Steamboat Springs, CO Real Estate Market Report – Nov. 2013
Like our 30 residents vying for a spot on the United States Olympic Team, Routt County’s real estate market remains strong – even in the off season. For November, 107 transactions took place, which was 15% more than November 2012, for a gross volume of $33M.
> November 2013 dollar volume was UP +1.26% over November 2012
> Year-to-date dollar volume is UP +14.35%
> Transactions were UP +15.05% from November 2012
> Year-to-date transactions are UP +11.66%
> 50% of the volume was under the price point of $500,000
> 48% of the transactions were financed while 52% were paid with cash at the time of closing
> Bank sales DOWN -3 transactions from previous month
As I mentioned last month, ski season usually brings more condo and townhome sales and less single family home sales. The month of November was evidence of this trend as we saw condominiums sales lead the way of the overall 67 total residential sales.
> Single Family sales = 26
> Condo sales = 27
> Townhome sales = 11
> Farm & Ranch sales = 2
> Mobile= 1
> Average price for single family homes up +8% from 1 year ago.
> Average price for Multi-Family (condos & townhomes) down -6% from 1 year ago.
> Average price for vacant Land in Routt County was down -17% from 1 year ago.
National Real Estate Market Update
Home prices are up but a significant slow down is upon us. The latest S&P Case-Shiller show National Home Prices posting a 13.6% increase in October 2013 from October 2012 and a 0.2% increase from the previous month. However, 9 out of 20 cities saw a slight decrease in home value from September to October.
S&P/Case Schiller 10-City and 20-City Composite Home Price Index measures the value of residential real estate in 10 or 20 metropolitan areas of the U.S..
Both composites’ annual returns have seen double-digit gains since March 2013, up now to 13.6% for the year at the end of October. However, we are seeing smaller monthly increases. With pending home sales dropping, interest rates rising and real estate prices climbing, I think it’s safe to say that we are likely to see a softening of the real estate market in the coming months.
If you would like to learn more about Steamboat Spring’s real estate market and the lifestyle that we enjoy here, please contact me or follow me on Facebook, Google+, YouTube, Pinterest and Twitter. I am passionate about this community and real estate, let me show you why.
As of January 2, Prudential has become Steamboat Sotheby’s International Realty.
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