October logs 13 million-dollar-plus property sales in Routt County
December 5, 2017
STEAMBOAT SPRINGS — October saw the sale of 13 Routt County properties worth $1-million or more, according to Land Title Guarantee Company.
The biggest residential purchase, which closed in October, involved the $2.75 million purchase of two homes in the Ubehebe subdivision near the base of Buffalo Pass on Routt County Road 38. The larger of the two homes offered three bedrooms in 4,598 square feet. But there is also a 1,623-square-foot home on the 45-acre lot.
That same week, which saw $30.5 million in sales, the 16 vacation condos at Thunder Mountain sold for $3.6 million to a limited liability company registered to an Aspen woman. And a large home on Ski Trail Lane sold for $2.65 million.
Through the 10th month of the year, total dollar volume sold in Routt County was $673,824,460, which was almost 20 percent ahead of 2016.
Through the tenth month of the year, total dollar volume in Routt County of $673,824,460 was almost 20 percent ahead of 2016.
Land Title's Melissa Gibson observed there were 174 sales in October, and of those, 34 percent closed with cash.
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Jon Wade, broker owner at The Steamboat Group, said the fact that dollar volume year-to-date is up 20 percent, while the number of sales are up just 6 percent, is a reflection of low inventory and increasing values. October dollar volume alone was up 7 percent in spite of the fact that unit volume was down 12 percent.
And the appreciation in value varies significantly among different classes of properties, Wade said.
The median value of homes in Routt County went from $385,000 in 2016 to $413,000 in 2017, a jump of 7.3 percent.
"Some properties are up 10 to 20 percent, while others are flat, to slightly up," Wade said.
The contributions that the Town of Hayden and the neighborhoods of West Steamboat and North Routt make to overall dollar volume are modest on a percentage basis. But Wade said the increases in those numbers through October are noteworthy.
"It is interesting to see some of the outer areas get more popular, which is likely driven by affordability and lack of supply in Steamboat," he said.
Wade said that Hayden and surrounding areas (including some large ranch sales) contributed 4.9 percent to the Routt County market's overall dollar volume in 2016, and that has grown to 8.1 percent as of Nov. 1 ($54.68 million on 124 sales, according to Land Title). North Routt is up from 4 percent in 2016 to 6.3 percent in 2017 ($42.8 million, 74 sales), and West Steamboat is up to 5.9 percent from 5 percent ($40.1 million, 100 sales).
Stagecoach accounted for 124 transactions through the end of October with an average transaction price of $193,594.