On the Market: Pending sales increase to 113 as of April 27

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On the Market

Tom Ross' On the Market column appears Sundays in the Real Estate section of the Steamboat Pilot & Today. Contact him at 871-4205 or e-mail tross@SteamboatToday.com.

Pending sales increase to 113 as of April 27

— Realtor Darrin Fryer, of Prudential Steamboat Realty, reports that the number of pending sales - property under contract - has surpassed 110.

"There have been declining pending sales here in Routt County for over one year now, and then we bottomed at an average of 90 pending sales for the past three to four months," Fryer said.

The trend has seen a modest reversal in the first three weeks of April as the number of pending sales increased to 113 as of April 27.

Fryer hopes the trend is a signal that downward price pressure the market has undergone for the past 18 months will be reduced.

Highlights, he says, are two single-family home sales in Tree Haus and a Porches unit that was listed for about $2.63 million.

Fryer has more information at www.steamboatsrealestatedeals.com.

March dollar volume less than $20 million

The total Routt County real estate dollar volume in March was $19.9 million, just 38 percent of last year's number, said Bruce Carta, of Land Title Guarantee Co.

Looking for the bright side? At least on percentage basis, March volume was stronger than in January and February.

The $23.7 million in sales that closed in January was 29.4 percent of the $80.7 million that closed in January 2008. And February's $12 million was a slim 20.2 percent of activity during the same month last year.

Ready for this? March dollar volume in the record year of 2007 was $186.5 million, and May 2007 brought a whopping $205.5 million.

Homebuyers active at less than $500,000

There were 16 sales of residential units in Routt County during March, and a half dozen of them were in the $300,000 to $500,000 price range.

The 16 home sales in March had an aggregate value of $9.7 million. There were two sales above $1 million but none above $2 million.

Comments

RangerRoutt 5 years, 7 months ago

Tom Ross needs to go back to talking about hummingbird feeders and whatnot and lay off the realty talk....

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telebikebird 5 years, 7 months ago

Great information Tom, thank you!!

Scott- just for clarification; when a property goes pending, the actual closing can be pushed out months in advance. This is how pending sales numbered 90 in March and 16 sold. These pending sales from March could be closing in July for all anyone knows.

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toboyle105 5 years, 7 months ago

Must be adding in the deposits on all those million dollar condos that might never be built.

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Scott Wedel 5 years, 7 months ago

So if the 90 pending sales mostly all close and there are 16 sales a month then that suggests that the average time from offer to close is about 5 1/2 month. That doesn't seem right.

Seems to me that the number of pending offers should be no more than twice the number of closes per month because the time from offer to close shouldn't average more than 60 days.

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ybul 5 years, 7 months ago

Some sales are contingent upon other properties selling, which could take quite a while.

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Scott Wedel 5 years, 7 months ago

How can Tom Ross talk to the people with the data and not ask the most obvious question?

How can pending sales have been averaging around 90 and yet there are only 16 residences sold in March?

If pending sales have been hovering around 90 and only 16 close then that suggests that currently more than 80% of pending sales fail to close!?! Or what else is going on with all of the pending sales?

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TWill 5 years, 7 months ago

How did Tom Ross evolve to be the real estate guru of the Pilot? He's a lifestyle columnist for crying out loud. I think we all prefer his "humingbird feeder" commentary much better. Let the title company write the article, they're the one that's always credited for the information anyway. Besides, this information is little more than propoganda. As Scott points out, these figures are nowhere consistent with themselves. Based on the 25% increase of pending sales (90-113), March's 16 sales should equate to 20 sales for April. Yippee- the recession is over! Oh wait, maybe not...

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