Steamboat Springs Market Report September 2009

May 10th, 2010

Steamboat Springs Market Report September 2009

Recovery is occurring on a national level. But not in Steamboat Springs yet, but things are looking more optimistic.

First off, some great news came out this morning regarding the stimulus plan for home ownership.  President Obama signed the bill that extends and expands the First Time Homebuyer Tax Credit of $8,000 (click to read more). In order to qualify, the purchase contract will need to be signed by April 30, 2010 and then close by June 30, 2010. Also, homebuyers that have lived in their prior residence for at least five years may receive a credit of $6,500. In addition, the income limits have been increased to $225,000 for couples and $125,000 for individuals. We have seen a lot of people take advantage of this credit and are excited to see more first time homebuyers enter our housing market. And if you take a look at the price chart attached, you will so that properties priced under $500,000 have been by far the most active price range in our market.  This stimulus has also been prevalent in the actual transaction amounts.  Usually this time of year we are seeing a decline in transactions, this September we saw in increase.

The tax credit has helped, but we are also beginning to see a slow but steady increase in pending properties. Not a shape increase, but a trend in the right direction. Even though unemployment numbers are still unsetting, home sales are up 9%, and pending sales are up 6%  as well. This is a sign that consumer confidence has increased over the last 6 month. And with interest rate staying at all-time lows, it appears that a stabilization of real estate in Steamboat Spring is nearing.

 

Summary for the month for September:

  • $27,238,500 in sales volume for the month.
  • $3,776,200 of the volume was from Fractional/Timeshares.
  • The total volume sold for this month was 72% of the previous September 2008
  • 86 units sold for the month making this the second highest month for number of units sold.
  • 42 of the units sold were from Fractional/Timeshares.
  • The total units sold for this month was 22 more than sold last September 2008.
  • Only 157 loans were reported closed for the month of September.  This includes refinances, seconds and any loan associated with a sales transaction.
  • Almost 9% of those loans were owner carry.
  • 19 of the 37 residential units sold this September were for $500,000 or below.

 

Notable sales over $1.5 M:

  • 9/30/2009 $1,600,000 Sanctuary Subd Filing #5 Lot 90 which sold for $366.89 PSF.  This is a Single Family home with 4,361 SF Living Area 4 Brm 5 Bath on .49 Acres.  Shown and accounted for in the Steamboat Mountain Area designation.

 

Skiing open Nov. 25th. Hope to see you all soon.

For more on this topic or questions regarding real estate in Steamboat Springs, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com. I will answer your post or email promptly with candid and informed answers. Click here to view all properties in Steamboat Springs in “real time” — This is one of the few real estate sites showing all foreclosed and all short sale listings in real time and updated every few minutes.

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