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Welcome to The Paoli Group Market Update
Our examination of the Steamboat Springs real estate market.
 The Paoli Group Website | The Paoli Group Blog | Members The signs are pointing to an economy in full-recovery mode. The leading economic indicators (LEI), which attempt to forecast the economy six months hence, posted a third consecutive monthly increase, with seven of the 10 indicators improving during June. The annualized six-month rate of change of the LEI is now up 4.1%. It's worth noting that since 1950 there have been nine recessions, and the LEI has reliably foreseen the end of all of them. No wonder many economists are now calling for an end to the recession by the fourth quarter of 2009. Guess what? The fourth quarter is less than six weeks away. Nowhere is a recovery more apparent than in housing. Prices increased 0.9% in May from April, the Federal Housing Finance Agency reported. That might not sound like much, but two hard-hit areas - California and the South Atlantic region, which includes Florida - posted meaningful improvement, with prices in California increasing 2.7% and prices in the South Atlantic states increasing 1.4%. Further evidence of a recovery is seen in home sales, which rose 3.6% to a seasonally adjusted annual rate of 4.89 million units last month, from a revised pace of 4.72 million units in May. Sales have risen for three straight months in 40 of 55 major metropolitan areas tracked by the Associated Press-Re/Max Housing Report. It appears increased sales are finally putting a dent in inventory, with the supply of homes falling to 9.4 months from 9.8 months. Government reports suggest that the pace of the decline in the labor market is slowing. Stocks surged in July and touched multi-month highs. With home prices more affordable than they have been in years there are some real bargains. Now is a great time to form a relationship with a real estate broker to learn about the housing market. To score the right deal can take time and we would be happy to assist. Despite encouraging signs the economy could be recovering, some sellers are finding themselves in a short sale or a foreclosure. Colorado has implemented the Colorado Foreclosure Protection Act to curtail and prevent deceptive and unconscionable business practices designed to dispossess or otherwise strip equity from homeowners in financial distress. One example is a person who claims to be a Foreclosure Consultant. Please do not be fooled by someone who says they can help stop a foreclosure or repair credit damage from a foreclosure. A Foreclosure Consultant is not licensed and this can be a cause for concern. If you need help you could consider contacting a free HUD approv5ed housing counselor at the Colorado Foreclosure Protection Hotline: 1-877-601-HOPE or check out their website at www.coloradoforeclosurehotline.org Unfortunately, times are challenging and missing a mortgage payment can become a reality. Many people in financial distress are trying to seek loan modifications and writing a hardship letter to change the terms of their loans. This has been successful for some and is certainly worth a try. Before getting into a short sale or foreclosure situation please consider giving us a call. It would certainly be better to try and sell your property before it gets tied up in a short sale or foreclosure. Hopefully, none of our readers need this advice but we felt it was important to inform you in case you do and of course, we are very sensitive to this matter and would always respect your privacy and confidentiality. Give us a call or send us an email. June 2009 Market Analysis for Routt County Market Comparison Charts - click here to view pdf. 1. Routt Market = Volume versus Units sold (included numbers back to 2004). 2. Routt Chart = Market Comparison Chart. 3. Routt Area = Sales by Area (including a running tally from the beginning of 2009). 4. Routt Interval = Interval Breakdown (including a running tally from the beginning of 2009). 5. Routt Price = Price Points (including a running tally from the beginning of 2009). 6. Routt Lender = Top Lenders for the Month (when a Deed of Trust is recorded, we take the actual name of the financial institution that was on that Deed and come up with those numbers). June dollar volume tops $30 million becoming the highest monthly volume year to date.
Highlights for the month; Mountain area continues to lead Routt County sales with 17 transactions. Mountain Area average transaction price up from May to $800,165.00. Downtown Area was the second most popular area with 7 transactions. $300,000 to $500,000 Residential price point the most popular with 13 transactions. Notable sale over $2M: 6/16/2009 $2,600,000: Two parcels in Sec 28,29,33 5-85 at 26000 Deerwood Lane - 3,236 SF 3 Brm 4 Bath YOC 2004 with a total of 38.08 AC (including both parcels) which is $803.46 PSF. This sale is shown in the South Routt Area.
Chris Paoli Amy Brown
Broker Associate/Broker Assistant to Chris Paoli Colorado Group Realty, LLC Cell 970.846.2114 Fax 970.870.2803 amybrown@mybrokers.com
The Paoli Group Blog: www.steamboatcoloradorealestate.blogspot.com
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