The snow banks might not have been high around Steamboat Springs at the end of 2011, but the Steamboat Springs real estate market ended the year on an overall positive note. In hindsight, the real estate market in Steamboat Springs is still trying to achieve sure footing on what has been a slippery slope throughout 2011, but there are some positive signs where a year ago we were not seeing much to be optimistic about. While some price points are doing well, others are struggling, and bank owned sales are driving actual dollar volumes down overall. So what does it all mean? While there are signs of reasons to be optimistic, there are some critical factors involved that will keep the market on its proverbial toes:
- the number of foreclosures poised to hit the market that haven’t yet (shadow inventory)
- the unemployment rate both here in Steamboat and in feeder markets where many second home buyers come from
- the ease (or lack thereof) of getting financing – there are strict requirements for obtaining second home financing, and as long as they are in place, it’s a deterrent
Factors (like snowfall) over which we have no day-to-day control over will continue to play important roles in how quickly we see sustained real estate improvements in Steamboat Springs. In the meantime, here’s a recap of how we ended 2011 which is something to take a moment to be thankful for before turning to 2012, and starting a new year with a fresh perspective.
136 December transactions brought in just over $47M in sales volume. December 2011 transactions were up 72.15% over December ’10 transactions, but at $47M in sales we were down 13.19% versus December 2010.
Year end comparisons of 2011 versus 2010 are a little disappointing, but are driven in large part by the 3 macro economic factors listed above:
- 2011 ended with a total of just under $450.6M in sales, down 12.01% from 2010 year end
- 2011 total transactions numbered 1398, down 23.06% from 2010 year end numbers
On a positive note, inventory is down which means those homes still on the market will have greater value to prospective buyers who desire to liveSki TownUSA.
Highlights of the December ’11 Real Estate Report
- 12 transactions were $1M plus
- Bank Sales were back up at 18 after being at 15 in November and only 6 in October
- The Mountain Area continued its sales and transaction dominance with 27.2% of the month’s transactions (37) and 50.3% of the month’s sales volume ($23.7M)
Highest Price Per Square Foot (PPSF) Sale for December 2011:
12/30/2011: $2,825,000 Edgemont Condo Unit 2803 aka2410 Ski Trail Lane, #2803–5 Bedroom 5 Bath YOC 2009 with 3,642 SF Living Area. PPSF is $775.67. This is a new construction sale onSteamboatMountain.
Highest Priced Sale for December 2011:
12/29/2011: $4,500,000 City South Subdivision Lot 1, Mid Valley Business Center #2Lot2, M&B: Sec 20-6-84 – 3 Commercial Parcels: All Vacant Commercially zoned, with a combined land size of 14.52 AC. This property is located at1440 Pine Grove Road. PPAC is $309,917. This was a Bank Sale.
Other December Sales over $1.4M:
12/28/2011 $2,050,000 Sanctuary Subdivision #5 Lot 132 Re-plat aka 3050 Clearwater Trail – 4 Bedroom 4.5 Bath YOC 2006 with 5,808 SF Living Area on 1.48 AC Land. PPSF is $352.96.
12/14/2011: $1,425,000 Big Valley Ranch at Steamboat Subdivision #2ALot25 aka28880 Skyline Drive– 3 Bedroom 3.5 Bath YOC 1992 with 4,636 SF Living Area on 36.10 AC Land. PPSF is $307.38
—For more information on buying real estate or questions regarding Steamboat Springs real estate or renting a home in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: firstname.lastname@example.org