Average Routt County home price slips to $605,320
May 5, 2012
Steamboat Springs — The average price of a single-family home in Routt County was a hefty $605,320 in the first quarter of 2012, but that figure is somewhat misleading — the average price per square foot here through March was a more real-world $194.35, the second lowest among four ski resort counties tracked by Land Title Guarantee Co.
Only Grand County, home to Winter Park ski area, was lower with an average home price of $368,686 and a per-square-foot-price of $170.
Routt County's year-to-date average home price is down from $631,224 in 2011, according to Brooke Roberts, Land Title's director of sales and marketing in the company's Breckenridge office. As recently as 2010, Routt's average single-family home price was more than $800,000.
Statistics tracked by Stan Urban in Land Title's Steamboat office suggest that average home prices vary substantially from quarter to quarter. For example, in the fourth quarter of 2010, the average single-family home price sold on the Steamboat springs Multiple Listing Service was $813,000, and in the next quarter, the number was $716,500.
Urban's own sales stats for Routt County, which include homes that have sold outside the Multiple Listing Service, do not extract single-family sales from townhomes and condos. However, anecdotally, sales reported through the Routt County Clerk and Recorder's office have shown a significant number of small single-family homes in Hayden and Oak Creek have sold for less than $100,000 in the past 17 months.
Those sales have offset the influence of million-dollar-plus homes in the local market.
Other ski counties tracked by Land Title include Summit, Pitkin and Eagle.
Summit comprises Arapahoe Basin, Keystone, Breckenridge and Copper Mountain ski areas and three historic towns, making it a bigger market than Steamboat, but in terms of sales prices, it is the closest to Steamboat.
Summit had seen $120.7 million in sales through the end of the first quarter of this year compared with $103.2 million for Routt. The average single-family home price in Summit — including Silverthorne, Frisco and Breckenridge — was more than $755,000, and the price per square foot was $243.
To no one's surprise, Pitkin County/Aspen is a market from another planet. Dollar volume at the end of March stood at $246.7 million. The average single-family home price was $3.4 million (down from $4.1 million in 2011), and the average price per square foot was $882.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com