Routt County unit volume lowest in 7 years
March 24, 2012
Steamboat Springs — Dollar volume in the Routt County real estate market was up 6.7 percent to $22.45 million in February when compared with February 2011, but unit volume remains soft in the first quarter of 2012.
Stan Urban, of Land Title Guarantee Co., reported last week that 69 transactions closed last month, bringing the total for January and February to 135, marking only the second time in seven years that transaction volume in the first two months of the year was lower than 200. The next lowest total for January and February was the 187 deals that closed in 2010.
"With dollar volume up over last year and transactions down, there's stabilizing momentum in the average transactions price," Urban said.
The average price on 35 closings with a gross value of $16.14 million in the Steamboat mountain area year to date was $461,243, according to Land Title. Those sales produced a median price of $251,250 and a median residential price of $450,000.
The value of transactions in Steamboat's downtown area is a little higher on significantly less dollar volume of $4.87 million. The average transaction price in downtown was $487,480, and the average residential price was $452,400. The median residential price was right on the average at $450,000.
Three of five million-dollar home sales this year took place in February, including one greater than $2.5 million. That $2.58 million sale was a new construction duplex in The Porches.
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Of the three million-dollar homebuyers in February, two were from Steamboat, and a third was from Texas.
As they did throughout 2011, sales of homes priced lower than $300,000 dominated unit volume in February, accounting for 14 of 28 transactions.
The balance of 2012 could tell whether supply in that price range begins to dry up after 286 of 591 home sales last year were for less than $300,000.
Of 10 banks sales in February, only two properties were within the city limits of Steamboat, according to Land Title. And five of the 10 sold for less than $100 per square foot. Seven of the 10 were sold by Fannie Mae or Freddie Mac.
To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com