamboat, call her at 970-846-2300.

Posted by Steamboat Springs Real Estate | Filed Under Uncategorized

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