Steamboat Springs Real Estate Report
Nothing screams “springtime in the Rockies” like 50 degree days and bluebird skies followed by snowstorms dumping 5-8″. I love Colorado. You never know what the weather will bring.
February was a good month for real estate transactions in Steamboat Springs, in fact, the best February in 5 years! We saw 98 transactions in Routt County for a total of $38.7M in gross volume. 51 of these transactions were fractional sales.
> February volume was UP +26.2% from February 2013
> February transactions were UP +4.26% from 2013
> 25% of transaction volume was under $500,000
> 56% of transaction volume was over $1M
> 6 Bank sales compared to 3 in January
Even though February was a good month, it did not quite make up for the January’s sluggishness. We are down -9.14% in YTD gross volume but we have many months ahead to make up for that.
Steamboat Absorption Rates
Every couple of months or so I like to analyze our current absorption rate. This is the rate at which available homes are sold in a specific real estate market during a given time period. A healthy market has 5-7 months of inventory. In a seller’s market there is under 6 months of inventory. In a buyer’s market there is over 6 months of inventory. These numbers represent trends and since Steamboat has so few transactions compared to a larger city, sometimes these numbers are skewed.
Single Family homes = It’s a decent / good / flat market.
Condos = It’s a sluggish market but improvements in the high-end.
Town homes = It’s good for low-end, but slowing for high-end.
National Real Estate Market Update
The S&P Case-Shiller Home Price Index for January 2014 reported its third consecutive decline of .1%. Experts chalk up the decline to cold weather. All told, the 20-City Composite still shows a +13.2% increase over the previous January.
Denver is one of only two cities, Dallas being the other, to have reached new record peaks in the month of January.
If you would like to learn more about Steamboat’s real estate market and the lifestyle that we enjoy here, please contact me or follow me on Facebook, Google+, YouTube, Pinterest and Twitter. I am passionate about this community and real estate, let me show you why.
Search all Steamboat real estate listings here.
Happy spring skiing,
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