Steamboat, Routt County real estate market surging
June 2, 2017
As the first day of summer approaches, realtors in Routt County are surfing a wave of strong sales and looking for the next set to come ashore.
Melissa Gibson, of Land Title Guarantee Company in Steamboat Springs, reported June 1 that April 2017 dollar volume was up 38.8 percent compared to the same month in 2016, to $72.5 million, and called it "a decent month." That modest assessment was due, in part, to a single large sale that bolstered the total.
But then, Gibson reported a month ago that March dollar volume of $61 million was up 95 percent compared to the same month in 2016, nearly doubling March 2016 dollar volume. A trend seems to be emerging.
Realtor Doug Labor, of Steamboat Sotheby's International Realty, who has been tracking statistics through the multiple listing service for many years, reported bullish numbers for the first quarter of 2017.
He is seeing that prices in the overall Routt County market are moving up during the first quarter of the year. Median sales prices for residential real estate are up 22 percent, from $353,500 in 2016 to $432,500 thus far in 2017.
"For residential sales in Routt County, units sold in the first quarter of 2017 was at 182, up from 115 in the first quarter of 2016, marking a 58 percent increase year-over-year," Labor wrote in his report.
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Transaction data gathered by Routt County government reflects a sense of urgency among buyers. Entry-level condominium and townhome projects not far removed from the ski base — such as Shadow Run, Walton Village and Whistler Village — have been selling briskly at prices of about $225,000, but workforce housing in the market is already in short supply.
There is also data that shows entry-level buyers are turning to modest, older homes in the Hayden area. Gibson reports that the Hayden area has seen 32 transactions year-to-date. And at the same time, the median price for single-family homes in Hayden, year-to-date, has been $266,660, down 22 percent from $340,573 in all of 2016. The price per square foot for single family homes in Hayden so far this year has been $168, compared to $223 for all of 2016, representing a 25 percent price drop.
Gibson's research reveals that, through the first four months of the year and across the entire market, the busiest price point in terms of transaction volume in residential real estate has been in the range of $300,000 to $400,000, with 38 sales, compared to total residential transactions of 224. Twenty-two buyers have closed on homes priced at less than $200,000 thus far in 2017, and another 28 were able to purchase homes in the range of $200,001 to $300,000.
In higher price ranges, there have been 29 residential sales of homes priced at $500,001 to $600,000 and 12 sales of homes priced at $1 million or more.