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STEAMBOAT SPRINGS, CO MARKET REPORT DECEMBER 2017

Thursday, December 7th, 2017

Steamboat Springs, CO Market Report for December 2017

Welcome to our monthly Real Estate video market report!

Screen Shot 2017-12-07 at 11.21.22 AM

 

Talking Home Affordability. You hear that word a lot these days, but what exactly does it mean? Well in a nutshell, it means how much house can you afford. And this varies for everyone.

Some of the key factors in calculating affordability are:

  • - monthly income
  • - funds to cover your down payment and closing costs
  • - monthly expenses
  • - Existing debt
  • - Credit profile
  • - Ongoing costs associated with property in addition to the home price eg. HOA dues, etc.

Housing affordability is an increasing challenge throughout the country, not surprising when you see figures such as 6.2% average year over year home gains in September*. But how does this look in our little mountain town? The Housing Affordability Index  calculated by the Steamboat Springs Board of Realtors indicates that home affordability for YTD 2017 is quite a bit harder than the same time last year. A number of factors go into this calculation and in all honesty I don’t have the equation, but it is based on interest rates, median sales price and average income by county.

Steamboat Springs, CO Real Estate Report

Thursday, June 2nd, 2016

Steamboat Springs, CO Real Estate Report

Memorial Day has just passed and the summer has officially begun! There is lots happening in Steamboat Springs this month including the Yampa River Festival, Bike Week and the Rocky Mountain Mustang Roundup, yee haw! Check out the Steamboat Springs Chamber Resort Association’s calendar of events to see whats happening.

 

Mainstreat Steamboat during the Mustang Round Up. Photo courtesy of Steamboat Pilot / Matt Stensland

Show’n'Shine time during the Rocky Mountain Mustang Roundup. Photo courtesy of Steamboat Pilot / Matt Stensland

 

Routt County Real Estate Analysis

Gross sales for April totaled $56.2M, up 44.32% compared to April 2015.  This comprised of 114 transactions, an increase of 1.79% compared to the same period last year. The summer selling period is about to really heat up! In the past month there has been more than 250 new properties hit the market in anticipation of summer buyers. And if the pending figures are telling us something, they might just be right – there are 223 properties currently pending sale at the end of May. Of the April sales, the majority were in the under $500,000 bracket and there is still limited supply and strong demand for this segment of the market.

Steamboat Springs Real Estate Report

Tuesday, September 30th, 2014

Steamboat Springs Real Estate Report

Each month I report the latest local real estate market data and the current national home price levels, but why? First of all, I recognize that real estate is the biggest investment we will make in our lives; therefore, we should understand it before sinking our life’s savings into it. Advising clients on their real estate investments is a very important part of my job and one I take very seriously.

Secondly, with the real estate crash a few years ago we have become hyper-aware of investments and home values. So much of our consciousness is fueled by the appreciation or depreciation of our home’s value. By watching the real estate market we have a better understanding of when to invest and when to sell and we begin to trust the ebbs and flows of the market.

Steamboat Springs Real Estate Report

Friday, March 28th, 2014

Steamboat Springs Real Estate Report

Nothing screams “springtime in the Rockies” like 50 degree days and bluebird skies followed by snowstorms dumping 5-8″. I love Colorado. You never know what the weather will bring.

Spring is in the air

Spring is in the air

February was a good month for real estate transactions in Steamboat Springs, in fact, the best February in 5 years! We saw 98 transactions in Routt County for a total of $38.7M in gross volume. 51 of these transactions were fractional sales.

> February volume was UP +26.2% from February 2013
> February transactions were UP +4.26%  from 2013
 > 25% of transaction volume was under $500,000
56% of transaction volume was over $1M
6 Bank sales compared to 3 in January

Even though February was a good month, it did not quite make up for the January’s sluggishness. We are down -9.14% in YTD gross volume but we have many months ahead to make up for that.

Steamboat Springs Real Estate Report

Monday, March 3rd, 2014

Steamboat Springs Real Estate Report

Temperatures are rising a bit yet the snow is still falling. I guess you could say that spring is in the air in the Rocky Mountains.

As is typical for this time of year, we saw a decline in real estate transactions. January is typically a slow month regarding real estate closings. 69 closings for the month of January in Routt County, for a total of $20.4M in gross volume. This is a -40.58% decline over January 2013.

> Volume DOWN 40%  from last January

> Transactions were DOWN -31.68% from January 2013

> 71% of transactions were under the price point of $500,000

> Bank sales DOWN to 3 transactions in January from 7 in December

As I mentioned in last month’s real estate report, average home prices can be misleading as it is not a straight across the board number. Home values differ depending on the neighborhood.