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significant data regarding the 2014
The condominium market in Steamboat Springs has undergone several changes since the boom
times of 2007. Ever since then, single-family homes have sold much better than condominiums
right through 2013. In 2013, single-family homes comprised more than 30% of the market as
opposed to condominiums that accounted for less than 25%. Local professionals state that
lagging condo sales are due to depressed prices and condo owners are looking to move up the
market. Nonetheless, it's difficult to tell whether single-family homes will continue to lead condos
in 2014. Then again, what is clear is that as a consequence of restricted supply, single-family
home prices will grow more rapidly than condo prices.
The condominium market could strengthen in 2014 due to more interest from owners searching
for second homes. In 2013, as compared to 2012, the condo market saw a decrease in the
amount of transactions, and average prices. However, median price saw some progress. Recent
times have also seen a change in the distribution by price range and 2011 and 2012 saw more
than 20 transactions under $100,000 followed by 14 in 2013. There are just a small number of
condos in this price range which are now on the market. This segment only accounted for around
5% of sales in 2013. http://www.kw.com
In the price range of $200,000 - $300,000, condos are popular, making up almost 35% of the
market that was the greatest market share since 2010 and are likely to further consolidate their
market share. Distressed residences which drove the lower end of the market are becoming
scarce and the inventory at the high end of the market is diminishing. One more possible
constraint on the supply of introductory condos is that a number of people purchased these at
high price ranges and have continued making the payments but will not be able to clear their
mortgages and meet the closing costs at existing costs.
The statistics for the week January 17 - January 22 show that in line with the normal trend, sales
totaled just over $2.55 million with 10 whole ownership deals and one fractional ownership deal.
All round, the market is continuing to get stronger with 103 pending sales for a value of around
$56.5 million. This symbolizes 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