Steamboat Springs, CO Real Estate Report

August 1st, 2016

Steamboat Springs, CO Real Estate Report

The Yampa River is starting to lose steam as our dry and hotter than average summer continues! As reported by the Steamboat Pilot & Today, the Yampa is running at 132 cubic feet per second through downtown Steamboat Springs today. The average for this date is 209 cfs.

 

Image courtesy Steamboat Springs Chamber Resort Association

Image courtesy Steamboat Springs Chamber Resort Association

If you are still wanting to kayak, paddle board or tube the river don’t wait much longer or you might miss out for this summer!

Routt County Real Estate Analysis 

June saw good year on year gains with $82.8M in Gross Volume and 168 Transactions, up 34.31% and 16.67% respectively from June 2015.  Year to date figures are also showing overall gains from the same YTD 2015 – a 20.17 increase in dollar volume of sales and 6.63% increase in number of transactions.

 


Residential Transaction Price Point Analysis June 2016

Price Point

# of transactions

% of transactions

Previous month % of transactions

% of gross volume

Previous month % of gross volume    

Under $500K

68

60%

60%

29%

34%

$500,001 – $1M

31

28%

32%

33%

44%

$1M – $3M

13

11%

8%

33%

22%

Over $3M

1

1%

0%

5%

0%

 

This chart notes single family and multi family residential sales, 112 total transactions for the month of June. Not shown here are the 13 timeshare transactions, 29 land, 8 commercial and 6 miscellaneous transactions for a total of 168 transactions. There was 1 bank sale for the month.

View full June 2016 Routt County market statistics here

 

Below is a snapshot of current absorption rates within the Downtown / Fish Creek / Mountain areas. Absorption rate refers to the rate at which it would take to sell all the current inventory based on the average rate of monthly sales. It is a good indicator of whether the market favors buyers or sellers in particular market segments, and to show market trends. Take condo’s for example: As of August 1st the absorption rate currently for condo’s under $500k is 4.2 months ie. at the current selling rates, it would take 4.2 months to sell all currently for sale condo’s under $500k, excluding any new inventory to the market. That is a reasonable absorption rate which would favor the seller. On the flip side condo’s between $500k-$1M have a current absorption rate of 22.7% which means there is high inventory and/or limited buyers, favoring a buyer.

 

Condos

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thos

 

 

National Real Estate Market

The July 26th S&P Case-Shiller Home Prices Index release reported a 5.0% annual gain in May, the same as the previous month. The 10-City Composite posted a 4.4% annual increase, down from 4.7% in April, while the 20-City Composite showed a year- over-year gain of 5.2%, down from 5.4% from the April.

“Home prices continue to appreciate across the country,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Overall, housing is doing quite well. In addition to strong prices, sales of existing homes reached the highest monthly level since 2007 as construction of new homes showed continuing gains. The SCE Housing Expectations Survey published by the New York Federal Reserve Bank shows that consumers expect home prices to continue rising, though at a somewhat slower pace.”

 

Screen Shot 2016-08-01 at 1.56.49 PM

Courtesy S&P Case-Schiller

 

Regards,

Charlie

Want to learn more about me?

Charlie Dresen

Real Estate Associate Broker |Sotheby’s

Change Your Experience

970-846-6435 | SteamboatsMyHome.com

Charlie@SteamboatsMyHome.com

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