Archive for December 2015

Median Sales Price Just Doesn’t Matter

steamboat real estate median sales priceWhen buyers read headlines like “Median Prices Down 53%!” and “Median Prices Down 62%!” you would think sellers were practically giving their homes away here in Steamboat Springs.  Nothing could be further from the truth.  Many buyers (with good reason, in many cases) are looking for homes and condos with a mindset left over from the dark days of 2009-2011, and month-to-month stats like the ones below tend to reinforce that thinking.

If you take a look at the month-to-month median prices for Steamboat area single family homes and condos, you’ll find swings of several hundred thousand dollars.  Condo prices tend to be a little more reliable because there are more sales, and more data points, to generate better stats.

So what’s really going on?  This year has been the year of the entry level buyer.   Currently, rental inventory is as limited as our housing inventory. We’re seeing more first time buyers and buyers in less costly areas like Hayden and Oak Creek who are finding it’s cheaper to buy than rent.  So those numbers are affecting our median prices even though they have little to do with the Steamboat Springs real estate market.

In the City of Steamboat Springs, it’s a different real estate story.  There are currently 81 homes for sale. Only three of them are priced <$500,000 and 51 of them are priced over $1,000,000.  We are seriously lacking in home inventory priced between $500,000-$900,000.  Half the homes currently listed between $500,000-$650,000 have less than 1000 sf and have two or fewer bedrooms.  They are basically tear downs.

Inventory Graph

Buyers have a few options.  They are choosing to build, waiting for new listings to come on the market, or they are upping their budget.  If you are thinking about buying, please call us at 970-819-6372 to talk about your options and sign up for notifications of new homes on the market.

Why Buyers Who Purchase Homes in the Winter May Get the Best Deals

Buyers looking to purchase a Steamboat home have fewer properties to choose from now that single family home inventory is down almost 10% from a month ago.  But if you are fortunate to find a home you like, this is one of the best times of year to make an offer.   Pending home sales increased by 46.2% in November and median prices are up to $550,000 for single family homes.   Remember, the $550,000 median includes the entire Routt County area and a few outlier sales (at either end of the spectrum) can affect median prices in Steamboat Springs.   Steamboat prices are almost always higher than homes located in Stagecoach, North Routt, and west of Steamboat.

If you look at the pending sales information below, you’ll see that December-February are good months to purchase properties because there isn’t as much competition from other buyers.  Two to three times as many buyers go under contract from March-November, so sellers may be more motivated if presented with an offer between December-February.  When sellers have more showings and more activity, they are less likely to negotiate because the next buyer might be ready to write a higher offer.

If you are looking in the winter, remember that Steamboat gets a lot of snow.   Buyers may want to wait to see what lies beneath the snow when purchasing single family homes but it’s never to early to start looking and line up financing.  See all the homes and condos currently for sale here, or call 970-819-6372 with your questions.

2015 November Single Family Home Sales

Single FamilyNovember single family home sales in Steamboat had mixed results. There were 22 single family sales in and around Steamboat this November, compared to 32 in 2014. While these aren’t great numbers if we only look at November, year to date sales are still above last year’s numbers. What is encouraging is the pricing. In November 2014, the average sales price of a single family home in the Steamboat are was $506,532 and this year it was $632,181. This represents a 25% increase over last year.

To see which single family homes sold in November look at the chart below.


MLS # Address Area Sold Price Ask Price % of Asking
140580 57430 Golden Tide Place NORTH ROUTT $280,000 $299,000 94%
141555 33115 Filly Trail STAGECOACH $360,000 $369,000 98%
141925 40520 Anchor Way WEST STEAMBOAT $387,500 $399,000 97%
140295 57565 County Road 62 NORTH ROUTT $403,000 $449,000 90%
139970 58035 Jupiter Place NORTH ROUTT $425,000 $439,000 97%
141374 29760 Riffle Run STAGECOACH $480,000 $495,000 97%
140989 26355 Hidden Mesa Dr SOUTH ROUTT $499,000 $549,900 91%
141781 59122 Wiley Way NORTH ROUTT $525,000 $550,000 95%
140637 28050 Yellow Jacket SOUTH VALLEY $540,000 $565,000 96%
141683 21420 Whitewood Dr. W SOUTH VALLEY $550,000 $585,000 94%
140384 40835 Purple Sage St. WEST STEAMBOAT $640,000 $645,000 99%
139811 27445 Gold Queen Place NORTH ROUTT $789,000 $824,900 96%
138529 29975 Homestead Lane SOUTH VALLEY $825,000 $895,000 92%
140775 2615 Windward Way MOUNTAIN AREA $846,000 $849,900 100%
141047 3105 Laurel Lane MOUNTAIN AREA $1,335,000 $1,400,000 95%
141746 44500 Diamondback Way ELK RIVER AREA $1,575,000 $1,695,000 95%
141435 2890 Burgess Pines Trail MOUNTAIN AREA $2,548,000 $2,850,000 89%

If you’re interested in buying a property in Steamboat, or have a home you’d like to sell, please contact us at 970-819-5063.