West Steamboat tops $4.6 million on nine home sales in July | SteamboatToday.com

West Steamboat tops $4.6 million on nine home sales in July

Steamboat II, in the foreground, and Heritage Park, in the background, are among the subdivisions west of the city limits that have become some of the hottest segments of the local real estate market.

The west Steamboat Springs neighborhoods of Steamboat II, Heritage Park and Silver Spur, where $4.64 million in sales closed on nine transactions in July, was one of the hottest segments of the local real estate market, as buyers pursued single-family homes with lawns priced in the $500,000 range with a sense of urgency .

Melissa Gibson of Land Title Guarantee Company reports that the average residential sale price in West Steamboat, where townhomes are scarce, $515,440 and the average residential price-per-square-foot was $280.

Hayden and the surrounding area was another place where buyers were pouncing on homes from the early 20th century; the 10 transactions in Hayden totaled only $2,685,400, translating into an average transaction price of  $268,540 and an economical price-per-square-foot of $186. There was also activity, for the first time in awhile, both on lots and an existing home, in the much newer Lake Village Subdivision on the south side of Hayden.

As always, the Steamboat mountain area was the leader in dollar and transaction volume with 62 sales accounting for $27.46 million.

Marketwide movement

Gibson said 61 percent of real estate purchasers in July closed with financing, and 39 percent paid cash.

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"New units sales were down with two in July compared to eight in June,” she said, and "upper end sales were static, with eight in July, the same as June."

Gibson  reported that the 154 transactions in the market in July brought the year-to-date total up to 838, 7.85 percent ahead of this time in 2016 and on pace to exceed 2015, which, by many metrics, was the biggest calendar year in the past eight.

July dollar volume of $68.02 million was up 9.5 percent from the $62.11 million recorded by the same date in 2016, but couldn't match the $80.6 million of 2015, a year that finished at $700 million. The year 2017 is about $88 million ahead of the previous year’s pace as of the end of July.

Five homes priced at $1 million or more sold in July, bringing the year-to-date total to 62. Thus far, 38 homes priced between $1 million and $1.5 million have sold in Routt County. Housing priced below $200,000 is still selling, but signs are that the inventory has shrunk. In all of 2016, 176 homes sold at prices below that threshold, and through the seventh month of 2017, fewer than half that – 62 – had sold in the same range.

Mountain resort markets

Land Title's Trevor Theelke took a look at the seven mountain resort markets and concluded that Pitkin (Aspen), Summit (Breckenridge), Routt (Steamboat), Garfield (Glenwood Springs), Grand (Winter Park), Eagle (Vail) and San Miguel (Telluride) all saw an uptick in transaction volume in the second quarter (April, May and June) 2017, with Pitkin posting the biggest increase at 55.42 percent. The average residential price also increased in all seven counties, with prices in San Miguel increasing almost 40 percent from 2016. In terms of gross volume, Pitkin County saw the biggest increase at 59.4 percent.

Across the seven resort counties, the median residential price was up 26 percent, while the average price was up only 10.3 percent, perhaps suggesting a trend toward upper middle-class families versus multi-millionaires purchasing homes.

To reach Tom Ross, call 970-871-4205, email tross@SteamboatToday.com or follow him on Twitter @ThomasSRoss1

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