An excerpt from the Prudential Steamboat Realty 2011 Annual Market Report is below. Follow the link to view the full report. https://realestatesteamboat.files.wordpress.com/2012/03/11market_reporte.pdf
It contains concise data about last year’s market in the form of charts and graphs that should assist you in making informed choices looking forward.
“Making Sense of the Market
2011 saw indications that Steamboat’s real estate market is transforming from a distinct buyer’s market to one in which buyers occasionally need to be more competitive. The number of sales in our market bottomed out in 2009. At that time, serious buyers faced little competition and sellers had to overcome stiff odds to achieve a sale. This lack of demand led to a period of price declines for nearly all properties. Lower prices, a good selection of quality properties and historically low interest rates have attracted more buyers into the market since that time.
Buyers took advantage of good deals in all price ranges in 2011; however sales of $300,000 or less accounted for nearly half (48%) of the total sales volume. Due to the strong interest in these properties, there was a drop in the median price of all properties sold to $280,000 – down from the market high of $367,000 in 2007.
The number of new foreclosure filings dropped 11% in 2011 while the number of distressed property sales (foreclosures and short sales) nearly doubled to 1 in every 3 properties sold.
As of March 2012 only 4.6% of available properties were identified as bank owned, and 3.6% as potential short sales. The competition for aggressively priced properties has increased as savvy buyers realize the values won’t last forever.
Prudential Steamboat Realty once again led the way in 2011 generating 34% of the total sales volume recorded in the MLS. Prudential also exceeded the unit sales of the next two closest competitors combined.
Change is under way and it’s evident that now is the time for buyers to take advantage of incredible opportunities in the market. The distressed inventory is being absorbed by the market and we anticipate seeing less downward price pressure from these properties going forward.”
If you want to know more about the Steamboat Springs real estate market today, call or email me.
Anne Mayberry 970.846.1425