Getting a pulse on our market
They are common questions in every market- how's the market? What's selling? What's your distressed inventory? How is the market trending? Well, you can check out the details below, but real estate is local and whereas many metropolitan areas of the country have become a Seller's market, Steamboat has not yet made that transition. Without a doubt, it is still a fantastic time to buy with the low prices and interest rates. Our market is stabilizing and inventory numbers are going down- we are at a 5-year low on inventory! Except for custom builds, there has not been any new construction in five years. So what does this mean? If you have been sitting on the fence waiting to sharp shoot the bottom of the market, you best be doing it sooner than later!
What's happening with Steamboat real estate?
August Market Update
Fall is definitely here in the Yampa Valley and the colors have been truly amazing this season! Get out and enjoy them before the snow flies and blankets the valley in white again!
August was a great was a good month with 182 Transactions and $75M in Gross Volume. Total sales volume is up by +9.64%, with the YTD. at +22.92%. Transactions are also up by +13.04% compared to last August, with the YTD. at +8.74%.
There were a total of 176 DOT recordings in August, with 54% of purchasers closing with financing at the time of sale, and with 46% closing with cash.
New Unit Sales were static with 2 in both August and July. Upper End Sales were up with 10 in August compared to 8 in July.
Snapshot values are starting as follows:
Average Sales Prices:
Single Family -3%
Multi Family +14%
Vacant Land +52%
Statistics provided by Land Title- for the quick report, click here.