Steamboat’s $1M home sales top 100 in 2017
January 3, 2018
STEAMBOAT SPRINGS — The Routt County real estate market saw the sale of 111 $1 million homes in 2017, surpassing the 2016 total by three transactions.
Based on statistics reported by Land Title Guarantee Company and the Routt County Clerk's Office, nine homes sold for more than $3 million in 2017, some of them including large acreages. That compares to 12 in 2016.
The million-dollar home sales here in 2017 represent one measuring stick that points out how far the high end of the Steamboat/Routt County market has come since 2014 when 89 million-dollar homes sold here. The number was 92 in 2015.
Currently, 15 single-family homes carry asking prices of between $4.9 million and $6 million.
The last million-dollar home sold in 2017 was a 20-year-old, 2,408-square-foot, four-bedroom, 3.5-bath "The Trails at Storm Meadows" condominium overlooking Steamboat Ski area, which closed Dec. 29 for $1.05 million.
And the market for million-dollar homes appears to be tighter than in past years as the new year begins. There are currently 95 homes listed for sale for $1 million or more, based on a search of Realtors' websites, and another 41 condominiums and townhomes.
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And with the exception of some new product coming onto the market in Wildhorse Meadows, some of the remaining homes at the floor of the million-dollar market are dated.
Realtor Doug Labor of Steamboat Sotheby's International Realty said Tuesday he had just returned from showing homes in the neighborhood of $1.2 million to clients without finding something that appealed to them.
"Most of the homes we looked at for that price needed some work," Labor said.
There are homes listed on the Steamboat market at $1.25 million that offer three bedrooms and fewer than 2,500 square feet, although in some cases, those homes are on premium building sites.
Entry-level sales strong in 2017, but inventory gobbled up
There was a run on modestly priced homes in 2017, and they continued to be the bread and butter of Routt County Realtors in 2017.
Melissa Gibson of Land Title Guarantee Company reported that as of the end of November, 262 homes had sold for $300,000 or less, with most of those recorded in outlying areas of the county.
However, the price point below $200,000 may be going away. Ninety-nine homes in that price range had sold as of the end of November compared to 176 in 2016 and 171 in 2015.