CONDO MARKET UPDATE
The Steamboat condo market has certainly seen its ups, downs, and ups over the past several years. Transactions hit bottom in 2009, posting a mere 48 sales in the first 3 quarters of the year. Since then, demand has slowly and steadily continued, and 2018 prices are now seeing pressure from limited inventory. Through 3rd Quarter 2018, higher demand and limited supply resulted in a 7% rise in median price year-over-year, from $354K to $369K, and a 14% drop in transactions, to 169.
LOCATION, LOCATION, LOCATION…
$786,000 ($623/sf ) while the more vintage units are
What are the trade-offs of owning a slopeside condo
$394,000 ($415/sf ). Historically we have seen even
vs. one a few blocks away? Well, you can get more
greater disparity between the two, depending on
condo for your money the further away from the
which developments post sales. In general the $/sf for
slopes you are willing to go; but a slopeside condo
condos in newer developments is nearly double that
offers the ultimate convenience and likely the ability
of older developments. However, the market trends
to generate more income, should you decide to rent it
of the two product types are strikingly identical
out. Based on a price per square foot analysis, values
when compared to the values of the same properties
are about 20% to 25% higher for a condo on the slopes
in 2009. Older condos are at about 82% of the 2009
than one a few blocks away. But, which location is a
values, and newer ones are between 70-80%,
better investment? The answer largely depends on the
depending on the development where they are located.
motivation, purchasing power and needs of a buyer. OLDER – VS– NEWER SLOPESIDE CONDOS
have few options. With supply lines now unable to
There is a significant difference between the older
meet the near record-level demand, we will likely look
and newer models of slopeside condos. Thus far in
back on 2018 as a critical turning point in the condo
2018 the average price for newer slopeside condos is
market in Steamboat Springs.
T R A N S ACTIONS
M EDIAN PRICE
$600 $450 $300
SL OPESID E
2018
2017
2016
2015
2014
$0
2013
$150 2012
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
50
$750
2011
100
$900
2010
150
SLOPESIDE VS NON SLOPESIDE
2009
200
$1,050 ME DI AN PR IC E
250
$400K $350K $300K $250K $200K $150K $100K $50K $0
AVER A GE PR IC E/SF
CONDO MARKET TRENDS
300 TR A NS AC TION S
At present, demand for condos is high, but buyers
N ON - SL OPES I D E
S T E A M B OAT S I R .C O M
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