Colleen's Corner - Steamboat Real Estate Blog

Your source for info on buying and selling Steamboat real estate, and living in this beautiful part of Colorado.

 

March 25, 2020

5 Ways to Keep Your Mind and Body Healthy While Working from Home

Taking care of your mind and body should always be a top priority when it comes to ensuring that you’re living your best life, but in these trying times, it’s more important than ever. If you’re beginning to feel trapped and stagnant as you adjust to working from home, here are 5 tips to help keep your mind sharp and your body healthy from your home office.

Yoga

Whether or not you currently attend a yoga class or have tried from home, I’m sure you’re familiar with the practice. A blend of stretching for the body and meditation for the mind, yoga can boost your mental and physical fitness by improving sleep, busting stress, strengthening your heart, and more. What’s more, yoga studios like Sky Ting bring professional instruction directly to you with both live streaming classes, and on demand options; Namaste.

Don’t Lose Touch

Practicing social distancing doesn’t mean that you shouldn’t connect with loved ones. Using FaceTime or apps like Houseparty give us the chance to catch up virtually – face to face. Maintaining these relationships keeps you truly connected with the world that matters.

Take a Break

Between completing your job-related tasks, trying to absorb (or avoid) the non-stop news cycle, and potentially keeping your child (or children) busy, working from home can be stressful; give your mind a rest with a nap, listening to some of your favorite music, reading from a magazine or book, or even taking a relaxing shower or bath. Studies show that even just a minute of deep breathing can relieve stress.

Plan Your Meals – And Enjoy Them

Making fewer trips to the grocery store means that you’ve likely stocked your pantry up – and being in close proximity to that stockpile might make you more inclined to snack more frequently. Resist the urge to snack by creating a schedule and prepare for meals in advance. Staying at home doesn’t mean you can’t eat well either; there are manymany tips on how to make hearty (and healthy) comforting meals.

Stay Clean

If you have to leave your house for essentials, staying healthy means sticking to a cleanliness regimen. Any time you return home, wash your hands properly – it’s also a good idea to daily disinfect high-trafficked surfaces like countertops, doorknobs, bathroom utilities, light switches, phones, gaming controllers, and remotes.

Remember that we are all in this together; sharing what works for you on social media or through conversation may help others struggling to adjust. Your network of clients and colleagues may benefit from your successes – and you from theirs.

March 11, 2020

Steamboat Announces First Terrain Expansion In 20 Years

 

STEAMBOAT SPRINGS, CO-  Yesterday, Alterra Mountain Company announced plans to invest $223 million in capital improvements across its 15 North American mountain destinations for the upcoming year. For Steamboat that includes 355 acres of new terrain in the Pioneer Ridge area, upgrades to snowmaking and snowcat fleets, a remodel of Hazie’s restaurant and an expansion at the resort’s employee housing location The Ponds, all with a focus on sustainability.

STEAMBOAT ANNOUNCES FIRST TERRAIN EXPANSION IN 20 YEARS

Pioneer Ridge Expansion
For the first time in more than 20 years, Steamboat will make an additional 355 acres of terrain accessible when the resort boundary extends into the Pioneer Ridge area, north of resort’s current boundary. Pioneer Ridge will feature advanced/expert, mostly aspen, lodge pole pine and spruce tree terrain with 1800 vertical feet, accessible via the Pony Express lift. Twenty-five new chairs will be added to the line of Pony Express lift, increasing lift capacity from 1200 people per hour to 1800. Additionally, a new Ski Patrol duty station will replace the existing yurt, providing easy access for resort resources to the area, and a new access road will provide a hike out return to Pony Express, or guests may hike back up to BC Ski Way to return to the resort. The expansion increases Steamboats acreage to 3,320 acres, a 12 percent increase in total skiable acres, making Steamboat the third largest resort in Colorado.

“Pioneer Ridge is a game changer for Steamboat,” said Rob Perlman, president and chief operating officer for Steamboat Ski & Resort Corporation. “While we have always been known as an intermediate paradise, this expansion will provide the Champagne Powder® snow we are known for in more steep, advance/expert terrain, meeting a need long expressed by our locals and our visiting guests. Some of our dedicated locals have been getting fresh tracks in this area for years. By bringing it in to the resort’s boundary we can offer Patrol services in the area, creating a safer experience.”

