March 2013 – Steamboat Springs and National Market Update

March 2013 – Steamboat Springs and National Market Update

National Home Prices:

National home prices are improving.  Fiserv Case-Shiller projected March 4, 2013 that home prices across the nation will grow by 3.3 percent every year for the next 5 years. As we reported to you last month, 2012 was the first positive year for both home prices and home sales volume increases since the market crash. According to Case-Shiller,  2012 was as close to normal as we’ve seen since 1997!

Fiserv Case-Shiller Home Price Index measures the health of the housing market across the country.  It tracks data from repeat-sales of residential homes from 20 metropolitan regions and nationally.

This chart from Standard & Poor/Case-Shiller shows the national home price trend. Overall, there was a 7.3% gain in the fourth quarter of 2012 compared to the same time 2011.

Mortgage Rates: Mortgage rates are still low. The Federal Housing Finance Agency (FHFA) released a report March 4, 2013 showing the national average mortgage rate for 30 year fixed-rate loans of $417,000 or less increased 6 points to 3.53% in January.

mortgage rates
mortgage rates

Foreclosures:

Foreclosures in Routt County are on the decrease. In Routt County, the 233 new foreclosure fillings in 2012 were far less than the 306 for 2011. In addition, the fourth quarter filings for 2012 were less than half for the same period in 2011. Foreclosures do affect our real estate market and with the number decreasing, this may be an additional sign our real estate market is improving. Gauging the market by foreclosures is difficult because of the many variables involved. As example, some foreclosures may take years to resolve while others cure themselves before they go to the bank or a third party. Near the end of February, there were 19 bank-owned residential properties in the Steamboat Springs Multiple Listing, compared to 49 February 2012. So inventory is decreasing.

Three positive signs that the Steamboat Springs real estate is headed for better times

Charlie

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About SteamboatsMyHome.com

Originally from Seattle, Washington, Charlie relocated to Steamboat Springs with his wife Carol and their son, Finn, to become a Steamboat Springs realtor eager to share the joys of Colorado. Charlie is a second generation realtor and is proud to be a member of Steamboat Sotheby's International Realty in Steamboat Springs, Colorado. After graduating from Whitman College in Walla Walla, Washington, Charlie worked in the high-tech industry in Seattle for several years before deciding to follow his father's lead and began his career in real estate. Working for Windermere Real Estate in Seattle, Charlie had a great, innovative career in the highly competitive Seattle market before moving to Steamboat in 2005 and delving deep into Steamboat Springs real estate. At Steamboat Sotheby's International Realty, Charlie has become one of the top agents with his innovative style and tireless perseverance.
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