Steamboat Springs Year-End Real Estate Report
Well, 2014 is a wrap and the real estate market here in Steamboat Springs, CO continues to improve. I feel 2015 will be another good year with strong number in transactions. I don’t feel we’re going to see significant appreciation and rising prices. Slow and steady is good for real estate.
Local Steamboat Springs Market
December was a great month for Routt County real estate transactions with $58.17M in gross sales and 121 transactions. This was up +69.29% in total gross volume with +10% more transactions compared to December 2013. A great way to end the year.
Total gross dollar volume for 2014 was $598+M with 1,360 transactions. This was the best year we have seen since 2007. Year-to-date gross dollar volume is up +18.79% and number of transactions are up +6.42% for the year.
December by the numbers
> 28% of December transaction volume was under $500,000 (35% in November)
> 30% of December transaction volume was between $500,001 – $1,000,000 (41% in November)
> 30% of December transaction volume was over $1M – $3M (24% in November)
> 12% of December transaction volume was over $3M (0% in November)
> 3 bank sales
> 47% of transactions were financed / 53% were cash
2014 by the numbers
> 29% of YTD transaction volume / 62% of transactions were under $500,000
> 32% of YTD transaction volume / 26% of transactions were between $500,001 – $1M
> 28% of YTD transaction volume / 11% were over $1M – $3M
> 10% of YTD transaction volume / 1% were over $3M
> YTD dollar volume is up +18.79%
> YTD transactions are up +6.42%
> Average price for single family homes up 10% from 1 year ago
> Average price for multi-family homes up 11% from 1 year ago
> Average price for residential land up 2%
Keep in mind, these are averages for the entire county which can be misleading. Specifically, prices in the Fish Creek area are up +28%, up 15% in Old Town, up 19% on the mountain and down -28% in South Routt.
National Real Estate Market
The S&P Case-Shiller Home Price Index for November 2014 reported continued slowdown of home price increases across the country, although nine cities saw price increases. The national index, which covers all 9 census divisions, recorded a +4.7% annual gain in November 2014 while the 10-City Composite and 20-City Composites recorded an +4.2% and +4.3%increase over November 2013.
As of November 2014, average home prices for the metropolitan statistical areas within the 10-city and 20-city composites are back to their autumn 2004 levels. Among the nine cities that saw price increases is Denver which has had steady price increases all year partly due to lack of inventory. Denver is one of the few metro areas that experts are forecasting to have strong price gains in 2015.
While low inventory levels and strict mortgage qualifications pose difficulties in the housing recovery, the improvement in the rest of the economy – continued job creation, lower unemployment levels, lower gas prices – fuel consumer confidence which is a plus for the housing market.
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 homes, townhomes and condos here.
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