 

Hazie’s Restaurant
Named for the matriarch of the Werner family, Hazie’s restaurant at the top of the Gondola in Thunderhead Lodge will get a complete makeover for the first time since opening in 1986. Upon entering the reimagined restaurant, guests will be greeted with ski/snowboard boot check, so they can relax in comfort while they dine.  Capitalizing on the incredible views of the Yampa Valley and the town of Steamboat, the newly designed Hazie’s will feature a variety of seating styles, a larger lounge and bar area, a wine cellar featuring an expanded wine list and new lighting and carpet. The menu at Hazie’s will reflect the Werner matriarch’s love of bringing people together by emphasizing gathering with friends and family through food with shared plates, lifestyle cuisine, crafted cocktails, a bar menu and more. For dinner at Hazie’s, the menu shifts from a pre-fixed four course meal to ala carte options, appealing to every diner’s taste.  Hazie’s will continue to utilize locally sourced products when possible, supporting the resort’s sustainability efforts.

 

On Mountain Operations Upgrades
Snowmaking:  Steel snowmaking pipelines on Lower Valley View trail will be replaced with the most efficient and resilient product on the market, Ductile pipe. This will increase the resort’s available hydrants by 25 percent allowing more coverage on snowmaking trails in less time.

 

Snowcats/snowmobile fleet: Steamboat continues to upgrade its grooming fleet with the addition of three new Prinoth snow groomers, a Bison and two Beasts.  The Prinoth Bison is a versatile snowcat that combines optical maneuverability with low fuel consumption and is the most popular park vehicle around. The Prinoth Beast, the world’s largest snow groomer, outperforms all other snow groomers with a 40 percent larger grooming capacity. The new machines replace one previous groomer and add two new ones to the resort’s fleet, allowing crews to groom additional terrain and tackle the resort’s most popular groomed trains with the highest quality of corduroy.

 

Southwest Airlines
Southwest Airlines has announced intention to serve the Steamboat Springs airport (HDN) with winter flights expected to begin December 2020 with nonstop service from Denver. This will mark Southwest’s first foray into a mountain specific destination.

“We are thrilled about Southwest Airlines’ intent to serve Steamboat into HDN starting winter 2020/21,” Said Rob Perlman, president and chief operating officer of Steamboat Ski & Resort Corporation. “What an ideal partner to bring more skiers and riders to experience Steamboat’s famous Champagne Powder® snow. Southwest’s world-renowned hospitality is perfectly aligned with Steamboat’s genuine western hospitality, and we’re excited to welcome their loyal customers to our magical mountain destination.”

Southwest will release additional information about schedules and fares in the coming months.

 

Sustainability
During its first year as a department, Sustainability Director Sarah Jones has reviewed the resorts practices to begin to identify short- and long-term opportunities. An official resort audit will be the next big step for the department in the coming years, to allow for strategic goal setting and long-term planning.

The resort’s approach to Sustainability is three pronged, focusing on the planet, people and prosperity. In its inaugural year, Jones focused on community engagement and internal employee engagement, with a goal of helping resort staff and local community members to understand what practices and support the resort currently undertakes. To bring awareness to the Steamboat community, Jones has participated in numerous committees such as the countywide Climate Action Plan steering committee, statewide Recycle Colorado Policy Committee and Yampa Valley Conservation Partnership Advisory Committee; and open forums including panels about snowmaking and wildfire mitigation. Jones works with Yampatika and birding groups to address environmental education on the mountain and continues to plan future events allowing guests, locals and staff to peak behind the curtain to see how Steamboat Ski Resort operates with a focus on sustainability.

Internally, Jones works with individual departments to identify opportunities to create and achieve sustainability goals, including increasing waste diversion; offering electric vehicle charging stations, creating effective climate adaption plans and identifying recycling, composting and solar installation opportunities.

Looking ahead, the Sustainability department will explore renewable energy possibilities, identify new technology for addressing food waste and work with state and federal stakeholders to study alternative transportation opportunities.

Feb. 25, 2020

2019 Market & Resort Reports

MARKET OVERVIEW

The new course that the Steamboat Springs real estate market set in 2018 did not alter more than a few degrees in 2019. The number of transactions posted by the Steamboat Springs MLS dropped 2% from 2018. This is most likely due to the low supply of properties for sale in the market over the past three years. Less inventory led to less buying opportunities, therefore the slight drop in overall transactions.

 

HOW DOES STEAMBOAT COMPARE
TO OTHER RESORT TOWNS IN THE WEST?

