February real estate sales down in spite of 9 million-plus sales
March 24, 2018
STEAMBOAT SPRINGS — February 2018 real estate transactions in Routt County were down 20.6 percent year over year from $45.6 million in February 2017 to $34.5 million, according to Melissa Gibson of Land Title Guarantee Company.
Although January 2018 was up 20.6 percent, the slide in February didn't surprise Realtors who were predicting in November 2017 that transaction volume would surely be off this year du to unusually low inventory.
Cam Boyd, broker/co-owner with Steamboat Sotheby’s International Realty, saw it coming. He said in February that his company's research showed that as of January, existing listings represented an inventory that would last for about seven months, compared to 2017 when it was higher than 15 months and 2016 when it was almost a two-year supply.
Boyd pointed out that real estate inventory goes through annual cycles with the nadir early in the new year, and more property coming onto the market in early summer.
Gibson said that the February numbers dragged down January, leaving the year-to-date volume off 1.8 percent in gross dollar volume and 11 percent in transaction volume. But this week, she was cautiously optimistic.
"We definitely feel things picking up, so hopefully, March numbers will put us back on track," she said.
However, March of 2017 set a pretty high target, with $61 million in sales up 95 percent from $31.3 million in 2016. March 2017 dollar volume was the highest in seven years, according to Gibson's own treasure trove of data.
Records at the Routt County Clerk's office show unofficially there had been 76 real estate transfers, where money changed hands through March 23. After seven high-end transactions changed hands in February, according to Gibson, nine million-dollar homes sales through the first three weeks in March, including a $5.15 million transaction.
The aggregate value of those sales totaled $16,659,000.
Well-kept, 968-square-foot, two-bedroom townhomes at Whistler Meadows, a short bus ride from the ski area, and built in 1980 as workforce housing, have climbed back to the $250,000 price range in the first two months of the year.
While the sample is very small for 2018, the median price of a single-family in Routt County was $559,500, and thus far in 2018 (not including March) it is $635,000.
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There were 25 transactions at the Steamboat mountain area with a combined value of $13.37 million, and five sales in the downtown area with a combined dollar volume of $4.07 million.
High demand housing below $400,000 is still yielding sales in Routt County; there were six transactions at prices less than $200,000 in the first two months of 2018, another 17 from $200,001 to $300,000 and 19 sold between $300,001 and $400,000.