Dollar volume less than half of April 2007

Inventory of mid-range single-family homes up 36 percent



— The Steamboat Springs Multiple Listing Service showed 1,640 listings as of May 6, the most in the local market since the end of the third quarter of 1999.

Doug Labor of Buyer's Resources Real Estate, who tracks statistics for the MLS, said he compared the number of listings May 6 to benchmarks typically set at the end of each quarter.

"Inventory is particularly up in certain price points," Labor said. "The biggest segment - single-family homes priced between $500,000 and $1 million - is up 36 percent."

The latest in-depth statistics about the local market are for April and were released this week by Bruce Carta of Land Title Guarantee Co.

April's dollar volume of $67.24 million was well off the record of $154 million set in 2007. At the time, that figure represented the all-time record for any single month in Routt County. The record lasted until May, when the local market zoomed to $205 million, a level that has not been seen since.

Carta works with figures from the Routt County Courthouse that includes transactions that did not go through the MLS and, consequently, are greater.

April 2008 came within $900,000 of matching the dollar volume of April 2006 and did it with far fewer transactions.

April 2005 logged $89 million in gross dollar volume with 214 transactions, followed by 2006 with $68.1 million on 405 transactions. April 2007 jumped to $154 million with 230 transactions. April 2008 needed just 140 transactions to score $67.2 million in dollar volume.

Labor said unusually large transaction volume, like that experienced in April 2006, sometimes can be explained by a single large multi-family project obtaining its certificate of occupancy and closing a large number of contracts in one month.

The other side of that coin can mean contracts written in the first four months of 2008 on the many multi-family projects under construction here may not show up for another year, or even longer, Labor said.

Carta noted that a single sale accounted for $10 million of the total last month. Eighteen unbuilt residential lots in Mountain View Estates Subdivision filing 4 were purchased by Santa Fe Trail LLC.

Hayden saw a noteworthy 48 transactions in April. Of those, 39 were attributable to Hayden Airport Garages. The gross value of those sales was $1.72 million.

Two of the transactions involved the sale of two-garage units, meaning the sale prices averaged $41,069 per unit.

Routt County saw the sale of eight homes priced at $1 million or more in April. Of those, three were priced between $2.5 million and $3 million.

Ray Wright of Steamboat Village Brokers said that since May 1, a number of properties in varying price ranges and neighborhoods have gone under contract. They include a three-bedroom, two-bath home in Steamboat II for $489,000, a three-bedroom, two-bath home on Conifer Circle for $615,000, a Cornerstone townhome for $1.1 million, a home in the Sanctuary for $3 million and a $9 million home in Hendersen Park.


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