August 2019 – The Numbers

August was another good month for Routt County. Total sales volume coming in at $90.46M compared to $87.68M last year.  There was a hefty commercial transaction that helped a bit, closing at $11.75 for the Sundance Plaza real estate.

Total transactions were down 14.29% with 150 compared to 175 in August of last year. Less people are buying, but the people who are buying are spending more money.

The skinny:

• Average residential price is $683,216 YTD
• Average price per square foot $362 YTD
  • New unit sales are $473 on average
• Local buyers made up 50% of our sales in August
• There were a total of 206 loans in August with 54% of purchasers closing with financing at the time of sale while 46% closed with cash.

Click here to see the full market analysis from Land Title Guarantee Company

The average residential price is hovering right around the same number as last year, see the “Improved Residential Average Price History” chart below. And this is a good thing! We don’t want to see huge jumps in inflation or eventually no one will be able to afford to live here and people will stop buying. So this steady, “flattening out”, could just be the aftermath of the big jump we saw in the sales volume from 2017 – 2018.

So for now, more of the same is just what the doctor ordered.