Colorado Real Estate by Ski Resort Counties – 2011 3Q YTD

November 8th, 2011

Colorado Real Estate by Ski Resort Counties – 2011 3Q YTD

The numbers have been compiled and through the third quarter YTD, there’s a mixed bag among the key Colorado ski resort counties. Focusing on Pitkin County (Aspen, Snowmass), Eagle County (Vail), Summit County (Breckenridge, Copper Mtn.) and Routt County (Steamboat Springs) here are the key facts with the entire report located here 3Q 2011 Resort Real Estate Index.

Gross $ Sales Transactions

1)      Pitkin $977,073,114 (+18.84% vs. same time period 2010)

2)      Eagle $803,246,756 ( -29.6% vs. same time period 2010)

3)      Summit $496,283,700 (+1.74% vs. same time period 2010)

4)      Routt $331,187,400 (-14.91% vs. same time period 2010)

Number of Recorded Sales Transactions

1)      Routt = 1,039

2)      Summit = 1,005

3)      Eagle = 970

4)      Pitkin = 584

Number of Bank Sales Transactions

1)      Eagle = 225  (23.2% of total for the county)

2)      Routt = 127  (12.2% of total for the county)

3)      Summit = 89 (8.9% of total for the county)

4)      Pitkin = 45 (7.7% of total for the county)

Average Price Per Square Foot: Single Family Homes

1)      Pitkin $784.41  (-15% from 2010 ave. $/sq.ft.)

2)      Summit $254.87 (-5% from 2010 ave. $/sq.ft.)

3)      Eagle $235.98 (-26% from 2010 ave. $/sq.ft.)

4)      Routt $235.67 (-16% from 2010 ave. $/sq.ft.)

Pitkin and Summit counties are weathering the real estate roller coaster better than Eagle and Routt counties. The number of Bank Sales has been detrimental to Eagle and Routt counties depressing both total sales dollars year to date as well as average price per square foot of residences sold. It remains to be seen what the 4th quarter of 2011 will hold, but it’s likely that Bank Sales will continue to be a factor well into 2012 as shadow inventory remains and must be worked through in the months to come. Routt county is showing positive signs with regard to new construction permits being issued, and entry-level (non Bank owned) listings are getting offers, in some cases multiple offers, indicating that perhaps the bottom is in sight for homes priced under $300,000.

—For more information on buying real estate or questions regarding Steamboat Springs real estate or renting a home in Steamboat Springs, Colorado, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com

Thanks,

Charlie

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