 

Resort communities are each unique and offer an abundance of activities drawing in many to live the sought-after resort lifestyle. These high-altitude homes have the privilege of access to some of the most incredible mountain landscapes and proximity to world-class skiing. Due to the incomparable location of these resort regions, Steamboat Sotheby’s International Realty produces an annual report that specifically analyzes real estate market data for homes in the mountains. This report helps educate consumers who are looking to buy a home, looking to sell a home, or who are just curious about the latest real estate trends within resort markets. 

Tucked away in valleys and hidden behind towering mountain peaks, communities in resort towns tend to feature more luxury listings since affluent buyers are attracted to the opulent, and often exclusive, lifestyle that these areas can provide. Seasonality, location, less availability of homes listed for sale, and other factors typically drive home prices in these communities upwards, fueling the continually growing resort luxury home market. 

When considering your real estate options in one of these incredible resort or mountain communities, take a close look at the market data to ensure that you are making the best financial and lifestyle decision for you and your family. Colleen, Michael, Cristin and Katie on the de Jong team are committed to educating consumers and assisting them in reaching their real estate goals. Give us a call if you'd like to discuss: (970) 879-8100.

 

2019 Resort Report

Jan. 30, 2020

2019 Year-End Micro Market Report

 

 

The new course that the Steamboat Springs real estate market set in 2018 did not alter more than a few degrees in 2019. The number of transactions posted by the Steamboat Springs Multiple Listing Service dropped 2% from 2018, at 1,242. This is most likely due to the low supply of properties for sale in the market over the past three years. Speaking of low supply, listings declined for the ninth straight year to 1,083. Except for 2006 (1,065), 2019 carried the second lowest number of listings throughout the year, calling it a tie with 2007 at 1,081. View the full report here.

 

After nine straight years of a higher supply than demand, over the last three years, the market has seen the opposite with more demand than supply. With supply not meeting demand, one would expect prices to increase, which is seen by the sharp increase in average price from $522,000 to nearly $651,000 in 2019. From 1995 to 2019, the average price for properties in the Steamboat Springs MLS has increased an average of 9.17% annually. The 2019 Average Price of $650,780 is the highest the MLS has ever recorded. Likewise, the 2019 median price was $419,000, also the highest on record.

 

The macro-market conditions and trends noted are a very high-level view, including all different types of properties throughout Routt County. The micro-market reports on the pages that follow are designed to break down the trends and statistics into smaller areas, by property type. This helps give you greater insight into the market conditions in specific segments that are relevant to you. The Steamboat real estate market is complex and extremely varied, based on a multitude of factors. Our team of real estate professionals is here to help you decipher exactly how market conditions, trends, and stats pertain to you. 

 

Jan. 23, 2020

A Guide to Projects That Sell Your Home Quickly


When you decide to sell your home, your first question is often, “How fast will my house sell?” You might be looking forward to moving into a bigger home or a different city, or perhaps you’re on a time crunch with a new job calling your name or a baby on the way. Whatever your reason for moving, it’s hard to do any of those things until your house is sold. Often, someone who is selling their home cannot afford two mortgages, and must wait until their current home sells to purchase a new one. Luckily, there are some simple projects you can perform on your home to help it sell more quickly.

 

Update Your Flooring

Hardwood is now all the rage. In fact, according to Time, hardwood floors are one of the top features potential home buyers look for. Because of this, if you have carpets, you might turn potential buyers off. Luckily, this is a very simple fix, and is probably a much easier job than you expect it to be. Installing hardwood floors only costs about $9 to $12 a square foot. However, that investment might be easily recouped from the sale of your home, depending on your market.

 

Renovate Your Kitchen

When a potential buyer walks into your home, the first area they’re probably going to look at is the kitchen. Kitchens are one of the biggest selling points in a house, especially for young buyers. While you might not have to completely overhaul your kitchen, giving it a nice facelift will attract potential buyers and possibly increase the value of your home. If you’re looking to do a more extensive remodel, this will cost you around $25,000 on average, but it could cost as little as $5,000 if you’re remodeling a small space.

 

Replace Your Windows

Windows are one of those things that either make or break a space. Not only will replacing your windows give every room a facelift, but it can also help your buyers save tremendously on heating and cooling their home – a nice selling point to a buyer that might be on the fence. 

