Steamboat Springs Real Estate Report
For starters, I want to thank everyone out there who voted for me in the Best of the Boat. I am honored to be a recipient this year. Thank you.
Now, on to the business at hand……
Here is what a real estate recovery looks like in Steamboat Springs.
Local Steamboat Springs Market
As expected based on the number of pending sales over the past few months, Routt County real estate transactions for the month of September were outstanding! The best month of 2014 so far with 137 transactions and the best gross dollar volume ($81.4M) we have seen since 2009 – for any month. Compared to September 2013, total gross dollar volume was up +69.47% and transactions were up +12.30%. Year-to-date gross dollar volume is up +11.07% and number of transactions are up +7.51% for the year.
Granted, there were two huge sales, an $11.25M ranch sale and $17M commercial sale, which certainly contributed to the large dollar volume. Even without those two sales though, this was the best September for total dollar volume since 2007 and the highest number of transactions in a month in over 2 years.
> 31% of transaction volume was under $500,000 (33% in July)
> 24% of transaction volume was between $500,001 – $1,000,000 (45% in July)
> 17% of transaction volume was over $1M – $3M (22% in July)
> 27% of transaction volume was over $3M
> 3 bank sales
> YTD transactions are up +7.51%
> YTD dollar volume up +11.07%
National Real Estate Market
With a few exceptions, real estate appreciation has been a healthy 5% for decades. More gains lead to the bubble. So that 5% seems to be the sweet spot for real estate annual appreciation. Great news this month, we have settled into that 5% zone again. Over the last year, the national average for real estate appreciation has been 5.1%.
The S&P Case-Shiller Home Price Index for August 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 +5.1% annual gain in August 2014 while the 10-City Composite and 20-City Composites recorded an +5.5 and +5.6%increase over August 2013.
“The deceleration in home prices continues,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, “Despite the weaker year-over-year numbers, home prices are still showing an overall increase, as the National Index increased for its eighth consecutive month.” Blitzer goes on to say, “Despite softer price data, other housing data perked up. September figures for housing starts, permits and sales of existing homes were all up. New home sales and builders’ confidence were weaker. Continued labor market gains, low interest rates and slower increases in home prices should support further improvements in housing.”
For questions about Steamboat’s real estate market and the Steamboat lifestyle, please ask me. I am passionate about my community and real estate. Search Steamboat Real Estate here.
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