Steamboat real estate market sees 1st quarter shift in single-family homes
April 11, 2014
Steamboat Springs — The numbers are in for the Steamboat real estate market's first quarter of 2014, and while there were the same number of transactions as in 2013, the composition is markedly different a year later.
"We kind of made up ground in March to where the numbers are actually similar to last year," said Doug Labor, of Buyer's Resource, referring to the slow start to 2014.
There were 173 transactions through the first three months of the year, according to Multiple Listing Service data from Labor.
"Where the difference was we had a lot of forecloses last year still on the market," he said.
In the first quarter of 2013, 36 of 173 transactions, or about 21 percent, were foreclosure sales. There were only 16 foreclosure sales in the past three months, representing only 9 percent of all transactions.
"For bargain hunters, that certainly dropped off," Labor said.
Single-family homes represented the product type that saw the greatest drop off from 2013 to 2014.
There were 61 single-family home sales with a median price of $379,500 in the first quarter of 2013. This past quarter saw only 48 single-family home sales, and the median price increased to $541,000.
"The biggest shift in the market was for single-family homes between zero and $250,000," Labor said. For the quarter, there were 21 sales in that range in 2013 and only 11 in 2014.
The amount of single-family home sales between $250,001 and $500,000 also dropped, from 14 to 10.
The number of sales in other price ranges were pretty consistent, Labor said.
"I was really surprised the condo market picked up," he said.
There was a 46 percent increase in condo sales from the first quarter of 2013 to this past quarter, from 41 to 60 transactions.
The most active price range, Labor said, was between $100,000 and $200,000.
Last year, there were six transactions in that range for the first quarter, and this year there were 21 sales.
The median price for condos in the first quarter actually went down slightly ($257,500 to $242,500), but the number of foreclosure sales also decreased, from 15 percent of the condo sales to 7 percent.
There were four condo sales of more than $1 million in the first quarter of 2013, and there were six sales in that category this past quarter.
As of the past week, there were three condos in the Multiple Listing Service under contract for more than $1 million, Labor said.