 

Give Your Bathrooms a Facelift

Right after kitchens, bathrooms are the most important rooms in your home. If your bathrooms are outdated or simply grungy, you risk turning off dozens of potential buyers who might have liked your home otherwise. Renovating your bathroom doesn’t have to be expensive, either. Something as simple as changing the fixtures and shower curtain can go a long way in making your bathroom look fresher and more updated.

 

Install a New Roof

Installing a new roof is rarely thought about when updating your home, but it can be a major selling point to potential buyers, especially after you’ve wooed them with your updated kitchen and bathroom. Potential buyers are becoming savvier with the help of the internet, and many will commonly ask how old the roof is before deciding to buy. Being able to give them a positive answer could be the difference between selling your home quickly or being stuck in it for months.

 

Sell Your Home

After you’ve made the appropriate upgrades to your home, it is time to list it. Choosing the best listing agent you can find, preferably one with lots of experience in your area, is critical. You will probably want to research when the best time to sell your home is. According to the Huffington Post, this is around May. This might differ slightly from place to place. If you live in a college town, for example, selling your home as the school year ends could open up the door for dozens of recently graduated college students to buy your home. You should also choose a competitive listing price for your area, especially if you want to get out of your house quickly. Deep cleaning and staging is a must. Accent the areas you upgraded to ensure that potential buyers notice them. Finally, hire a professional photographer to take pictures of your house for online listings (expect to pay $110 - $300 a shoot).

 

Selling your home can be a rollercoaster, especially if you want to get out of your home as quickly as possible. However, by doing a few strategic projects, you can greatly improve your chances of selling your home in record time.

Article Contributed by
Suzie Wilson ⎸info@happierhome.net  ⎸Happier Home

Photo Credit: Pexels

Aug. 21, 2019

2019 Mid Year Market Report

MARKET OVERVIEW

The Steamboat Springs and Routt County real estate market remained strong through the first half of 2019. Total residential sales volume in Routt County was at $275 million through the end of June, an 8% increase over the same time frame in 2018. Total sales volume was $295 million, up 4% year-over-year. In the residential segment of the market, there were 382 properties sold, almost exactly the same as the 384 that were sold through mid-year 2018. Despite an even number of transactions, the increase in sales volume can be attributed to an overall increase in property values. The median sales price for a residential property in Routt County went from $470,000 through mid year 2018, to $498,000 in 2019—an increase of 6%. View the full report here.

 

The market continues to see upward pressure on values due to
a lack of inventory in many segments, coupled with sustained demand from buyers—a classic supply vs. demand scenario. However, as we move into the second half of the year, demand and supply may be leveling off closer to equilibrium in some segments of the market. That will result in pricing pressures being diluted for many buyers, while sellers will continue to enjoy the advantage of an overall tighter housing supply. The macro-market conditions and trends noted above are a very high-level view, including all different types of properties throughout Routt County. The micro-market reports on the pages that follow are designed to break down the trends and statistics into smaller areas, by property type. This helps give you greater insight into the market conditions in specific segments that are relevant to you. The Steamboat real estate market is complex and extremely varied, based on a multitude of factors. Our team of real estate professionals is here to help you decipher exactly how market conditions, trends and stats pertain to you. Give us a call! View the full report here.

 

 

April 11, 2019

SUPPLY OR DEMAND? WHAT TURNED IN 2018

 

 

 

With a healthy national, state and local economy and eight years of steady growth in transactions that averaged a 15% increase year-over-year, why did the 2018 Steamboat Springs real estate market see a drop in transactions of 7%? A quick answer would be “Demand has dropped”. However, this drop of transactions may not be due to a reduction in demand, but a reduction in supply to meet demand. View the entire PDF of the 2019 report Here

Doug Labor, Broker Associate and Manager of the Steamboat Sotheby’s International Realty downtown office, breaks down the 2018 statistics and what they mean for buyers and sellers as we look forward to 2019.

In 2017 the Steamboat Springs Multiple Listing Service posted 1,373 transactions; fourth best recorded and highest since the 2008 crash. The 2008 market crash brought on a rash of listings in 2008, 2009 and 2010. It wasn’t until buyers started coming back in the market did the number of listings decline. From 2010 to 2016 listings declined 7% annually. However, in 2017 that percentage tripled to -21%, setting a stage coming into 2018 of the fourth lowest number of listings the MLS has seen.

Despite transaction decline, dollar volume increased 6% to $761 million; the second best in Steamboat MLS history. This is only the second time since 1996 this phenomenon occurred.

