Steamboat Springs Real Estate Report July 2013
Routt County / Steamboat Springs
July was a great month for Steamboat Springs real estate. The Market Report shows transaction volume was up +35.84 % from July 2012. The Year to Date gross volume is up +11.14 % over last year’s gross. On a transaction basis, July was up +16%, while the Year to Date is up +14.54%.
Looking at the numbers below, August has been a very busy month. Pending sales are up dramatically. A couple weeks ago they were up to 183. So Pending sales are up, sales are steady and inventory is down slightly.
Five month snapshot
Prices: Over the summer we saw inventories go up. With this increase in supply, prices we up slightly but not dramatically like we saw in the spring time. Although the market report shows sales continue to be strong in Steamboat Springs, prices are leveling off and we’re seeing more stability in the Steamboat real estate market.
Absorption Rate: A healthy real estate market is 5-7 months worth of inventory that’s on the market, meaning on average it would take approximately 5-7 months to sell all the inventory. It’s a Buyers Market if inventory is over 5- 7 months and a Seller Market if is is below 5-7 months. But absorption rate varies with price ranges too:
(OLD TOWN / FISH CREEK / MOUNTAIN AREA)
All Price Ranges
SINGLE FAMILY HOMES = 8.96 months
TOWN HOMES = 8.21 months
CONDOS = 10.51 months
SINGLE FAMILY HOMES = 3.15 months
TOWN HOMES = 4.6 months
CONDOS = 7.47 months
Overall, were a pretty healthy market with leaning towards a Buyer’s Market but for prices under $500,000, it’s a Seller’s Market.
Who are the buyers of Steamboat Springs real estate?
Foreclosure inventories nationwide down 32 % in July compared to a year ago.
S&P Case-Shiller report for June, which tracks the health of the national housing market, reports that prices and value are up. Two are monthly statistics gathered from major metropolitan areas: the 10-City Composite and the 20-City Composite. And one reports on quarterly data based on the U.S. census divisions, The National Home Price Index.
The latest S&P/Case-Shiller National Home Price Index, showed that all 20 cities were up in home price. It also posted a 12.1% increase of home prices in June 2013 compared to June of 2012.
Monthly, the 10- and 20- Composite Indices both saw an increase of 2.2% in June.
Please contact me if you would like to discuss the Steamboat Springs housing market. I’m passionate about Steamboat and real estate!
970-846-6435 | SteamboatsMyHome.com