Steamboat Springs Real Estate Report
Routt County Real Estate Analysis
> 32% of April transaction volume was under $500,000 (74% in March)
> 19% of April transaction volume was between $500,001 – $1,000,000 (16% in March)
> 50% of April transaction volume was over $1M – $3M (10% in March)
> 0% of April transaction volume was over $3M (0% in March)
> 4 bank sales
> 58% of transactions were financed / 42% were cash
National Real Estate Market
For the 35th consecutive month home prices in the U.S. have experienced year-over-year gains, according to the March 2015 S&P Case-Shiller Home Price Index. While the national index gained as much as 10% from August 2013 – February 2014, it has tempered over the past several months with a 4.1% annual gain being reported for March 2015 and 4.2% in February.
Denver and San Francisco continue to have the highest gains with 10% and 10.3% price increases over the past 12 months. Dallas comes in third with a 9.3% annual gain.
“Given the long stretch of strong reports, it is no surprise that people are asking if we’re in a new home price bubble,” says David M. Blitzer, Managing Director & Chairman of the Index Committee for S&P Dow Jones Indices. “The only way you can be sure of a bubble is looking back after it’s over. The average 12 month rise in inflation adjusted home prices since 1975 is about 1.0% per year compared to the current 4.1% pace, arguing for a bubble. However, the annual rate of increase halved in the last year, as shown in the first chart. Home prices are currently rising more quickly than either per capita personal income (3.1%) or wages (2.2%), narrowing the pool of future home-buyers. All of this suggests that some future moderation in home prices gains is likely. Moreover, consumer debt levels seem to be manageable. I would describe this as a rebound in home prices, not bubble and not a reason to be fearful.”
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