The 4th quarter saw big increases in the number of Steamboat condo and townhouse sales. There were 123 transactions in Q4 for the market segment, up 39.8%. There was also a significant increase in pending sales, while the number of new listings was down by 11.7%.
This means that the demand has increased, while the supply is not growing at the same rate. This could be an indicator that prices will continue to increase in the near future. In 2013 we had 12.5 months of supply in the condo and townhouse market. For the 4th quarter of 2014 this number has been reduced to 9.5.
The median sales price for condos and townhomes was up 17.1% compared with same period in 2013. The average sales price was up 18.8%, and the number of days on the market has also decreased.
What are the takeaways from this data? If you own a Steamboat condo or townhome, its value is increasing. If you’re looking to sell your Steamboat property, this might be a good time because inventory is shrinking while prices are increasing.
Finally, if you’re looking to buy, prices are on the rise, and this may be the perfect time to invest in your Steamboat property before they climb even higher.