Steamboat Springs Real Estate Report

June 19th, 2015

Steamboat Springs Real Estate Report

 

Lupine in bloom in Steamboat Springs

For questions about Steamboat’s real estate market and the Steamboat lifestyle, please ask me. I am passionate about my community and real estate. Search all Steamboat homes, townhomes and condos by clicking this link.

Routt County Real Estate Analysis

 

April was a decent month for Routt County real estate transactions with $38.9M in gross sales and 112 transactions. Compared to April 2014, this was up 1.7% in total gross volume and down 13% in transactions.

> 32% of April transaction volume was under $500,000 (74% in March)
> 19% of April transaction volume was between $500,001 – $1,000,000 (16% in March)
> 50% of April transaction volume was over $1M – $3M (10% in March)
>  0% of April transaction volume was over $3M (0% in March)
 4 bank sales
> 58% of transactions were financed / 42% were cash

April 2015 Routt County Real Estate Analysis

 

National Real Estate Market

For the 35th consecutive month home prices in the U.S. have experienced year-over-year gains, according to the March 2015 S&P Case-Shiller Home Price IndexWhile the national index gained as much as 10% from August 2013 – February 2014, it has tempered over the past several months with a 4.1% annual gain being reported for March 2015 and 4.2% in February.

Denver and San Francisco continue to have the highest gains with 10% and 10.3% price increases over the past 12 months. Dallas comes in third with a 9.3% annual gain.

“Given the long stretch of strong reports, it is no surprise that people are asking if we’re in a new home price bubble,” says David M. Blitzer, Managing Director & Chairman of the Index Committee for S&P Dow Jones Indices. “The only way you can be sure of a bubble is looking back after it’s over. The average 12 month rise in inflation adjusted home prices since 1975 is about 1.0% per year compared to the current 4.1% pace, arguing for a bubble. However, the annual rate of increase halved in the last year, as shown in the first chart. Home prices are currently rising more quickly than either per capita personal income (3.1%) or wages (2.2%), narrowing the pool of future home-buyers. All of this suggests that some future moderation in home prices gains is likely. Moreover, consumer debt levels seem to be manageable. I would describe this as a rebound in home prices, not bubble and not a reason to be fearful.”

March 2015 S&P Case Shiller Home Price Index

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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