Tuesday, November 18, 2008
Looking over the year-to-date sales numbers for Routt County, ending 10/31/08, the following is what we know.
Total dollar volume sold for the year stands at $647,000,900. That ranks at 49% pacing as compared to the record year of 2007. Comparing year-over-year numbers with 2006, we’re pacing at 73% of sales.
There were 68 transactions completed in October this year versus 196 in 2007 and 266 transactions in 2006. Actual number of closings has slowed dramatically from what we’ve come accustomed to in Octobers of yore.
Of the total transactions in October, 37 of them consisted of “Residential Improved Units” which includes any residence that an owner buys outright (ie. not a “fractional” or “timeshare” unit) that’s not land or commercial. Of these 37 transactions, 21% (8 units) closed at $1,000,000+ accounting for 55% of total volume. These statistics demonstrate that the high-end market is still doing relatively well.
Pricing property at an attractive level is more important now than ever. Getting prospective buyers interested in making an offer becomes difficult in this type of market, but not impossible. Adding incentives such as paying closing costs, covering a month or two of the buyer’s mortgage and other creative deals are ideas you should ask your realtor about. If you’re a seller, these types of unique add-ons will go a long way in getting your property sold.