Price trend is positive for Routt County real estate
May 9, 2014
Steamboat Springs — Things are looking up for property values in Routt County as the Assessor's Office prepares for the upcoming assessment period.
Property taxes for 2015 and 2016 will be based on data from July 2012 through June 2014, and Routt County Assessor Gary Peterson said Friday that values are definitely going up.
All of the Assessor Office's analysis from the last go around shows that the local real estate market bottomed out roughly between the end of 2011 and March 2012, depending on market segment, Peterson said.
"It's climbing at a pretty good rate," he said about the market during the current valuation period. "Everything is showing a pretty strong upward trend."
Vacant land might be an exception to recent trends, Peterson said, but the sales ratios for everything else have been climbing at a pace between three-quarters of a percent to 1 percent per month, depending on market segment.
Single-family homes especially are seeing a strong rebound, with the under $550,000 price point and entry-level properties being hot, Peterson said.
"That goes for the entry level condos — Walton Village, Walton Creek types of things," he said.
Some of those developments got hammered by bank sales during the last valuation period, Peterson said, and they've now rebounded.
"We're seeing consistent activity," Peterson said.
March real estate figures
According to Land Title Guarantee Co.'s March report, the local real estate market still is behind 2013 year-to-date, but March saw an improvement in transaction volume, up almost 40 percent (93 transactions) compared to 2013.
March dollar volume was not as strong, the report states, but the same month in 2013 saw just four sales account for $27 million in volume (March ended up having the highest dollar volume of 2013), accounting for some of the 28 percent drop off.
While transactions and dollar volume year-to-date lag 2013, prices are up compared to last year.
For single-family homes, median prices are up 25 percent. Median sales prices for multi-family units are flat with last year, but the average is up 15 percent, likely aided by a some luxury condo sales.
The numbers also look favorable on a price per square foot basis, according to the report.
Year-to-date, Routt County is at $282 per square foot compared to $256 per square foot through the end of 2013. The downtown area, North Routt and the mountain area are all up over 2013 for the first three months of 2014.