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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 As the morning chill reminds us the seasons are changing, sellers are pondering what to do if they don't get a deal done soon. Should they become a reluctant landlord while they wait out the winter or reduce their price to their "bottom". Typically experts advise against becoming a landlord in hopes of recouping lost home value. Between mortgage payments, utilities, property taxes, insurance, maintenance and repairs it may be better to chop the price, sell it and move on. Although, if you have paid off your mortgage or have a small mortgage balance it may be wise to wait. This leads to an interesting thought to the common question has Steamboat hit the bottom? For some sellers the answer is yes. It seems much more accurate to realize each property has its own bottom. On certain properties the clock might be ticking for buyers to get in their offers.With the passing of each week it is becoming increasingly difficult to argue that housing isn't starting to recover. The average middle-income family can now spend less than 25% of monthly income to buy a median-priced home, according to NAR lead economist Lawrence Yun, who adds that house payments as a percentage of income are at a record low. As of today, the recovery is concentrated in lower priced homes but that could be changing too. The housing market remains a buyer's market with lower prices and low borrowing rates, for now. Give us a call or send us an email. July 2009 Market Analysis for Routt County 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). Highlights for July: • Volume continues to increase with July having over $35 in sales volume. Bringing this month to the highest Volume year to date. • The total number of Transactions for the month was 44 with 7 of those as fractional units. • Average Residential price per square foot in the Downtown and Mountain area rose from the previous month. • Over 50% of the residential improved units sold for the month were for $600,000 and below. • On the lending side 203 loans closed for July, down from 264 from June. (These numbers include all loans recorded either refinances or loans attached to sales.) 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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