On the Market: Dollar volume retreats to 2010 levels in May
June 23, 2012
Steamboat Springs — After putting up some decent year-over-year growth numbers in the first three months of 2012 and weathering a 3 percent dip in April, Routt County real estate dollar volume retreated to 2010 levels in May, dropping 37.4 percent to $31.56 million. That compares to $50.4 million in May 2011.
Unit volume looks more grim at first glance, but Stan Urban, of Land Title Guarantee Co., who does the research, pointed out that last month saw just 16 sales of timeshares and interval ownership units compared to 63 in May 2011. Toss out the timeshares, and May 2012 saw 63 closings compared to 74 during the same month in 2011.
Despite the disappointing numbers, Urban saw signs that prices are coming back slowly — May saw slightly higher dollar volume on 11 fewer transactions.
"Averages and medians in the residential sector are showing a good amount of green," Urban said. "And residential activity was really strong this month with lots of upper-end closings."
Of eight sales that topped $1 million, six involved single-family homes, and the other two were for the development ground at Casey's Pond Senior Living and a small hotel, The Inn at Steamboat.
Tom Leeson returns to open a consulting firm
Tom Leeson, former director of planning and community development for the city of Steamboat Springs, announced this week the launch of Leesona Consulting Inc., a professional consulting firm that provides land planning and development services.
"As the market continues to show signs of improvement, landowners are looking for solutions to strategically position their property," Leeson wrote in a news release. "I believe there is a niche for this type of professional consulting firm that can provide both land planning services, as well as development solutions."
While the real estate market is starting to regain strength nationally, Leeson wrote that he recognizes that it will take a few years for the resort market to rebound.
"The challenge for resort markets is the inventory of product," he wrote. "However, it appears the real estate market in Steamboat Springs has turned a corner with prices stabilizing and the number of units for sale on the decline.
"As landowners look to reposition properties in this new economy, Leesona Consulting Inc. can provide a combination of planning, design, entitlement and development services not currently found in the marketplace."
Leesona Consulting Inc. initially will focus on Northwest Colorado but will expand its services based on industry trends and changing client needs.
"Leesona's goal is to be the leading land planning and development services company within the region," Leeson wrote.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com