High-end homes influence September dollar volume
October 26, 2012
Steamboat Springs — The influence a few high-end residential home sales can have on monthly dollar volume was made plain this week when Stan Urban, of Land Title Guarantee Co., reported September dollar volume in Routt County was off almost 27 percent compared with the same month in 2011, when sales totaled $35.3 million compared with $25.8 million this year.
Urban agreed that high-end home sales and sales of interval ownership were the primary factors behind September's flagging numbers.
September 2011 was boosted by four home sales totaling $8.95 million, including the sale of a Dakota Ridge home on Aspen Ridge Road for $3.9 million. September 2012 saw the sale of one home for $1.08 million and another for $2.11 in the million-dollar-plus category.
Through September, 2012 has seen the sale of 41 homes in the range above $1 million. That compares to 56 for the same period in 2011.
Anyway one chooses to slice it, a significant number of million-dollar homes have sold in the past two years while the local real estate market is in a protracted economy; the 41 sales through September in 2012 add up to $85 million in volume compared with $101.4 million for the 56 sales in 2011.
David Baldinger Jr., of Steamboat Village Brokers, said the lesson from September sales data for 2011 and 2012 is the reason he likes to look at a bigger set of data before reaching conclusions about the direction in which the local market is headed.
"I generally try to not sniff out any trends unless I'm looking at three to six months of data," Baldinger said. "A couple of big houses or a project closing a bunch of units in one month can really throw things off."
Urban said the good news is, overall, year-to-date home sales are not losing ground.
"Single-family and multifamily are holding steady in the flat range, plus or minus 5 percent from last year. Year-to-date gross dollar volume is now officially flat, with transaction numbers decreasing by 19 percent," Urban said.
Urban said the highest single sales price in September also generated the high price per square foot. A four-bedroom, four-bath condominium at One Steamboat Place that sold for $2.11 million translated into $832.35 per square foot.
Dollar volume for interval transactions last month totaled $1.53 million compared with $5.4 million in September 2012.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com