April Market Update in Steamboat

We continue to see encouraging signs in the Steamboat market but are not into the recovery phase yet.  As you read the national news there is considerably more good economic news than bad which was not the case a year ago. Real Estate transaction volumes were up 17% in 2010 and buyer interest continues to increase given the improving (but not recovered by any means) economy, attractive price levels and people continue to be interested in living the Steamboat Lifestyle.  I have been seeing steady inquiries from those looking to move here whose business allows for that, locals buying their first home, people looking to upgrade since they will likely save on the net upgrade cost,  people retiring or planning to in the next 5-10 years, people looking for a place in Steamboat to bring together their family & friends and those looking for a great deal. Most people have more than one of those reasons.

   Volume was down about 30% in February 2011 vs 2010 which I don't like to see but most of that can be attributed to some large closings in big projects from contracts written  in 2007.  What is encouraging is that interest levels and property showings continue to increase.  People are recognizing the values they see in Steamboat and often say they think the next 3-12 months looks like the right time to by.  This is a big shift from even late 2010.  I'm not ready to call a bottom to our market price wise but I do feel comfortable saying that I believe you can get an excellent deal on one of the best properties with fewer compromises this year since the best ones are being bought at a good pace now. Others may go for less later but will not likely be the best units and thus the best values. This doesn't consider how much more you will enjoy the better properties.

   Our market still has significant inventory but inventory is now going down and my experience in showing property says that when you look it is likely you will find 0-3 properties you are interested in.  This isn't a reason to act this moment but it is a good reason to start looking and get a feel what is available. Then you can get a feel for the market, identify some candidates then watch things more closely so you don't miss out on getting the best fit for you.

   The situation depends on what kind of property you are interested in.  If you are curious just give me a call to get a feel. If you would like to know about where your current property is feel free to ask that or any other question you have.

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