Tulips and an update for the Steamboat Spring Real Estate Market
Over the last 3 months things have improved. Not in prices or values but in transactions. The more transactions there are the less inventory we have. And that means a little stabilizing of prices. But this has literally been over the last 3-4 months. If this keep up, it will be a good sign that things are improving here in Steamboat – although that’s not the case for the majority of the nation.
I will say that in a few areas of our market we have most likely hit the bottom. Properties like Canyon Creek and Trappeurs Crossing in the mountain area are just that type. A typical Canyon Creek 2 bedroom condo sold for $615,000 in 2007 and a similar one sold for 378,000 this last March. Canyon Creek, Steamboat examples. These types of properties are rather desirable for their proximity to the ski area. So buyers that have been sitting and waiting are now buying them at these discounted prices. And prices have not dropped for these types of properties over the last 6 months.
Other areas the prices are still going down. We’ve had a lot of foreclosure here as well and they continue to increase. But where there was once 55 bank owned properties on the market, today there are 38. A step in the right direct but still not great.
As for my outlook on the Steamboat Spring real estate market – Last year there were 303 foreclosures filing in Routt country. This year there are 127 to date (May 10, 2011). So this number is not great and these will continue to hurt the market. The good news is that people are buying these foreclosed properties and the inventory is staying fairly even, if not going down slightly.
I predict the market will stay flat for most areas in Steamboat, Colorado. Outside Old Town, Fish Creek and the Mountain area is another question. But inside Steamboat most prices will stay flat and some will trend down ever so slightly during 2011. 2012 will be very similar. Some value might go up a bit (Canyon Creek like properties) and most the of the market will remain flat. I imagine that in 2013 will see a slow increase in values.
Here’s some recent blog about the market: