All About Colorado’s Real Estate Market
Boosting the real estate boom in Steamboat Springs, a gondola will be added to encourage a “walk not drive” atmosphere. It was recently announced that a gondola will link the Wildhorse Meadows real estate and commercial propertiesto the ski area .
The Wildhorse Meadows plan has a large residential real estate component and has an existing commercial complex. Construction is expected to be completed before the 2009-2010 ski season.
A report conducted by the University of Colorado at Colorado Springs and the Center for Colorado Policy Studies found that based on 2005 data more than 65,000 people work directly in the real estate industry, and that 242,000 are indirectly working for/with the sector. In 2005, 11 percent of the total income in Colorado ($16.5 billion) was earned be real estate industry workers.
A note of interest, this study uses data about 2 years old, and data that was in effect while the market was still hot. It would be interesting to see how this data compares to 2007 data.
While other real estate markets in Colorado plateau and struggle, Steamboat Springs continues to sizzle.
Recent events that include city council zoning decisions, Intrawest’s purchase of the ski mountain, and increased demand with little new market supply have all combined together for a hot hot market in Ski Town USA.
Summer 2007 MLS data shows a 62% increase in sales over last summer. Plus sales of homes over $1 million dollars has seen almost a three-quarter increase in homes sold.
If you have been looking to purchase a home in a Ski town, definitely check out Steamboat Springs.
August 2007 real estate market numbers are in, and here they are for Colorado Springs.
According to PPMLS data, 862 listings were sold, this is about 21% below last August. with a median sales price of $220,000 down just over 2% from August 2006). The average days on market were 79.
There are currently between 6,000 – 7,000 active listings in the Colorado Springs market. The median asking price is $255,000, a bit lower from July’s $259,900.
These numbers show that it is definitely a buyer’s market right now, so if you are looking to buy a home be sure to get a good real estate agent and get out there. This market decline is great news for buyers.
Denver new home sales fell 33% in the first 6 months of 2007, the largest percentage drop in about 25 years. There are approximately 3600 new homes on the market.