Is the Steamboat Springs Real Estate Market Getting Better?
Is the Steamboat Springs Market Getting Better?
Yes and No.
It depends on what sectors, properties and market statistics you are looking at whether the caption can say the Steamboat market is up or down. Is this an actual real estate recovery or just a blip in the radar of a longer cycle that we are still on the downside of?
According to Inman News, for the 7th month, national home prices of non-distressed properties have declined. But those are nation numbers. Remember, real estate is local. Entry-level homes in Steamboat Springs are selling well, and there has been a resurgence in many luxury homes around Steamboat as well. We’ve seen increased sales across the board, with the most desirable homes being entry-level homes in close-in neighborhoods such as Fish Creek Falls area, the Mountain area and even a strong uptick in Old Town.
Pending Sales are up in March, an indicator of a real estate recovery, according to the National Association of Realtors. The index now is 111, and 100 or above is considered a healthy real estate market. The index in March 2011 was 89. The index right now is what it was in 2001 before the market started breaking out.
So, what’s different this time? Is this just an uptick on the graph that will quickly be pulled down by the shadow inventory and new distressed sales of foreclosed home? Or are we truly pulling out of the mire of dismay and dismal market we have suffered through for four years?
I believe there is a change in the market that I have not seen in years within the Steamboat Springs real estate market. There are more buyers and inventory is lower than it’s been in years. Will this continue? I believe it will.
Charlie Dresen 970-846-6435 email@example.com