Nick's Predictions – What might we see in 2018?
Expect to see new home construction significantly increase in pace. For the first time in 10 years, there will be new homes for sale that are under $1m, as the existing inventory has completely dried up. Call us for details for information on new homes coming to the market this year. Existing homes under $1.5m should see gains this year while there are homes on the market or coming to the market, above $2m, well below replacement value. Buyers in this price range still have opportunities (this market range is also likely to dry up this year if sales outpace new home construction). For those buyers wanting a new home, expect to pay a premium, as good land parcels are harder to find and new home quality regularly outweighs older inventory. Additionally, the cost of construction is high and the risk involved in speculative building is significant, despite the healthy real estate market. We expect to see fewer transactions this year than the previous few years, yet higher prices per transaction. If there are no major stock market sell-offs, significant natural disasters, political and/or national economic corrections, we believe Steamboat is “highly probable” to see a healthy and consistent real estate market in 2018. Give me a call to discuss strategies if you are looking to buy or sell, as each product type and price range varies widely in our existing market. The Metzler Team offers expertise in new construction sales, representing listings in Steamboat's two highest price/sf new construction sales in 2017. We look forward to advising and serving you in 2018.
Nick Metzler – 27 years in Steamboat Springs Real Estate