Steamboat Springs Real Estate Report
Real estate transactions, both locally and national, continue to be steady thanks in part to low interest rates and stronger job creation. I certainly helped my fair share of Routt County residents and second-home owners buy and sell properties this summer (17 transactions so far). It’s always fun assisting folks in finding the right home for them and helping those who are ready to move on from their existing dwelling. Thanks to my clients past and present for trusting me with this important task.
Local Steamboat Springs Market
Routt County real estate transactions for the month of July were out-of-sight bringing in the best gross dollar volume yet this year with over $61M. This is +34.28% more than July 2013. Granted, there was a $9M commercial sale which certainly helps numbers but most of the 109 transactions were residential sales ranging from $28,000 to $3.1M.
Year-to-date we are down -0.93% in gross dollar volume and +4.42% increase in number of transactions. *** That said, August was a busy month with up to 195 “pending” sales at one time. That’s the most pending sales we’ve seen in over 6 years. So September and October should see high volume and transaction numbers.
> 36% of transaction volume was under $500,000 (75% in June)
> 28% of transaction volume was between $500,001 – $1,000,000 (18% in June)
> 36% of transaction volume was over $1M (8% in June)
> Only 3 bank sales
> YTD transactions are up +4.42%
> YTD dollar volume down -0.93%
National Real Estate Market
The S&P Case-Shiller Home Price Index for June 2014 reported another slowdown of home price increases. The national index, which covers all 9 census divisions, recorded a +6.2% annual gain in June 2014 while the 10-City Composite and 20-City Composites recorded an +8.1% increase over June 2013. Gains are great but we continue to see them slow month over month. For example, one year ago the gains were 12.1%. Today those gains are 8.1% over the last year. This trend is healthy stabilization of the national real estate market.
“Home price gains continue to ease as they have since last fall,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “For the first time since February 2008, all cities showed lower annual rates than the previous month. Other housing indicators – starts, existing home sales and builders’ sentiment – are positive. Taken together, these point to a more normal housing sector.”
Blitzer goes on to say, “Bargain basement mortgage rates won’t continue forever; recent improvements in the labor markets and comments from Fed chair Janet Yellen and others hint that interest rates could rise as soon as the first quarter of 2015. Rising mortgage rates won’t send housing into a tailspin, but will further dampen price gains.”
Wondering what real estate is for sale in Steamboat Springs? For questions about Steamboat’s real estate market and the lifestyle we enjoy here, please ask me. I am passionate about my community and real estate.
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Real Estate Associate Broker |Sotheby’s
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970-846-6435 | SteamboatsMyHome.com