Routt County real estate has solid showing in October
November 26, 2013
Steamboat Springs — A report from Land Title Guarantee Co. shows that Routt County real estate had a solid October.
Gross sales volume for the month was $54.85 million, making it the second best month of 2013 to date and putting October up more than 26 percent compared with the same month last year, according to the report from Land Title. It was the best October since 2007.
October saw the most transactions for the year with 129 sales recorded. Of purchases and refinances in October, 49 percent were cash sales with the remainder being financed.
The number of transactions was the best for the month since 2010 when there were 176, but the dollar volume for October 2013 is more than $10 million higher than the month in 2010.
There were nine bank sales in October, only slightly up from seven recorded in September.
For the year, Routt County is up 15 percent in gross sales volume to date and up just more than 11 percent in transactions.
In the mountain area of Steamboat, which made up about 34 percent of October's transactions, the average and median prices for single-family homes year to date in 2013 is higher than in 2012. The median price year to date for multifamily units on the mountain fell 1 percent compared with 2012 while the average fell 8 percent.
The average and median prices for single-family homes year to date was up about 10 percent across all Routt County areas compared with 2012.
Bank sales in Routt County have made up about 7 percent of the volume year to date and for October. The average residential price per square foot for a bank sale in October was $265 compared with $171 for the year.
The majority of the transactions for 2013 to date and October were from $300,001 to $500,000. Since 2011, the share of transactions has shifted from being below $200,000 into the $300,001 to $500,000 range now representing about a quarter of all transactions.
For 2013 to date, buyers who live outside Colorado make up about 43 percent of all purchases, and Front Range buyers make up about 13 percent of purchases.