As you'll remember from my May 2012 Market Report, I reported some encouraging numbers in the local Steamboat real estate market. Well, the June 2012 numbers have arrived and provide even further confirmation of definite improvement in the health of the Routt County real estate market. Real estate is selling in Steamboat and it's not just the bank owned. Now we're starting to see inventories in some area shrinking and thus prices are on the rise.
Taking a look at dollar volume, the June 2012 data showed nearly a 65% increase over June 2011, and compared to May of 2012, June's dollar volume more than doubled. With a great deal of speculation over the last few months as to which direction the Routt County Real Estate Market was actually headed, I think we can say with a good deal of confidence that Steamboat Springs Real Estate is on the rebound.
While transaction numbers are still slightly off, June's numbers did show a 16% improvement over the same month in 2011. Unit count also increased from 79 units sold in May of 2012 to 109 units sold in June of 2012.
Average residential price per square foot also continues to show an increase from May of 2012 in all but the Fish Creek, South Routt County and Downtown Steamboat Springs areas. Yet Old Town / Downtown Steamboat price per foot sales are still climbing up to an average of $312 per foot. This brings the total average price per square foot in all areas combined to about $308 per foot.
Highest Priced Sale for June 2012:
6/12/2012, $14,000,000. Porcupine Ridge Ranch, Oak Creek, Colorado. This sale included 8197.5 acres of land with four residential homes and numerous outbuildings and was purchased by a buyer from Colorado Springs, Colorado. The price per square foot on this sale was $2955.46.
Overall, things are looking really good. Let's hope for additional consistent, continuous improvement in the months to come.
Also, to learn more about where this month's buyers are coming from, as well as information regarding this month's bank sales, commercial property, townhome and condominium stats, please click on any of the links below: