Steamboat Springs Real Estate Report
So much to be thankful for: the ski area is open, a wonderful holiday meal with my family, strong growth in the Steamboat real estate market and more importantly, pending and home sales have settled into a predictable pattern.
Local Steamboat Springs Market
October proved to be another great month for Routt County real estate transactions with $75.1M in gross sales and 131 transactions. In part, this was due to a high number of upper end sales; 11 transactions over $1M including an $11M ranch sale. Even without the $11M sale, this was the best gross volume October we have seen since 2007.
Compared to October 2013, total gross volume was up +36.94% and transactions were also up +1.55%. Year-to-date gross dollar volume is up +14.32% and number of transactions are up +7.79% for the year.
> 56% of transaction volume was under $500,000 (31% in September)
> 31% of transaction volume was between $500,001 – $1,000,000 (24% in September)
> 12% of transaction volume was over $1M – $3M (17% in September)
> 1% of transaction volume was over $3M (27% in September)
> 3 bank sales
> YTD transactions are up +7.79%
> YTD dollar volume up +14.32%
National Real Estate Market
The S&P Case-Shiller Home Price Index for September 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 +4.8% annual gain in September 2014 while the 10-City Composite and 20-City Composites recorded an +4.8 and +4.9%increase over September 2013.
While the overall trend in home price increases continues to slow down, “Other housing statistics paint a mixed to slightly positive picture,” states David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices, “Housing starts held above one million at annual rates on gains in single family homes, sales of existing homes are gaining, builders’ sentiment is improving, foreclosures continue to be worked off and mortgage default rates are at precrisis levels. With the economy looking better than a year ago, the housing outlook for 2015 is stable to slightly better.”
Robert Shiller, co-founder of the Case-Shiller Index and Yale Professor, makes note that the winter season is historically low for home sales. Additionally, we are seeing a new urbanization amongst Americans that is starting to take hold.
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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