Updated Colorado Home Price Trends compared to troubled states

Colorado remains in much better condition than most other states and far better than in the 5 key states that are driving the mortgage crisis. Volume in Denver has picked up considerably as people have become more active in buying foreclosures (lower average price than a non-distressed sale which does pull down average prices but will improve market health by reducing inventory) which I believe explains some of the dip in the graph below. I also read today that cash deals are way up which shows that the smart money is moving back into the market.

The old saying about how all real estate is local is very true. Nationwide troubles have impacted most markets but at the same time many markets are doing better than most new would lead us to believe and many of them are turning and starting to improve despite declines in the national averages. A good example of how Steamboat is different is that our foreclosure rate was 0.3% at the end of December which is dramatically lower than the 5-6% we see reported in the national news.

Colorado is the blue line in this first graph and red in the second one. The word I hear from several credible sources in Denver is stabilization and some improvement as inventory is going down. Original graph when this post was first done

The Steamboat Voice of Reason Blog had the audacity (many news sources find it more profitable to cover only the bad news) to post credible data from the Federal Reserve Bank of St. Louis showing the chart above that compares relative home price changes in California, Florida and Colorado. Colorado is the red line and it shows pretty clearly the differences between our market and the 5 states where the large majority of the housing crisis is playing out as represented by California and Florida. It is nice to see data that shows this so clearly from such a credible source. I am not saying we don't have issues in Colorado or the other 44 states but it is nice to see how individual states are doing and understand local markets better.

I follow this very closely and even I was surprised by the differences between these states and how good Colorado looks after so much one sided news coverage.

If you would like to know more, see if there are opportunities that makes sense from you in Steamboat or talk about how this affects your situation just give me a call anytime at 970-819-6930.

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A Moose visits Slopeside for Steamboat's best Apres' Ski

Update: The Denver Post picked up the Steamboat Moose video story and posted the video on their site March 4th.

I thought that you might enjoy seeing the amateur video (requires a little patience) of the moose that visited Slopeside's Apres Ski Party here in Steamboat Springs in February. Large animals like Moose and Bears generally avoid public areas but have seen several on the mountain over the years. We had a mother and baby moose spend Christmas week in our yard this year, elk a week or so later, another group of moose and it is not surprising to see bears if you keep your eyes open. It's pretty cool to live in the mountains and be able to share encounters like this with our kids.

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Fortunate to be part of Steamboat

I got a great email a few minutes ago from clients that have become a great friends. I feel fortunate to be a part of the community in Steamboat too and was reminded of this in a big way at the service to honor James Temple who founded the Steamboat Ski Area. A lot of incredible stories were shared, qualities were highlighted and honor paid to a great man and his incredible wife.

The best part for me was the underlying theme of how what he did has made is possible for so many people to live in and visit or incredible valley that so many feel fortunate to be a part of.

Here is Phil's quote:
What an incredibly awesome day to end our season on. Those are the days that remind me how special this place is and how fortunate we are to be a part of Steamboat. Enjoy the rest of the season.
Best regards,
Phil

Steamboat is lucky to have wonderful people like Phil, his family and so many others like them. For more click back to the Steamboat Springs blog main page.

Good Morning America comes to the Steamboat Winter Carnival

Steamboat's Winter Carnival drew national attention this year with the arrival of Good Morning America to cover the festivities. Their segment (Watch it HERE click on the plus at the bottom right to see it bigger) did a good job covering a few highlights but there is nothing like being here in person to feel the energy of the kids, spectators and the Steamboat down to earth authenticity that comes for the great people here and can't be duplicated anywhere else.

It warms my soul to be a part of it and seems to have the same effect on everyone there. My 5 yr old son did some of the skiing and night events, my 3 yr old Neve let us know she was ready to join in next year. It is worth a special trip to check it out for yourself so mark it on your calendar for February to join in on the fun yourself. Only in Steamboat...


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Steamboat Champagne Powder Day

It was "almost" worth living here for today's skiing. Here is a short clip of my wife Wendy skiing 2 feet of fresh powder in the backcountry today. Its just one of the many reasons that we are fortunate to live here.

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Pending home sales rebound, up 6.3%

Some more good data for the housing market as people are responding to low interest rates and deals on homes. We have seen a definite uptick in buyer activity here in Steamboat over the last month and a half too. Give me a call if you would like more insight into the Steamboat market and the opportunities the current market presents.

Pending home sales rebound

2-3-09 WASHINGTON (Reuters) – Pending sales of existing U.S. homes rebounded in December, data showed on Tuesday, as buyers waded back into the market to take advantage of lower prices and mortgage interest rates.

The National Association of Realtors Pending Home Sales Index, based on contracts signed in December, surged 6.3 percent to 87.7, rising for the first time since August. Compared with the same period a year-ago, pending homes sale were up 2.1 percent in December.

Economists polled by Reuters had forecast pending home sales to be flat in December. November's pending home sales index was revised up to 82.5.

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