Steamboat Springs Real Estate Report
Each month I report the latest local real estate market data and the current national home price levels, but why? First of all, I recognize that real estate is the biggest investment we will make in our lives; therefore, we should understand it before sinking our life’s savings into it. Advising clients on their real estate investments is a very important part of my job and one I take very seriously.
Secondly, with the real estate crash a few years ago we have become hyper-aware of investments and home values. So much of our consciousness is fueled by the appreciation or depreciation of our home’s value. By watching the real estate market we have a better understanding of when to invest and when to sell and we begin to trust the ebbs and flows of the market.
So you can look at the Steamboat Springs Real Estate Report as your monthly barometer for the local and national real estate market. Here I provide accurate market data and trends so that you can make an educated decision for the most important investment of your life.
Local Steamboat Springs Market
Routt County real estate transactions for the month of August were great and from the number of pending sales we have, looks like that trend will continue through September and October as well. Although as of today, we’re seeing a slowing in real estate sale – but that’s normal for this time of year. The total gross dollar volume was $50M which was +29.74% over August 2013. The number of transactions increased +22% over last August with 133 transactions.
Up until this month the year-to-date sales volume was below last year’s volume but after August we surpassed last year’s dollar volume and are up +2.64% in gross dollar volume. The number of transactions was up +6.79%. These numbers combined with the high number of pending sales for September and October mean we are likely to surpass our annual dollar volume for 2014.
> 33% of transaction volume was under $500,000 (36% in July)
> 45% of transaction volume was between $500,001 – $1,000,000 (28% in July)
> 22% of transaction volume was over $1M (36% in July)
> 4 bank sales
> YTD transactions are up +6.79%
> YTD dollar volume up +2.64%
National Real Estate Market
The S&P Case-Shiller Home Price Index for July 2014 reported continued slowdown of home price increases. This just means that home values are not going up as fast as they were 6 months ago. Home values are going up. The national index, which covers all 9 census divisions, recorded a +5.6% annual gain in July 2014 while the 10-City Composite and 20-City Composites recorded an +6.7% increase over July 2013.
David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices comments, “While the year-over-year figures are trending downward, home prices are still rising month-to-month although at a slower rate than what we are used to seeing over the past couple of years. The National Index rose +0.5%, its seventh consecutive increase.”
Over the last 100 years, we can say home appreciation has been about 5% per year. So todays number being 6.7% – that just says we’re becoming a more “normal” real estate market nationwide.
Home prices continue to rise two to three times the rate of inflation. As of July 2014, average home prices across the U.S. are back to their Spring 2005 levels.
For questions about Steamboat’s real estate market and the Steamboat lifestyle, 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