Routt County real estate market has strong May performance
Steamboat Springs — May was a big month for Routt County real estate.
At more than $56 million, it was the largest dollar volume in more than a year and the best May total since 2008, according to a report from Land Title Guarantee Co.
That dollar volume came from 122 transactions within the month, which is 17 percent above the previous May and only just down from this April’s total of 129 transactions.
May’s dollar volume was helped by a number of $1 million-plus transactions and three sales of more than $3 million.
The sales of higher-end homes have pulled up the average and median residential prices for 2014 thus far. The running average single-family home price is $768,074 compared to $681,783 for the full year 2013. The median single-family home price jumped 26 percent compared to last year at $579,000.
The average price for residential land is the only market indicator to underperform 2013 so far this year at 26 percent down.
For the year to date, 2014 still is 4 percent down in dollar volume compared to 2013, which had stronger months in March and April. However, the number of transactions so far in 2014 is outpacing 2013, 511 to 477. Fewer of those transactions are bank sales, as well. In 2013, Routt County had 69 bank sales by May while 2014 has seen only 17 so far.
There were two bank sales in May. And while the number of transactions was the second highest of this year, the percent of buyers closing with traditional financing increased to 58 percent after months of cash sales making up the majority of the market.
The largest sale of May was a $3.45 million Strawberry Park home listed by Pam Vanatta, broker and co-owner of Steamboat Sotheby’s International.
The 6,715-square-foot home sits on more than 15 acres with views of Steamboat Ski Area.
“It was a very nice home,” Vanatta said. “Strawberry Park has the allure of being so close to town with good views.”
“People definitely seem to be looking for land,” she said.
The number of high-end sales and large dollar volume for May is a testament to how hard real estate agents were working through the winter, Vanatta said.
“Everybody was very busy in January, February and March,” she said. “It culminated in sales in May.
“It just didn’t happen. It’s the hard work we put in the first quarter.”
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