Routt County sees sales of 78 million-dollar homes in 2010
Steamboat Springs — Homes priced at $300,000 to $500,000 ruled the transaction volume at the end of the third quarter in the Routt County real estate market, but homes priced at $1 million to $1.5 million could lay claim to the biggest slice of the money pie.
The local market had seen 78 home sales valued at more than $1 million at of the end of September, according to a statistical analysis done by Bruce Carta, of Land Title Guarantee Co. He based his research on information from the Routt County Assessor’s office. That’s about 23 percent of the 339 total home sales. Of the 78, 42 were in that sweet spot between $1 million and $1.5 million. Nine homes sold for more than $3 million and another 8 sold for prices between $2.5 million and $3 million.
At the other end of the spectrum, Carta noted that September saw 12 sales of bank-owned properties totaling $6.16 million for an average price of $551,392 per unit.
Year to date, Carta said, 48 bank sales totaling $26.55 million represent 6.82 percent of the overall gross dollar volume in sales of $389.2 million.
Working from a different set of statistics, Doug Labor, of Buyer’s Resource Real Estate, said that compared to national figures on bank-owned sales, Steamboat’s market looks stable and secure.
He pointed out that of 1,350 homes listed as of Oct. 8, 48, or 3.6 percent, were in foreclosure. Nationally, 25 percent of homes listed for sale are in foreclosure, Labor said.
“It means property owners here are better heeled,” Labor said. People here, as a whole, “are in much better financial state,” than most Americans.
Labor looks only at real estate sales that come through the Steamboat Springs Multiple Listing Service and for that reason, they don’t include sales that were made without the involvement of a Realtor.
Under more stringent lending practices today, recent Steamboat homebuyers as a group probably will be more stable in their vacation homes because the terms of their loans don’t take into account any short-term rental income they may benefit from, Labor added.
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