Less inventory led to less buying opportunities, and less buying opportunities led to fewer transactions in 2018. If lower demand was the reason, a reduction of property values would have been the result. However, the average price of all properties sold in the Steamboat Springs MLS increased 13% from 2017 to nearly $600,000; the second highest on record.

 

 

March 12, 2019

2018 RESORT REPORT

How Does Real Estate Compare in Resort Markets?

Living in a resort community offers a unique and attractive lifestyle, abundant with scenic views, recreational opportunities, and like-minded people. Buying and selling real estate in resort communities is unlike most transactions, which is why Steamboat Sotheby’s International Realty, with the help of other SIR affiliates, compiles a Resort Report focused on these one-of-a-kind communities. The Annual Resort Report analyzes 2018 year-over-year data from 12 prominent resort areas throughout the western half of the United States to inform consumers about the resorts’ performance, and what makes each one unique. There are many factors that can impact real estate in these resort communities, including the changing seasons, available amenities, transportation offerings, and shifts in employment. Representing an increase in demand for a resort-driven lifestyle, most of these communities reported an increase in average sold price and average sold price per square foot, in combination with a decrease in average days on market. Understanding the market is a critical piece to real estate success for both buyers and sellers. The 2018 Resort Report is assembled as a detailed resource for consumers to make informed decisions about their financial future.

“The Steamboat real estate market saw one of its strongest years on record in 2018, with increases in average sales price, sold price per sq.ft. and total dollar volume. Avg. days on market declined by 24% and total properties sold declined by 5%, driven largely by the limited inventory. The Steamboat real estate landscape is quite diverse, with major differences between the micromarkets. And for the first time in over 10 years, new developments are on the horizon. Still, Steamboat Springs presents great value for buyers in an authentic, friendly resort community.”

-Pam Vanatta
Owner/Broker, Steamboat Sotheby’s International Realty

 

 

Jan. 30, 2019

SUPPLY OR DEMAND – WHAT TURNED IN 2018?

 

With a healthy national, state and local economy and eight years of steady growth in transactions that averaged a 15% increase year-over-year, why did the 2018 Steamboat Springs real estate market see a drop in transactions of 7%? A quick answer would be “Demand has dropped”. However, this drop of transactions may not be due to a reduction in demand, but a reduction in supply to meet demand.

Doug Labor, Broker Associate and Manager of the Steamboat Sotheby’s International Realty downtown office, breaks down the 2018 statistics and what they mean for buyers and sellers as we look forward to 2019.

In 2017 the Steamboat Springs Multiple Listing Service posted 1,373 transactions; fourth best recorded and highest since the 2008 crash.  The 2008 market crash brought on a rash of listings in 2008, 2009 and 2010. It wasn’t until buyers started coming back in the market did the number of listings decline. From 2010 to 2016 listings declined 7% annually. However, in 2017 that percentage tripled to -21%, setting a stage coming into 2018 of the fourth lowest number of listings the MLS has seen.



Despite transaction decline, dollar volume increased 6% to $761 million; the second best in Steamboat MLS history. This is only the second time since 1996 this phenomenon occurred.

Less inventory led to less buying opportunities, and less buying opportunities led to fewer transactions in 2018.  If lower demand was the reason, a reduction of property values would have been the result. However, the average price of all properties sold in the Steamboat Springs MLS increased 13% from 2017 to nearly $600,000; the second highest on record.

Although there were not as many 2018 transactions as 2017, there were some very interesting ones.  Following are some of the most notable sales and occurrences this past year:

Single Family Homes
SF homes typically represent about one-third of all MLS transactions.  377 single family homes were sold in 2018 at a median price of $585,000 and $259/square foot. Dollar-per-square-foot is an industry benchmark that equates to a price a property is valued, depending on its square footage size. Steamboat had 188 transactions with a $762,500 median price and $404/sf.  Although median price in Steamboat went up only 9%, median $/sf price went up a substantial 36% from its 2017 price of $298.

The highest priced single-family home (non-Farm & Ranch) was a 9,792 sf, 6 bedroom (br), 10 bath (ba) home on 9 acres (ac) adjacent to the Catamount Golf Course that sold for $4 million. It was originally listed for sale in 2007 at $7,895,000.  The least expensive home that sold was a quaint, 2BR/1BA, 700 sf home in Oak Creek on a .11-acre lot and sold for its $135,000 list price.

