Author Archive for Steamboat Springs Real Estate – Page 3

January Real Estate Sales

There weren’t many single family home/ranch sales in Steamboat in January, but what did sell had some high price tags.  Two properties closed over $9,000,000 and two more closed for more than $1,000,000.  What’s interesting is that only three homes sold in Steamboat (the rest were in Routt County), highlighting the low inventory buyers have to choose from.

Area Address Development Asking Price Sold Price
ELK RIVER AREA 22982 Routt County Rd 54 Elk River Area $16,500,000 $9,790,000
3-MOUNTAIN AREA 2335 Clubhouse Dr Country Club Highlands $1,235,000 $1,217,000
NORTH ROUTT 29090 River Drive Elk Ridge Subdivision $359,000 $340,000
3-MOUNTAIN AREA 1313 Robert E Lee Lane Fairway Meadows Subdivision $1,100,000 $1,025,000
5-WEST STEAMBOAT  21555 Second Avenue Milner $215,000 $215,000
5-WEST STEAMBOAT  2724 Riverside Drive Riverside Subd $425,000 $410,000
5-WEST STEAMBOAT 37500 RCR 179 Saddle Mountain Ranch $550,000 $530,000
5-WEST STEAMBOAT 37355 Saddle Mountain Dr Saddle Mountain Ranch $435,000 $425,000
5-WEST STEAMBOAT  40924 Purple Sage St Silver Spur/ Estates $849,000 $800,000
NORTH ROUTT 25450 Tanglewood Dr. Tanglewood Heig $495,000 $450,000
SOUTH VALLEY 33855 Pine Drop Dr. Wildflower Meadows $11,250,000 $9,000,000
1-DOWNTOWN AREA 837 Douglas Street Yahmonite Add SS $579,000 $555,000
         

Should you Buy a home in January or February or Wait until Spring?

Steamboat Springs Winter Carnival

Steamboat Springs Winter Carnival

Most buyers have zero interest in buying a home in the middle of a Steamboat Springs winter, especially if it means moving all your stuff in the middle of a snowstorm.  But research says it’s better to buy now.  According to Nerdwallet and Realtor.com, January and February are the best months to buy because sales drop 47% and prices are, on average, 8.45% less than prices in July and August. 

Even here in Steamboat, where seasonal ski properties are a huge part of our market, more people come to look in the winter but don’t actually buy until later in the year.  Buyers often think they’ll wait until ski season is over to get a better price, although in a rising market, most sellers coming on the market are pricing their properties higher than the last one that sold.  The combination of low inventory and interested buyers mean sellers are often getting close to their price.

You also have a better chance at negotiating when you aren’t in competition with other buyers.  Once a seller has their choice of multiple offers, the “winning” buyer often pays more.

Another reason it makes sense to buy January and February of 2017 is because interest rates are expected to increase.  You can get ahead of rate hikes by locking in rates now.  If you are part of the 50% of buyers who pay cash for a home here in Steamboat, this doesn’t apply.

If you are ready to start your home search, contact us here.

November Real Estate Update

running-bearMelissa at Land Title Guarantee just sent the real estate wrap up for November.  She says:

“November was a good month with 171 Transactions and $67M in Gross Volume.  Compared to last October, Gross Volume was down -29.20%, with the YTD. at +4.80%.  However, this is due to over $33M in upper end sales last October including a $23M ranch sale.  Transactions were up by +32.56%  compared to last October, with the YTD. at  +10.02%.”

Average Steamboat Springs Real Estate Sales Price:
Single Family +4%
Multi Family -1%
Vacant Land -51%

Median Steamboat Springs Real Estate Sales Price:
Single Family +16%
Multi Family +5%
Vacant Land -59%

Average Steamboat Springs Real Estate PPSF
Single Family +8%
Multi Family +2%
Vacant Land +7%

Elk River Area and North Routt Home Sales

Hahn's Peak near Steamboat Lake State Park

Hahn’s Peak near Steamboat Lake State Park

Northern Routt County, including the Elk River Valley and North Routt, had 20 homes change hands since May 2016.   See all homes for sale in the Elk River Valley here.  Here is a list of homes that sold since May, 2016:
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Steamboat Springs Home Sales in October

The Range at Wildhorse Meadows

The Range at Wildhorse Meadows

There were 24 Steamboat Springs area single family homes that sold during October.  The average price was $853,750, and no homes sold for under $500,000 in the city limits.  Buyers looking to stay below $500,000 are purchasing in some of the surrounding neighborhoods like Stagecoach, Milner, and North Routt.

