Steamboat Springs, Colorado Real Estate Market Report

July 13th, 2011

Steamboat Springs Real Estate Market Report June, 2011

Steamboat Springs Real Estate Market Report June 2011

Snow on the ski mountain in June didn’t dissuade buyers from purchasing homes on or near Steamboat Springs’ biggest attraction. While the lowest temperature at 29 degrees didn’t come close to the record low of 19 degrees in both 1918 & 1919, it was cold enough in June to keep the bald spots from forming on the favorite Storm Peak runs until the calendar turned over to July. Good thing real estate buyers are hardy folks who know that as legend has it, “People come for the winter skiing and stay for the summer weather.”

  • For those not ready to make a real estate commitment just yet, you can get relatively close to the mountain at the Comfort Inn on Walton Creek Road. It’ll have new owners this year – it’s the largest sale in June at $2,900,000.

As Fish Creek Falls boomed with late spring and early summer snow melt, home buyers also found the allure of urban living, western style of course, with 6 sales transactions occurring on properties in the downtown area. New retail stores like White Pepper for the latest fashions and new restaurants like Sambi for fantastic sushi, combined with the tried and true Steamboat favorites along the Lincoln Avenue corridor, are attracting the city dweller amenity seeking real estate buyer. Why not have the best of both worlds – leave your car at home and walk to the many downtown attractions or take the free bus to the ski mountain.

  • Where’s the highest price per square foot condo sold in the month of June? In downtown Steamboat Springs of course. In the Alpenglow building on the corner of Lincoln Ave. and 6th street, where all the action happens during Winter Carnival and the 4th of July Parade, a 1,697 square foot condo sold for $949,000 equating to $559.22 price per square foot.

So as spring is turning into summer, real estate sales are looking stronger, bank owned inventory continues to decline and the overall outlook is cautiously optimistic. So get on your bike, put on your hiking shoes or hop in your car and enjoy all that the Yampa Valley has to offer. Just don’t count on tubing or fishing the Yampa River – that’ll have to wait until later in July after the water recedes 5 feet or so!

Market Snapshot for the month:

Volume & Units Sold

The total Sales Volume for June was $39,752,300, up 11.38% from last year’s June volume of 35,689,200.  The 94 June Units Sold were down 43.71% vs. year ago June, but this was due in large part to decreases in Interval Unit transactions.

By Area

 

Mountain Area sales remain strong with 31 transactions in June with total Sales Volume of $16,480,600. This represents 41.46% of the total month’s volume. The Median Sales price was down in June to $306,600 but the Average Price was up to $531,632.

While Hayden, Oak Creek and Stagecoach also showed Sales Volume increases over prior months, their Median Prices continue to decline.

Interval/Fractional

 

For June, there were 20 sales for a total Sales Volume of $1,135,900 with the Median Sales Price of $45,000. 

In June 2010, there were 117 sales for a total Sales Volume of $5,373,500 with a Median Sales Price of $27,800.

Price Points

June Residential Improved Units sold totaled 59, a 64% improvement over the 36 Residential Improved Units sold in June 2010.

Out of the 59 Residential Improved Units sold in June, 72% were for $500,000 or less.

Lender Market

 

114 loans were recorded for the month.

Bank Sales

 

Bank Sales remain consistent with 15 again this month, representing a continued clearing of the bank-owned inventory. Sales Dollar Volume was $2,815,900 and the Median Price was $161,500.

In June 2010 we had 2 Bank Sales with a total Sales Volume of $505,000.

See all Routt County Foreclosures here. Or see all bank owned properties for sale in Routt County here.

Top 3 Highest Priced Sales for June 2011

6/6/2011 $2,900,000 Indian Meadows Subd Lot 1 aka 1055 Walton Creek Road, Comfort Inn.  This commercial property is used for lodging, is 24,382 SF and was built in 1995.  It has 2.44 AC Land Area.  PPSF is $118.94

6/17/2011 $2,600,000 Sleepy Bear Subd Lot 1 aka 3725 Lincoln Avenue.  This commercial property is a Mobile Home Park located on 6.59 AC.  PPAC is $394,537.

6/8/2011 $2,500,000 M&B: Sec 11,14,15-2-86 aka 26325 RCR #13.  This is a ranch property with 4 Brm 3 Bath YOC 1978 with 1,560 SF Living Area.  Total Acreage is 320 AC including 3 parcels.  PPSF is $1,602.56.  South Hunt Creek Ranch

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

Thanks,

Charlie

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