Slate Creek Ranch, located just north of town on Highway 129, captured the award for highest ranch sale. The ranch consists of 1,145 acres, stunning scenery, valuable water rights, intact mineral rights, excellent wildlife habitat, public land adjacency, stream-fed ponds, paved road access and usable improvements. Listed at $16.9 million, it sold via auction at $10 million.

Condominiums
The second most popular property purchase is a condominium. 2018 saw 310 condos snatched up, with all but nine in Steamboat. This was a substantial 14% from the prior year, most likely due to lack of inventory. Median Price in Steamboat was $365,000 (+4%) and $/sf was $371 (+9%).

One Steamboat Place was home to the highest priced condo sale, at $2.4 million, or $955/sf, at 2,513sf.  The slopeside, 4br / 4ba residence comes with yearly HOA dues of $46,101, but some of the finest services and amenities one could want. Walton Village had the least expensive condo sale at $152,000 for a 1br/1ba, 565sf ground floor unit.

Town Homes
Town homes fill the niche between condos and single-family homes, with 179 selling in 2018 and 159 of those in Steamboat. Steamboat $/sf values remained steady at $310, and median prices increased 4% to $600,000. Stagecoach, about 17 miles south of Steamboat, enjoys a good amount of townhome interest with 14 in 2018 and at a median price and $/sf value of $259,000 (+12%) and $179 (+14%), respectively.

Winning top town home honors was a ski in / ski out 6br / 7ba, 5,956 sf Ski Trail Lane home at $2,375,000. It also featured a top floor master with fireplace, home theater, fitness room and wine cellar. Glen Eden Resort, in Clark is home to a 2br/2ba, 837 sf townhome alongside the Elk River that holds the lowest priced sale at $105,000. Although Glen Eden zoning prohibits full time residency for its owners, it allows plenty of time for a second home owner to enjoy the fishing, pool, tennis, restaurant and bar onsite, and spectacular wilderness and recreation surrounding the property.

Land
Overall land transactions in 2018 declined 13% to 209. This is most likely due to the substantial drop in Stagecoach sales, which went from 72 to 34 (-53%).  Looking closer at Stagecoach shows the inexpensive (and nearly impossible to build on) parcels priced under $10,000 went from 30 sales in 2017 to a mere 9 in 2018. One would think the lack of housing inventory would help land sales. However, building costs, could be prohibiting sales. Generally, it is still less expensive to buy an existing home than it is to build. Steamboat Springs lot sales increased from 70 to 74 (+6%), yet median price substantially increased 33% to $327,000.

Upon first blush it appears the market is levelling off. Further investigation, however, suggests demand remains strong, but supply is short. Median days on market supports this thought, dropping over the past five years from 96, 91, 77, 70 to 49. Absorption rates similarly support this theory, moving from 64%, 70%, 82%, 119% to 116%. Some relief is in sight with new developments, but finished product is still far down the line, adding more pricing pressure for upward movement.

Nov. 6, 2018

STEAMBOAT SPRINGS MARKET ROUND-UP

 

We’ve had some surprising shifts in our market in 2018 through the first 3 quarters of 2018. Like all markets, pricing and volume is dictated by supply and demand. In a real estate market, supply is the inventory, or number of listings on the market. Demand is the number of transactions, or absorption of the available listings.

We sat down with Doug Labor, Steamboat Sotheby’s International Realty broker, manager of the downtown office on 9th Street and local statistician, to get the run-down.

Through the 3rd quarter of 2018, the market carried the 3rd lowest number of listings in the history of the Steamboat Springs Multiple Listing Service (dating back 1985). The 1134 listings for the first three quarters of the year post a 7% decrease from the same time period in 2017.

Surprisingly, in a highly active market, transactions dropped 9% when compared to the same period in 2017, to 960. This is most likely due to the limited availability of properties. In theory, if there were more listings, then there would have been more transactions.

Days on market, which is a benchmark most real estate practitioners use to help measure demand, was noticeably shorter. However, brokers agreed that it is taking longer for buyers to find properties than in the immediate past, due to the low supply.

Dollar volume increased 2% year over year, to $573M, which was the second highest in MLS history.

The dynamic between listings (supply) and transactions (demand) is what is referred to as absorption rate. Absorption rate is tracking at over 120%, meaning that there is more product being consumed than what is being added to the market.

Because of supply not being able to meet demand, property values and the average purchase price have gone up. The average purchase price jumped an amazing 12% year over year, to almost $600,000, the 3rd highest that the market has seen.
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