Turning the corner. I can’t say how long this corner will last or when prices will start to rebound, but I can say that over the last two months activity in Steamboat real estate has increased. Pending sales are up about 20% over the last month and there’s been activity in all price ranges. Most notably, 3 homes in the Sanctuary subdivision went under contract recently in the $1.9M – 3.6M range. Yet the majority of transactions are taking place on properties that are priced under $500,000. I feel the $8,000 tax credit for first-time buyers has fueled the lower-end price points. And fortunately we’re seeing less foreclosures in this price range as well which has helped to stabilize prices. Other good news is interest rates remain low and lenders have begun to relax their practices a bit.
- For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®. Click here to read more
- See a video regarding pending home sales index : http://link.brightcove.com/services/player/bcpid31285236001?bctid=30945467001
Summary for the month for August:
- $33,040,500 in sales volume for the month – the second highest month reported for this year.
- $877,500 of the volume was from Fractional/Timeshares.
- The total volume sold for this month was 56% of the previous August 2008
- 72 units sold for the month making this the second highest month for number of units sold.
- 12 of the units sold were from Fractional/Timeshares.
- The total units sold for this month was 2 more than sold last August 2008.
- Only 177 loans were reported closed for the month of August. This includes refinances, seconds and any loan associated with a sales transaction.
- Last August saw 197 loans closed.
- 26 of the 43 residential units sold this August were for $500,000 or below.
- Last August 2008 22 of the 41 residential units sold were for $500,000 or below.
Notable sales for August:
- 8/4/2009 Marabou Subd #1 LPSE Homestead B7 $2,700,000 – 6.76 AC – Showing as Vacant Land, sold by Developer: Elk River. $399,408.28 per AC in the Strawberry Park/Elk River Area.
- 8/4/2009 Mores Corner Replat Lot 7 Townhome Unit 7-B $2,050,000 – 4 Bedroom 5 Bath YOC 2006 – 4,177 SF – $490.78 PSF located in the Steamboat Mountain Area.
- Also notably: There were several new closings in Trailhead Lodge @ Wildhorse this month totaling: $3,880,100 for 4 Units @ $970,025 per Unit. PPSF is not yet available for these units.
If you have specific real estate questions, please don’t hesitate to call or email them to me.
For more on this topic or questions regarding real estate in Steamboat Springs, feel free to call Charlie at 970-846-6435 or write me an email at: firstname.lastname@example.org. I will answer your post or email promptly with candid and informed answers. Click here to view all properties in Steamboat Springs in “real time” — This is one of the few real estate site showing all foreclosed and all short sale listings in real time and updated every few minutes.