Land Title report compares mountain community real estate markets
March 8, 2014
Steamboat Springs — Compared to 2012, Routt County's real estate market saw some isolated improvement in 2013.
But when juxtaposed with the recoveries underway in other mountain communities, Routt County has some catching up to do.
In 2013, Routt County saw its sales volume, number of transactions and single-family home prices improve. Only Grand County saw improvement in more categories in Land Title Guarantee Co.'s 2013 report on mountain communities.
But Routt County's dollar volume in 2013 is just more than 68 percent off its previous peak in 2007, the second-largest gap of the seven mountain counties Land Title compared.
Summit County has made up the most ground, being only about 45 percent off its previous dollar volume peak in 2006.
Routt County's 1,278 transactions for 2013 put it third among the mountain counties. Its average price per square foot for single-family homes continued to improve, hitting $248, but ranked the third lowest of the seven counties.
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As the number of distressed sales in Routt County has continued to drop, the average and median prices for single-family homes steadily have increased. The average single-family home price for 2013 was $681,783, and the median single-family home price was $460,000. Those represented increases over 2012 of 8 percent and 12 percent, respectively.
The average single-family home price ranked Routt County fifth among the seven mountain counties in Land Title's report.
Routt County ranked fourth for average multifamily home price at $384,168, which represented a drop from $411,113 in 2012. There was only one more multifamily transaction in Routt County in 2013, at 391, than in 2012.
Garfield County had the lowest average single-family home price for 2013 at $317,879, while Grand County had the lowest overall residential median price at $230,000.
Pitkin County had the highest average price for single-family homes and multifamily units, but it had the second fewest number of transactions for 2013 at 667.
The lack of transaction volume meant Eagle County had the highest gross dollar volume for 2013, at more than $1.3 billion.