Real estate report details 1st quarter results for Colorado mountain region
April 28, 2014
Steamboat Springs — Colorado real estate inventory increased while sales slowed during the first quarter of 2014, according to a report from the Colorado Association of Realtors.
That trend largely held true for the mountain region, which includes Routt, Garfield, Grand, Gunnison, Jackson, Pitkin, San Miguel and Summit counties.
Compared to the previous quarter, inventory for the mountain region was up 28 percent for single-family homes and 8 percent for condos and townhomes, but both categories were down slightly from the first quarter of 2013.
Sales were down in the region for the first three months of 2014 compared with the previous quarter and the previous year.
The single-family home decline was 15 percent when compared with the first quarter of 2013 and 39 percent when compared with the fourth quarter of 2013. The decline in condo and townhomes sales also was more pronounced when compared with the last quarter of 2013.
While sales suffered, prices showed improvement.
When compared with the same period in 2013, single-family home prices increased 26 percent to $484,975, and condo and townhomes prices increased 28 percent to $420,000 in the first quarter of 2014.
The number of lender-mediated sales (foreclosures, short sales or other distressed sales) was consistent with the region's previous three quarters at 12 percent of all sales.
The Colorado Association of Realtors uses median sales price, interest rates and average income to compile its Housing Affordability Index.
The mountain region typically is the least affordable in the state, according to the report, and the index showed that while affordability was consistent with the previous quarter, it had fallen nearly 24 percent for single-family homes compared with a year ago and 25 percent for condos and townhomes.
According to the report, there was about a 12-month supply of active listings for the region at the end of the quarter.
The average number of days on the market for single-family homes decreased slightly but rose 13 percent for condos and townhomes.
Listings in the mountain region typically spend longer on the market, the report states.
"There is certainly good news in the mountain region as prices continue to move upward," Steamboat Springs Board of Realtors chairman Doug Labor said in a news release. "At the same time, we may be a bit behind much of the state in seeing improved inventory and steady sales. Looking ahead, we are optimistic that the attractiveness of many of our resort communities will continue to bring buyers."