Real Estate Market Analysis: Routt County summer, 2008
Routt County is known for Steamboat Ski Area. It’s only about 90 miles from Silverthorne, but it’s a long 90-mile drive, over a pass called Rabbit Ears, which is prone to closing during winter storms. In the past, Steamboat property was less expensive than Summit County realty, but it has quickly caught up — and even surpassed Summit — especially now that Intrawest owns Steamboat and is revamping the base area and making other improvements.
From January through August of 2007, Steamboat’s average selling price was $618,569, with 1,870 units sold in that time frame. Comparing it to the same months in 2008, it’s apparent that sales are much slower — only 828 of them — but price is still rising, with a $676,330 average sales price. That compares with Summit County’s $561,283 average during the same time period (with 1,254 transactions).
From January through August 2008, the price range that drew the most transactions was $300,001 to $500,000, with 114 sales. Second to that were properties between $200,001 and $300,000, with 66 transactions. Still, $1 million to $1.5 million properties had 34 sales, and 13 properties sold for more than $3 million, with the average price being $4.9 million.
