Steamboat Sotheby’s International Realty recently released the July 2017 Residential Real Estate Market Snapshot, revealing a continued upward trend in the residential real estate market.
According to data from the Steamboat Springs Board of Realtors, through July 31, 2017 there were 535 residential properties sold in Routt County – up 18% from the same time frame in 2016. Median sales price increased from $375,000 in 2016 to $420,000 in 2017, an increase of 12%. Total sales volume of residential properties in 2017 was $313 Million, up 32% from the $237 Million sold in 2016.
As of August 1, 2017, there were 187 residential properties under contract compared to 140 in 2016 – an increase of 34%. With active listings on August 1 at 587, that puts the absorption rate (the rate at which the market will absorb all of the inventory) at just over 6 months – a healthy timeframe for a market.
CLICK HERE TO VIEW THE JULY 2017 MARKET SNAPSHOT
While these numbers capture just a snapshot in time, they are consistent with the monthly market snapshots throughout 2017 so far.
These statistics are a look at the overall residential market in Routt County. Within the overall residential market, there are micro-markets based on type of property (townhome, condo, fractional ownership, single family homes), based on location (Mountain Area, Downtown Area, South Valley, Elk River Area, etc.), and based on price band (Under $400K, Over $1M, etc.). When considering a real estate investment, it is important to get expert advice specific to the type of property, the price range and the area that you are considering.
For information about past months’ market statistics, for the 2016 Annual Report, and the 2016 Resort Report (comparing the Steamboat Springs market to other Western resorts), visit the MARKET INFO page at steamboat.sir.com.
