Guide for relocation to Steamboat Springs, CO

Housing & Building

Real estate wrap-up : Throw supply/demand theory out the window

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At the conclusion of 2014, the Steamboat Springs real estate market posted its fifth best year on record. Should 2015‘s trend hold, it may take over that recognition; in the first half of 2015, the Steamboat Springs MLS posted 441 transactions, bettering 2014’s mark of 438. More notable, however, is the supply side, where a 7 percent decline in listings occurred.

Usually, as demand increases and supply decreases, prices increase. However, that hasn’t happened yet in Steamboat, as 2015 prices in most property types have remained consistent with 2014.  With the drop in listings and near-equal sales, the supply versus demand dynamic should have resulted in higher property values. Conversely, overall Dollar Volume dropped 6 percent to $200 million, resulting in a 7 percent decline in the Average Price to $454,000.  Median Price also slipped, from $316,000 to $309,000. Despite a general drop in prices, foreclosures have continued to make up less of the market, as bank-owned real estate activity declined 25 percent in the first half of 2015 to 25 transactions.

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