Real Estate Market Update for Steamboat Springs, Colorado

Real Estate Market Update for Steamboat Springs, Colorado

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Routt County Real Estate Analysis

Routt County is seeing resurgence in new home builds, echoing the national uptick in new home starts. According to an article in the Steamboat Pilot & Today on October 27, there were 5 new home building permits issued in September, all for homes with valuations of $829,000 to $1.4M. Two of those are for land initially purchased in 2004 before the market slowdown. Construction crews around town are busier now than they have been in years, not just with new builds, but also with remodels and additions. All good signs for the Routt County real estate market.

September was a good strong month for Routt County real estate transactions. Gross sales for the month was $58.9M, although that is down -27.6% compared to September 2014, that month last year was kind of anomaly with two $30M transactions. Overall, gross sales are up +4.2% for the year. 133 transactions were closed in September, up +3.69% YTD. 


Residential Transaction Price Point Analysis

 

Price Point

# of transactions

% of transactions

Previous month % of transactions

% of volume

Previous month % of volume

Under $500K

63

72%

59%

39%

32%

$500,001 – $1M

16

18%

32%

25%

39%

$1M – $3M

6

6%

8%

24%

21%

Over $3M

1

1%

1%

12%

9%

 

This chart notes single family and multi family residential sales, 86 total transactions for the month of September. Not shown here are the 19 timeshare transactions, 17 land, 8 commercial and 3 miscellaneous transactions for a total of 133 transactions. There were 3 bank sales along with 3 new unit sales.

September 2015 Routt County real estate stats

 National Real Estate Market

U.S. home prices continued to rise over the past 12 months according to the August 2015 S&P Case-Shiller Home Price Index. The national index, covering all 9 census divisions, rose 4.7% in the 12 months ending August 2015 versus 4.6% for July 2015.  The 10-city composite gained 4.7% year-over-year while the 20-city composite had higher gains at 5.1%.  San Francisco (10.7%), Denver (10.7%) continue to hold the highest year-over-year gains among the 20 cities. Portland beat out Dallas for third place with the biggest jump in year-over-year gains going from 8.5% in July to 9.4% .

“Most other recent housing indicators also show strength,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Housing starts topped an annual rate of 1.2 million units in the latest report with continuing strength in both single family homes and apartments. The National Association of Home Builders sentiment survey, reflecting current strength, reached the highest level since 2005, before the housing collapse. Sales of existing homes are running about 5.5 million units annually with inventories of about five months of sales.”

S&P Case Shiller Home Price Index for August 2015

Regards,

Charlie
Want to learn more about me?

Charlie Dresen
Change Your Experience
Real Estate Associate Broker | Sotheby’s
970-846-6435  | SteamboatsMyHome.com
610 Market Place Plaza, Steamboat Springs, CO 80487
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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.
This entry was posted in buyers market, Buying and Selling Real Estate, case shiller, home values, Property Listing, real estate trends, sellers market, Steamboat real estate, steamboat springs home prices, Steamboat Springs Market Report and tagged , , , . Bookmark the permalink.

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