More Steamboat buyers contribute to Routt County’s robust real estate market | SteamboatToday.com

More Steamboat buyers contribute to Routt County’s robust real estate market

Most Steamboat real estate bought by "locals"

Steamboat's River Place subdivision.

STEAMBOAT SPRINGS — The buyers who paid $3.4 million in December 2017 for a condominium at One Steamboat Place at the slope's edge of Steamboat Ski Area were rare birds, not because they paid $1,265 per square foot for a luxury condominium, but because their permanent address is in New South Wales, Australia.

As it turns out, any international buyer for real estate here is a relative rarity.

Land Title Guarantee Company in Steamboat Springs reports that out of all 1,608 buyers for real estate last year, just six were citizens of other countries.

There were just four international buyers in all of 2017 and a single international buyer in 2015. The numbers were six in 2014 and eight in 2013.

Even without "foreign intervention," 2017 ended with the Routt County market reaching its highest dollar volume in a decade at $809 million.

Land Title Co.'s Melissa Gibson said 2017 reached the second, all-time dollar annual volume with 1,608 transactions.

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"While December numbers were down slightly from 2016," Gibson said,  "the year-end gross volume was up 16.46 percent and transactions were up 4.48 percent compared to 2016." 

A standout trend in 2017 was the increased share of local residents buying real estate and a modest decline in domestic out-of-state buyers.

For the month of December 2017, 69 of 126, or 55 percent of buyers, were "local," according to Land Title. That translated to a year-end total of 868 local buyers — 54 percent — compared to the next biggest category of buyers, "out-of-state domestic" at 463 buyers or 29 percent.

In all of 2016, there were 774 local buyers up from 718 in 2015, 610 in 2014 and 549 in 2013. 

Last year also marked the first time in six years that out-of-state domestic buyers numbered fewer than 500. The 463 in 2017 compares to a six-year peak of 559 in 2015

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

Snapshot: 2017 values at year end

Average price trends:

Single Family: -2%

Multifamily: +13%

Vacant Land: +53%