Steamboat’s vanishing sub-$200,000 home market
Historic sales of homes priced below $200,000
STEAMBOAT SPRINGS — Even in an era of escalating home prices, homes priced below $200,000 have been one of the most active market segments in the Steamboat Springs and Routt County real estate market. But that may be about to change.
Melissa Gibson, of Land Title Guarantee Company in Steamboat Springs, reported this week that through the first quarter of 2018, only eight homes, including small condos, townhomes and single-family homes, were sold in Routt County for less than $200,000. Since 2014, the number of annual sales in that range had never dipped below 160 until 2017 when 108 sub-$200,000 sales were recorded.
It’s early in the real estate year, but the Yampa Valley is approaching the season when potential home sellers shake off their hibernation and take action. The problem this spring is that there is very little inventory in the sub-$200,000 price point for Realtors to show.
“That price range is something that is disappearing in the Steamboat Springs city limits where buyers’ choices are very limited,” Martin Dragnev, of Colorado Group Realty, said.
His sense, based on advice he is giving his clients, is that in 2018, the home sellers who typically pop onto the market in the month of June may have already put their properties up for sale.
“Usually we see a spike in June, but we may have had that already. Our strategy this year has been to advise clients to list sooner,” Dragnev said. “I know that a lot of my colleagues are employing similar strategies.”
The goal, he said, is to beat the competition to market while there is limited supply and to take advantage of the mild winter that Colorado has just experienced.
One of the homes currently on the market that fits the sub-$200,000 market is a 673-square-foot, one-bedroom condo at Shadow Run at the corner of Walton Creek Road and Whistler Road. Listed for $174,900, it last sold for $63,000 in 1995, according to the Routt County Assessor’s website.
Not far away, at an elevated site on Apres Ski Way, are two smaller condos with big views of Emerald Mountain in Mount Werner Meadows. The condominium building was built in 1967.
Both one-bedroom, one-bath units are 295 square feet and were recently remodeled. One is priced at $174,000, and the second, with upgraded stainless steel kitchen appliances, is listed at $177,500.
One of the most appealing single-family listings in Steamboat, in terms of asking price, is a three-bedroom, two-bath, 1,792-square-foot manufactured home built in 1995 that is listed for $147,000.
The home has a pitched asphalt shingle roof and wood siding on Indian Trail in Copper Mountain Estates on Steamboat’s west side. What’s different about the home is that it’s located in a subdivision with land-lease arrangements in place — instead of owning their building lots, homeowners pay ground rent.
Dragnev said he thinks the next market for lower-priced homes will be found in the South Routt communities of Oak Creek and Phippsburg.
There is a three-bedroom home currently on the market in unincorporated Phippsburg for $239,000. And there are currently two homes listed for sale below $200,000 in the town of Yampa, further south.
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