Prudential Steamboat Realty 2011 Market Report · 3/11/2012 · come stiff odds to achieve a sale. This lack of demand led to a period of price declines for nearly all properties.
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Prudential Steamboat Realty2011 Market Report
970.879.8100 | PruSteamboat.com
Data excludes timeshares and fractional units
Routt County – Price Point Summary by Units SoldSingle Family Homes, Condos and Townhomes
Routt County – Total $ VolumeTotal $ Volume
2009
2010
2011
$439,744,300
$512,100,114
$450,579,300
Total Units Sold
2009
2010
2011
1,817
1,398
1,063
$90,000,000
$80,000,000
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2009 2010 2011
pric
e r
an
ge
un
its
sold
perc
ent
of
ma
rk
et
tota
l $
volu
me
172114111372927111240 151454
29%19%19%6%5%5%2%2%7%3%2%1%1%
$20,720,400$28,476,500$42,856,400$20,394,700$18,842,100$20,488,500$9,497,400$11,654,500$48,331,600$26,865,000$31,472,400$14,040,000$15,799,000
Less than $200,000$200,001 to $300,000$300,001 to $500,000$500,001 to $600,000$600,001 to $700,000$700,001 to $800,000$800,001 to $900,000$900,001 to $1,000,000$1,000,001 to $1,500,000$1,500,001 to $2,000,000$2,000,001 to $2,500,000$2,500,001 to $3,000,000Over $3,000,000
4514 15
1211
27
29
37
111114
172
40
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 over-come 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.
Above information compliments of Land Title
TO
TAL
$ V
OLU
ME
TO
TAL
$ V
OLU
MEU
NIT
S SOL
D
UN
ITS SO
LD
$12M
$10M
$8M
$6M
$4M
$2M
$0
$12M
$10M
$8M
$6M
$4M
$2M
$0
Surrounding Communities – $ Volume, Units Sold, Avg Days on MktSingle Family Homes, Condos and Townhomes
City of Steamboat Springs $ Volume, Units Sold, and Average Days on Market
TO
TAL
$ V
OLU
ME U
NIT
S SOL
D
Volume VolumeVolume Units Sold Units SoldUnits Sold
Hayden
2009 2010 2011
123 166 166
North Routt50
40
30
20
10
0
50
40
30
20
10
0
50
40
30
20
10
0
$12M
$10M
$8M
$6M
$4M
$2M
$0
2009 2010 2011
248 143 149
Stagecoach
2009 2010 2011
239 152 159
AVG DAYS ON MKT
AVG DAYS ON MKT
AVG DAYS ON MKT
AVG DAYS ON MKT
AVG DAYS ON MKT
AVG DAYS ON MKT
AVG DAYS ON MKT
150
125
100
75
50
25
0
$175 mil
$150 mil
$125 mil
$100 mil
$75 mil
$50 mil
$25 mil
$0
UN
ITS SOLD
Volume Units Sold
TOTA
L DO
LLA
R VO
LUM
E
Single Family Homes20
06
2007
2008
2009
2010
2011
250
200
150
100
50
0
$175 mil
$150 mil
$125 mil
$100 mil
$75 mil
$50 mil
$25 mil
$0
UN
ITS SOLD
Volume Units Sold
TOTA
L DO
LLA
R VO
LUM
E
Townhomes
2006
2007
2008
2009
2010
2011
500
400
300
200
100
0
$175 mil
$150 mil
$125 mil
$100 mil
$75 mil
$50 mil
$25 mil
$0
UN
ITS SOLD
Volume Units Sold
TOTA
L DO
LLA
R VO
LUM
E
Condominiums
2006
2007
2008
2009
2010
2011
80
60
40
20
0
$70 mil
$60 mil
$50 mil
$40 mil
$30 mil
$20 mil
$10 mil
$0
UN
ITS SOLD
Volume Units Sold
TOTA
L DO
LLA
R VO
LUM
ELand
2006
2007
2008
2009
2010
2011
153
221 354
165139
175 340
263181
232 204
227182
318 180
218202
189 353
225182
225 186
191
Above information provided by Steamboat Springs MLS
610 Marketplace Plaza Suite 100 | 970.879.8100
Steamboat Compared to Other ResortsMedian Price – Single Family Homes, Condos, Land
Statistics include only participating members of the 2011 Rocky Mountain Resort Alliance
Information provided by Steamboat Springs MLS
$1,100,000 $1,000,000
$900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000
$0
% $ Volume Sold in 2011 Units Sold in 2011
Wh
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Single Family Homes Condominiums Land
««
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gen
cy A
Age
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B
Age
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C
Age
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400
350
300
250
200
150
100
50
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Age
ncy
A
Age
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B
Age
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C
Age
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35%
30%
25%
20%
15%
10%
5%
0%
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In literal terms, Median is the middle number in a set of sorted data. Median is commonly used in lieu of Average when data contain large outlying numbers that can skew the Average. For instance: 1, 2, 3, 4, 99 would have an Average of 22 while the Median is more representative of the norm at 3.
What is Median:
Market Share 2011Top 5 Real Estate Agencies in Steamboat Founded in 1988, Prudential Steamboat
Realty has seen various market trends throughout our history. The one thing that remains, however, is the persistent desire to call the Yampa Valley “home.”It is Prudential Steamboat Realty’s un-wavering commitment to our community that allows us to keep perspective regardless of economic conditions. With over 50 licensed agents who live, work and play in the Yampa Valley, we offer unsurpassed knowledge and expertise in every facet of our local real estate market. Let us prove to you why we are Yampa Valley’s leader in real estate.
The Yampa Valley’s Leader in Real Estate
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