Steamboat Springs, Colorado Real Estate Market Report

The pulse of the Steamboat Springs Real Estate market is in constant flux between parasympathetic and sympathetic nervous system – or a fight-or-flight response. I see some buyers actively buying homes and jumping into properties full-force. These buyers have been waiting for signs of an improving market and more importantly waiting for the right real estate to buy at a great price. Over the last several months, the Steamboat Real Estate market has changed. The inventory of properties is about the same, hovering around 1,980 homes, townhomes, and condo. But the amount of bank-owned properties has significantly been reduced from 56 four months ago to 28 today. And the amount of short-sale opportunities has increased from 51 four months ago to 62 today. So many of these buyers are in the ring fightingfor those great deals and buying great properties. I can conclusively say that there are far fewer great properties available then there was 6 months ago.

Now the flight side of the Steamboat Real Estate sellers and buyers are still sitting of the sidelines watching. They may not be running from the real estate market but they are definitely waiting. There are more national news stories showing real estate in our country still in a distressed state. And I cannot argue this – real estate is still suffering throughout the country.

But that doesn’t mean that real estate transactions in Steamboat Springs necessarily follows down the same paths as major metropolitan cities. In fact the major determinant of real estate value is based on the supply demand model and in Steamboat today, there are fewer good properties available today then there was 6 months ago. So what does that say?

Market Snapshot for the month:

Volume & Units Sold

The total sales Volume for April was $32,443,500, down 39% from the previous April 2010 Volume of $53,646,200. Units sold were 72, down 31% from the previous April 2010 Units sold of 104.

By Area

For the month of April, the Steamboat Mountain Area had the most number of sales with 18 and a Median Transaction Price of $350,000 with $10,540,000 in total sales volume. April 2010, the Steamboat Mountain Area had the most number of sales with 33 and a Median Transaction Price of $720,000 with $29,739,600 in total sales volume.

Interval/Fractional

For April 2011, there were 23 sales for a total sales volume of $1,519,800 with a Median Transaction Price of $50,900.
In April 2010, there were 40 sales for a total sales volume of $4,095,900 with a Median Transaction Price of $55,900.

Price Points

Of the 38 Residential Improved Units sold this April, 61% were for $500,000 or less.
In April 2010, there were 52 Residential Improved Units sold and 52% were for $500,000 or less.

Lender Market

Loans recorded for this month were 112, compared to 160 last April 2010.

Bank Sales

April 2011 saw 9 Bank sales totaling $3,043,800 in Gross Volume or an Average Price of $338,200 per unit. There were 7 Bank sales in April 2010, totaling $4,158,500 in Gross Volume or an Average Price of $594,071 per unit.

See all Routt County Foreclosures here.

Highest Priced Sale for April 2011:
4/14/2011 $2,875,000 Dakota Ridge Subd Lot 24 aka 31550 Aspen Ridge Road – 4 Bedroom 5 Bath YOC 2007 with 6,567 SF Living Area on 5.79 AC. PPSF is $437.80.

4/5/2011 $2,400,000 Edgemont Condo Unit 2505, Building A aka 2410 Ski Trail Lane – 3 Bedroom 3 Bath YOC 2009 with 2,910 SF Living Area. PPSF is $824.74.

4/1/2011 $2,150,000 Catamount Ranch Subd Lot 13 aka 34155 Catamount Drive – 4 Bedroom 4.5 Bath YOC 2003 with 5,013 SF Living Area on 4.82 AC. PPSF is $428.88.

Steamboat Springs Real Estate Market Report April 2011

—For more on this topic or questions regarding Steamboat Springs real estate in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com.

Thanks,

Charlie