Real Estate Market Continues to get Better in Colorado and Steamboat
Posted by Erik Ramstad on Tuesday, June 1, 2010 at 10:34:10 AMBy Erik Ramstad / June 1, 2010Comment
The Denver Post released an article last week describing the recent and steady upswing in mountain real estate over the first quarter of 2010. ‘The improving first-quarter sales have given many mountain real estate professionals a reason to be optimistic…Routt County statistics reveal a similar trend (to Eagle County), with the number of transactions during the first quarter rising almost 113 percent, to 312, compared with 277 a year ago. Dollar volume in the county, which includes the resort community of Steamboat Springs, was up more than 225 percent to $125.7 million in the first three months, compared with $55.7 million a year ago.
When combined with a look at month over month statistics, Steamboat has seen an increase in home sales vs the previous year in the past 6 months. April of 2010 has reported sales of over $53.5 million, almost double the total sales from April of 2009.
The article states that while real estate is turning around achieving financing for second homes can often be difficult. However, this is also becoming increasingly easier to accomplish. A recent NY Times article reported ‘mortgage industry executives say conditions are improving for those borrowing more than $729,750, the threshold for jumbo mortgage…Not only is it starting to get easier to qualify for these loans, they say, but rates are also coming down.’ In addition, the amount of equity that needs to be maintained in your home has decreased from 30%, the amount needed at the end of 2009 to only 20% today. This means that you are allowed maintain a lower amount of equity in your home than previous years. This is another indicator that faith in luxury real estate market is recovering.
The decreasing mortgage and decreasing jumbo mortgage rates should help continue the positive trend in mountain real estate around Colorado and in Steamboat Springs. For more information on the current market or for more in-depth statistics about real estate in Steamboat, feel free to contact me or Search the Steamboat MLS Listings.
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