On the Market: Home prices per square foot tell different stories
Steamboat Springs — An analysis released by Colorado Group Realty this week shows that the average price per square foot of single-family homes at the ski mountain during the second half of 2010 was $279, down $29 from the second half of 2009.
The highest price paid for a home at the mountain on a per-square-foot basis was down by a similar amount, from $435 in late 2009 to $404 in the final six months of 2010. The lowest price paid for a home at the mountain in all of 2010 was $1,143 per square foot compared to $167 in 2009.
The price reductions at the mountain in Steamboat were modest compared with those experienced in the unincorporated neighborhoods in Stagecoach, where distressed properties dominated sales. The average price per square foot there in the second half of 2010 was $115 compared with $161 during the same period in 2009. Two years earlier, in the second half of 2008, the average price per square foot for a single family home in Stagecoach was $197.
The highest price paid in the second half of 2010 was $146 compared with $182 in 2009 and $217 in 2008.
The lowest price paid throughout 2010 was $80 per square foot. The lowest price paid in all of 2009 was $103.
Prices for single-family homes are stronger in Hayden, where the average price for a single-family home improved in the second half of 2010 to $150 compared with $132 in the second half of 2009.
Existing home sales up 2.7 percent in January
The National Association of Realtors reported this week that existing home sales grew by 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. The numbers marked the first time in seven months that sales activity was higher than a year earlier.
Lawrence Yun, chief economist for the association, said the numbers could be better.
“The uptrend in home sales is consistent with improvements in the economy and jobs,” Yun said. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases.”
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Real estate transactions in Routt County totaled $31,998,949 across 51 sales for the week of July 16 to 22.