Local Steamboat Springs Market
It’s been a little slow for fresh snow and real estate this winter and the numbers reflect this.
February was a slow month for Routt County real estate transactions with $16.2M in gross sales and 49 transactions. This was down – 58.2% in total gross volume and down – 50% in transactions compared to February 2013.
> 40% of February transaction volume was under $500,000 (68% in January)
> 38% of February transaction volume was between $500,001 – $1,000,000 (21% in January)
> 22% of February transaction volume was over $1M – $3M (12% in January)
> 0% of February transaction volume was over $3M (0% in January)
> 4 bank sales
> 48% of transactions were financed / 52% were cash
But showings remain strong and pending sales are increasing just like last year.
National Real Estate Market
The S&P Case-Shiller Home Price Index for January 2015 reported continued slowdown of home price increases across the country, although nine cities saw price increases. The national index, which covers all 9 census divisions, recorded a +4.5% annual gain in January 2015 while the 10-City Composite and 20-City Composites recorded a +4.4% and +4.6% increase over January 2014.
Denver and Miami reported the highest year-over-year gains, with price increases by 8.4% and 8.3%, respectively, over the last 12 months, while the National Index declined for the fifth consecutive month, reporting a -0.1% change.
“The combination of low interest rates and strong consumer confidence based on solid job growth, cheap oil and low inflation continue to support further increases in home prices” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices. “Regional patterns in recent months continue: strength in the west and southwest paced by Denver and Dallas with results ahead of the national index in the California cities, the Pacific Northwest and Las Vegas. The northeast and Midwest are mostly weaker than the national index. ” Blitzer goes on to say, “Despite price gains, the housing market faces some difficulties. Home prices are rising roughly twice as fast as wages, putting pressure on potential homebuyers and heightening the risk that any uptick in interest rates could be a major setback.”
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