Single-family homes in Steamboat averaging $805K
October 29, 2018
STEAMBOAT SPRINGS — Buyers looking to purchase a single-family home within the Steamboat School School District are facing an average price tag of $805,000, according to The Steamboat Group's fall market report.
"A lot of people coming in with $500,000 to $600,000 … you're probably looking at a duplex or town home unless you go out farther from town," said Jon Wade, broker/owner with The Steamboat Group.
The fall report relies on statistics provided by Land Title and data gathered from Steamboat Springs MLS sales.
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RE/MAX's Kim Kreissig said, even if you find a rare piece of property below $500,000, there's another price to pay.
"You're buying something from the ’80s or earlier … a little vintage," Kreissig said.
The $805,000 price for single-family homes doesn't include the top 10 percent of home sales, which are separated out in the fall report as luxury home sales. The average sale price of a single-family home in this segment of the market is $2.94 million.
Town home sales, which also includes duplexes, were averaging around $643,000.
"Most of the town homes are in town,” Wade said. “There are almost no town homes in the county. The only ones I can think of are in Stagecoach, and they're not in Steamboat schools."
Wade said, as the price of single-family homes continues to rise, he expects the townhome market to remain active.
In the meantime, the average sale price of a condominium is lower than fall of last year, but the median price, which represents the middle-priced condos, are up a little.
Wade said condo supply is low, so there are fewer sales. However, most condos are worth more than they were last year. The average price of a Steamboat-area condo is about $411,000.
When asked about how a robust economy is affecting sales and if a possible downturn was on the horizon, Wade was confident today looks nothing like 2007 before the big crash.
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"There's a few things that give me comfort,” Wade said. “Our purchases are about 50 percent cash, and so that overall demand is real."
Kreissig, owner/broker for RE/MAX Partners in Steamboat, agreed.
"I'm a little concerned about the tariffs and trade wars, but people are buying for the right reasons, not because of loose standards," Kreissig said.
People love Steamboat, and they want to be here, Wade added.
"It's generally a seller's market, but there is still balance,” Wade said. “When a seller gets too optimistic, the market generally lets them know.”
Frances Hohl is a contributing writer for the Steamboat Pilot & Today.