Steamboat Springs Market Report July 2012
Last month was a pretty big deal for real estate in Steamboat Springs and the surrounding Routt County communities. Take a look at my Steamboat Springs June 2012 Market Report to get a better idea of what I’m talking about. Well, the July numbers are in, and while they are not quite as impressive as last month’s numbers, there was still a lot of positive activity which supports the continuing market improvement.
Although down from last month, dollar volume for July 2012 was up from July of 2011 by nearly 6%. Transaction numbers have followed the same trend, down from last month, but up an impressive 26.58% over July of 2011. Also up were the year to date numbers with July further supporting the trend in increasing gross volume with the year to date cumulative numbers up by about 6.3%.
Taking a look at some of the individual areas within Routt County, average residential land prices were up by more than 300% as compared to the same numbers in 2011 in South Routt County. The average price for multi-family residential property in Soutt Routt County was also up by 97% as compared to 2011. In the Downtown Steamboat Springs area, the average price for a single-family residential property was up by about 12% as compared to last year’s numbers.
For more positive news, read my blog, New Home Construction Looking Up Locally and Across the Nation.
And, for a look at how this month’s numbers compare to May of 2012, take a look at my Steamboat Springs Market Report May 2012.
In the timeshare market, the average transaction price was down from last month’s numbers, but both the number of transactions and transaction dollar volume was up. The number of bank sales was also down as compared to last month, which means we could finally be making our way through our glut of foreclosure inventory. The average price per square foot was for residential property was up in North and South Routt Counties, but came down in most other areas as compared to last month.
Overall, the July numbers for our local market show some solid activity in the residential sector and continue to support the trend of growth and recovery we’ve seen over the last few months.
Nationally, the case for recovery is even stronger. An article by Martin Crutsinger of the Associated Press which was published in USA Today’s Money section titled Case-Shiller: Home Prices Rose In June in All 20 Cities showed a .5% rise in home prices from June 2011 and all 20 cities tracked by the index also rose in June from May.
So, as we head to the end of another summer here in Steamboat Springs, I think we can do so feeling pretty good about the way things have shaped up for those of us involved in the real estate market over the last two to three months. Here’s hoping the positive trend continues.