Market Report for Steamboat Springs, CO

By
Real Estate Agent with Steamboat Sotheby's International Realty

Market Report for Steamboat Springs, CO

 

agriculture, routt county, steamboat springs, western heritage, hay field, mountains, hay
Hay field in Steamboat Springs, CO

I love the ever-changing scenery of Steamboat's agricultural country this time of year. All the moisture we got in the spring made for beautiful green fields which are now many bales of hay.

 

Search all Steamboat homes, townhomes and condos by clicking this link.

 

Routt County Real Estate Analysis

 

June was a great month for Routt County real estate with gross sales of $61.7M. That is up +67.5% compared to June 2014 and up +3.75% year-to-date.  144 transactions were closed in June which is the most transactions closed in 1 month in nearly 5 years, up +28.6% compared to the previous year's month of June.

 


Residential Transaction Price Point Analysis

 

Price Point

# of transactions

% of transactions

Previous month % of transactions

% of volume

Previous month % of volume

Under $500K

66

70%

66%

41%

29%

$500,001 - $1M

22

23%

27%

32%

31%

$1M - $3M

5

5%

9%

20%

26%

Over $3M

1

1%

2%

7%

14%

This chart notes single family and multi family residential sales, 94 total transactions for the month of June. Not shown here are the 22 land transactions, 7 commercial and the rest timeshare/interval transactions for a total of 144 transactions. There were 3 bank sales compared to 2 in May. 

 

June 2015 Routt County real estate analysis

 

Who is buying Routt County real estate?

June 2015 Purchaser Abstract

National Real Estate Market

The May 2015 S&P Case-Shiller Home Price Index showed that U.S. home prices continued to rise over the past 12 months. The national index, covering all 9 census divisions, rose 4.4% in the 12 months ending May 2015 versus 4.3% for April 2015.  The 10-city composite gained 4.7% year-over-year while the 20-city composite gained 4.9%. Denver (10.0%), San Francisco (9.7%), and Dallas (8.4%) reported the highest year-over-year gains among the 20 cities.

“As home prices continue rising, they are sending more upbeat signals than other housing market indicators,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Nationally, single family home price increases have settled into a steady 4%-5% annual pace following the double-digit bubbly pattern of 2013. Over the next two years or so, the rate of home price increases is more likely to slow than to accelerate. Prices are increasing about twice as fast as inflation or wages."

Blitzer goes on to say that other housing measures are less robust. New housing starts are slow and only half currently being built are single family homes. First-time home buyers are a weak spot in the market. First time buyers bring the demand and liquidity that supports trading up by current owners. Research by the New York Fed shows that the size of mortgage down payments is the key factor preventing first time buyers from entering the market. "The difference between a 5% and 20% down payment, particularly for people who currently rent, has a huge impact on buyers' willingness to buy a home. Mortgage rates are far less important to first time homebuyers than down payments," Blitzer concludes.

 

S&P Case Shiller Home Price Index for May 2015

 

Regards,

Charlie

Want to learn more about me?

Charlie Dresen

Real Estate Associate Broker |Sotheby's

Change Your Experience

970-846-6435 | SteamboatsMyHome.com

Charlie@SteamboatsMyHome.com

Comments (2)

David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Good report Charlie and I agree that rate is important as payment is too but the fact of coming in with 5 or even 3% is much more important to many than the rate as they are still fantastic

Aug 13, 2015 05:22 AM
Kate McQueen
Realty Associates Texas - Cypress, TX
Tailored service for your real estate needs!

Very nice report, very thorough.  The photo is just beautiful, we don't see anything like this in Texas until the fall.

Aug 14, 2015 01:32 AM