October 2012 Market Report for Steamboat Springs, Colorado
After a slower September, I’m pleased to report that the October Market Report brings news of a much better month for real estate here in the Routt county – we can’t have too many months of gains. You can take a look at the September Market Report for a good comparison. The numbers from Case Shiller show more more growth (20% increase is prices in Phoenix) and a report from Bloomberg Businessweek shows that consumer confidence levels recently reached a 4 year high. Take at look at the graph to see what I’m talking about.
October saw $43 million in gross volume sales with 119 transactions. Those numbers put October up 37% in gross volume over last year and up 20% in number of sales. The year to date numbers reflect that we are up 4% in gross volume and down 16% in transactions. The number of bank sales were also up this October to 15. See the chart below for the national trends. Things are looking good across the board.
While the price of single family homes is still down in quite a few areas as compared to numbers from the prior year, several locations did show a significant increase. Prices in Oak Creek and Phippsburg were up about 225% and homes in the Elk River and Strawberry Park areas were also up by nearly 25% over last year. Vacant land prices were also up over last year in North Routt, South Routt, downtown Steamboat Springs, the mountain area and the Strawberry Park/Elk River areas.
Some key points for October are as follows:
-Highest Priced Sale/Highest Price Per Square Foot: $1,100,000 Trailhead Lodge at Wildhorse Meadows Condo Unit (2,057 Square Feet; PPSF $534.76).
-Year-to-date, bank sales accounted for 11.5% of the overall gross sales volume and 16% of overall transactions.
-Sales in the mountain area made up the greatest percentage of both total volume and number of transactions in October with 53% and 38% respectively. Downtown Steamboat Springs made the second highest contribution to our October totals.
-The average price per square foot (PPSF) of a residential unit in the mountain area was $256.57, up over last month.
So, cheers to another good month for the real estate business here in Steamboat Springs and nationally. And, remember that Steamboat’s 50th anniversary season is officially underway. If you’ve been thinking about investing in a condominium or vacation property in the area, now’s the time to buy and I can help. Give me a call at 970-846-6435 or contact me on my website. I’d love to assist you.