Colorado Group Realty Insider - June 2021

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We'll get to the market report in a moment, but the big news this week is the Steamboat Springs City Council's vote on short-term rentals. Just recently, City Council voted in an emergency meeting to enact a six-month moratorium on vacation home rental permit applications. Council called the special meeting because of the impact that short-term rentals have on the long-term rental pool, community character, and neighborhood disruptions caused by guests.

The ban only relates to single-family homes and duplexes in certain zone
districts. Condos will not be affected by the ordinance nor will those who have
existing permits. The next public hearing will be on July 5. Reach out to the
Steamboat Springs City Council to have your voice heard.

The market across Routt County continues its hot streak. In spite of lower
inventory, there have been 64% more closings than this time last year. This is
not surprising, given last year's pandemic-related closures. However, when
compared to the 481 closings that happened in December 2020, the hottest
month of last year, the 553 closings in May 2021 shows that there is still a huge
appetite for Routt County real estate.

With such demand and limited supply, prices also continue to rise. The average
single family home price in Routt County dropped ever-so-slightly over the
last month, but is still up 22% year-over-year. The City of Steamboat saw a
31% increase in single family home prices as compared to this time last year.
Condos and townhomes appreciated similarly, increasing 28%. As the number of active listings continues to drop during a time inventory normally builds, it will be interesting to see how the standing inventory changes this summer. In recent years, inventory peaked to over 500 active
listings (all property types) during the summer months. Currently, the market
is sitting at less than 100 listings in the city. Property is selling so quickly that
standing inventory isn't increasing at all.

If you're buying, it is crucial to have an experienced buyer's agent to separate
your offer from the multitude of other offers. If you're selling, having an
experienced seller's agent can ensure you get the highest offer that is most
likely to close. Colorado Group Realty has both. Give us a call to see how we
can help you with your situation today.