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Details Of The 2014 Steamboat Condo Properties Market
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The condo market in Steamboat Springs has underwent a number of transformations since the boom times of 2007. Ever since then, single-family homes have sold much better than condo properties throughout 2013. In 2013, single-family homes made up more than 30% of the market while condo properties, which, accounted for less than 25%. Neighborhood specialists say that lagging condo sales are a consequence of depressed prices and condo owners want to move up the market. Nevertheless, it's difficult to tell whether single-family homes will continue to lead condos in 2014. Yet, what is clear is that due to restricted supply, single-family home prices will certainly grow more quickly than condo costs.
The condominium market could improve in 2014 as a result of more interest from owners seeking second homes. In 2013, compared to 2012, the condo market saw a decline in the amount of transactions, and average costs. However, median price saw a small amount of progress. Recent times have also experienced a change in the distribution by price range and 2011 and 2012 saw more than 20 purchases under $100,000 followed by 14 in 2013. There are just a small number of condos in this price range which are now listed. This segment only accounted for around 5% of sales in 2013. http://money.cnn.com/real_estate/
In the price range of $200,000 - $300,000, condos are popular, accounting for almost 35% of the market that was the highest market share since 2010 and are likely to further consolidate their market share. Distressed properties which drove the lower end of the market are becoming scarce and the inventory at the high end of the market is getting smaller. Yet another likely constraint on the supply of introductory condos is that many people acquired these at high price ranges and have continued making the payments but will be unable to clear their mortgages and meet the closing costs at current costs.
The statistics for the week January 17 - January 22 show that in line with the normal trend, sales totaled a little more than $2.55 million with 10 whole ownership deals and one fractional ownership deal. On the whole, the market will continue to to improve with 103 pending sales for a value of around $56.5 million. This represents an average price of over $540,000 and a median price of $297,000. The average price has been distorted by a large pending transaction. Of the pending sales, 12% are listed at over $1 million, 7% are between $700,000 and $1 million and 51% or below $300,000.
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