Sold prices averaged 96% of the asking price leaving very little negotiating room for buyers.  If you’d like to discuss purchasing a home in Steamboat, please call us at 970-819-6372.

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September Real Estate Sales Up 36.55%

Country Green Neighborhood

Country Green Neighborhood

September was certainly a treat with 176 Transactions and $80.5M in Gross Volume!  Compared to last September Gross Volume was up by +36.55%, with the YTD. at +12.99%. Transactions were also up by +32.33% compared to last September, with the YTD. at +7.22%

Average Sales Price:
Single Family +5%
Multi Family -2%
Vacant Land -48%

Median Sales Price:
Single Family +13%
Multi Family +4%
Vacant Land -59%

Average PPSF
Single Family +9%
Multi Family +2%
Vacant Land +7%

New Unit Sales were down with 6 in September, compared to 8 in August.  There was great upper end activity this month with 19 in September, compared to 11 in August.

This info provided by Land Title Guarantee, Steamboat Springs

Best August Real Estate Sales in Years

The following Steamboat real estate information is provided by Melissa Gibson of Land Title Guarantee.  Melissa writes,

“August was a great month for Steamboat Springs real estate sales with $68.4M in Gross Volume and 161 Transactions – one of the best August months we have seen in years.  Compared to last August, Gross Volume was up by +9.59%, with the YTD. at +9.36%.  Transactions were up 7.33% compared to last August and YTD up 3.53%.

Average Sales Price:
Single Family +1%
Multifamily -2%
Vacant Land -43%

Median Sales Price:
Single Family +13%
Multi Family +4%
Vacant Land -34%

Average PPSF
Single Family +10%
Multi Family +2%
Vacant Land +15%

There were two bank sales in August, up from 0 in July.

New Unit Sales were up slightly with 8 in August, compared to 7 in July.

Upper end unit sales were static with 12 in both August and July.”

New Elkhead Lift Photos

The crews at the Steamboat Ski Area are hard at work installing a new high-speed quad at Elkhead to replace an old, slow, fixed grip lift.   You can see the photos below from a recent hike up to Storm Peak and down across the Sunshine (Wally World) area to see the incredible fall foliage. The new lift will take less than half the time (2.5 minutes) to reach the top.  Click on the photos below for a full size version.

View of new high-speed Elkhead Lift at the Steamboat Ski Area

View of new high-speed Elkhead Lift at the Steamboat Ski Area

Aspen Leaf on Mt Werner

Aspen Leaf on Mt Werner

Steamboat Ski Area Gondola Building

Steamboat Ski Area Gondola Building

SF Homes that Sold in Steamboat Springs this Summer

Single FamilyThis summer between June and August, 55 single family homes sold in Steamboat Springs.  Prices ranged from $265,000 for an entry 2 bedroom home in Milner to $3,300,000 for a home on Natches Way with a spectacular view of the ski area.  The average price of a Steamboat area home was $1,100,000 and the median price was $800,000.

Last year, 67 properties sold so the total number of sales is down, but the average price is significantly higher than last year’s average of $889,000 and median price of $628,000.

Only six homes sold for less than $500,000 and 21 sold for over $1M.   There aren’t many new spec homes for sale to fill the demand–only two new homes are for sale under $1,000,000.

Search all properties for sale here or call us at 970-819-6372.

Here are the properties that sold:

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Steamboat Springs Real Estate June Stats

Melissa Gibson of Land Title just sent over June Steamboat Real Estate stats.  You can contact Melissa for your title needs at 970-870-2822.  She writes:

June was a great month with $82.8M in Gross Volume and 168 Transactions – the best month so far this year!  Compared to last June, Gross Volume is up by +34.31%, with the YTD. at +20.17%.  Transactions are also up by +16.67% compared to last June, with the YTD. at +6.63%.  Snapshot Values are as follows:

Average Steamboat Real Estate Sales Price:
Single Family +0%
Multi Family +2%
Vacant Land -43%

Median Steamboat Real Estate Sales Price:
Single Family +21%
Multi Family +6%
Vacant Land -49%

Average Steamboat Real Estate PPSF
Single Family +7%
Multi Family +3%
Vacant Land +13%

There were a total of 206 Deeds of Trust (the Colorado version of a mortgage) recordings in June, with 61% of purchasers closing with financing at the time of sale, and 39% closing with cash.

New unit sales grew with 12 in June, compared to 8 in May.  Upper end unit sales grew also with 19 in June, compared to 8 in May.  Bank Sales were down with 1, compared to 2 in May