Saturday, February 3, 2001
The Steamboat Springs real estate market posted remarkable growth in 2000. Total dollar volume topped $360 million for the first time in our market's history.
Despite a limited supply of land, fluctuating interest rates, and increasing citizen sensitivity to growth issues, sales continue to boom in the Yampa Valley. Though the growth of Steamboat's market is impressive, similar trends have been seen throughout many of Colorado's resort markets. But unlike similar periods of Colorado's resort market growth such as the late '70s, current record-setting sales seem more linked to retirees and those seeking lifestyle changes than buyers seeking to speculate in the markets.
In short, our real estate market shows no signs of slowing.
In fact in many ways it offers tremendous potential and value when compared to other Colorado markets. In 1999, the Aspen market topped $1 billion in sales for the first time in its history with the average home price well over $1.2 million countywide and $3.89 million in town.
In contrast, Steamboat's average home price was reported at $385,000. In Vail, where total sales volume also topped $1 billion per year in 1999 and 2000, the average condominium price was $376,710 compared to Steamboat's average price of $200,382. Remarkably, the average residential lot in Telluride sold for $488,542, while Steamboat's average priced lot sold for $216, 882.
Although these dramatic price differences between Steamboat's market and other Colorado resort markets don't directly predict Steamboat's future prices, they do indicate that the upside potential of the market has plenty of room for continued healthy growth.
David S. Baldinger Jr. is a broker with Steamboat Village Brokers, LTD. Home Front is a weekly column about local real estate issues, written by local Realtors. If you have a topic for Home Front, call Reporter Tom Ross at 871-4210 or e-mail firstname.lastname@example.org.