The YTD average price of a single family home in Steamboat Springs is $1,002,983.00, according to information supplied by Bruce Carta of Land Title.
Other resort markets in Colorado had average prices of:
- $5,159,207 in Pitkin County/Aspen and Snowmass
- $1,595,430 in Eagle County/Vail and Beaver Creek,
- $828,748 in Summit County/Breckenridge, Copper Mtn and Frisco.
Total sales volume this year is $647,000,000, which is way down from previous years. All of the Colorado resort markets–and the rest of the country–have seen a big slow down in real estate sales.
Routt County has seen the biggest drop in average prices among the resort markets. I’ve been trying to figure out why, but my initial thoughts are based on two reasons:
Last year was the year Intrawest purchased the Steamboat Ski Area. Not only was there some high priced real estate changing hands like Ski Time Square and the Sheraton, but people were buying based on what Intrawest has done at other resorts and what real estate values have done in Intrawest owned resorts. The Steamboat Springs real estate market literally went from the best year ever (2007) to the worst year ever (2008).
I think another reason why prices have dropped in Routt County while rising in other Colorado resort markets is the lack of high priced new construction in Steamboat that has closed. Summit County/Vail and Beaver Creek got started earlier and has seen projects like the Arrabelle close this year for prices in the $3000/sq ft range.
Routt County will start to close on the 63 sold units at Trailhead Lodge in June. Next fall, the almost-sold-out One Steamboat Place will begin to close on their multi-million dollar units.
My guess (without the advantage of a crystal ball) is that Routt County numbers will look good next year compared to other resorts. In the mean time, it’s a good time to start looking to buy as we wait for this down market to shake out.
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