Steamboat Springs Real Estate Market Report for April 2012
APRIL 2012 Steamboat Springs Real Estate Market Report. We had 90 transactions in April for a total of $31M in sales. Volume is down from last year but transaction numbers are up 25%. Overall, April was a solid month in terms of continuing signs of stability. I see pending numbers still increasing and sales are strong.
Today, real estate in Steamboat Springs continues to heat up. It’s been a much more active market over the last 6 months and we continue to see improvements even in the slower “mud season.”
Another positive for the Steamboat Real Estate market was the Trailhead Lodge auction. Overall I’d say the auctions was a somewhat success. I feel the debt holder realized the true situation and are accepting the reality. They have closed 13 condo so far, mostly two bedroom units. I suspect more will close over the coming weeks.
The sales prices have ranges from $271 to $395 per foot with an average of $312. All and all I feel the fact they are selling is great for the market. As long as they can keep selling at a decent pace, that will help stabilize the condo market here in Steamboat Springs.
The April numbers came out for the real estate market report this week. Keep in mind these are Steamboat Springs real estate transactions that closed in April, 2012. This means these properties went under contract roughly 30-60 days prior, or in February and March. I monitor the pending sales each months and back in January there were only 77 pending properties. Today there are 143. What this means is that we are just starting to see all these pending sale begin to close. In other words, the future looks a lot brighter than these April numbers. Here’s the trends for pending sales the last 5 months:
Dec. = 71
Jan. = 77
Feb. = 102
March = 132
April = 143
May 31 = 145
Case Shiller number were released as well this week. Case Shiller is the “Dow Jones” of real estate home prices for the US. March Case Shiller showed signs of improvement. Half of the cities were up in home prices and half were down. But 6 months ago 90% were down. So we’re seeing improvements all across the country and not just in Steamboat Springs. Closer to home, Denver home prices are up 2.6% from a year ago and trending up 1.5% from one month ago.