Colorado Group Realty Insider - August 2021



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Although one might be able to say that the Routt County housing market is
softening a bit, it's not exactly cooling. Overall sales volume through July was
$811M, more than double this time last year. However, there are more active
listings (147) than there have been in recent memory. Still, listing are significantly
lower than they were this time last year, when there were 357 residential
properties listed for sale. With inventory a bit higher, competition is softening
ever-so-slightly. Instead of some properties receiving up to 15-20 offers in April
and May, similar properties may "only" be getting 5-10 offers. Indeed, there were
10% fewer single-family and 17% less condo sales in July 2021 compared to July
2020, suggesting that the market may be moving back towards some sense of
normalcy.

Average days on market for properties in Routt County continues to move lower,
now at just 35 days down from 73 days on market this time last year. Of course,
price appreciation continues its extreme upward trend, with the average price of
a single-family home up a whopping 44% year-over-year. Overall, properties of
all types are increasing rapidly as well, with average prices up 29% in the last year.
Perhaps there is long-term relief in sight though as Yampa Valley Housing
Authority ("YVHA") recently purchased 536 acres of property on the west side of
town previously owned by Steamboat 700. The $24M to purchase the property
was donated by an anonymous benefactor. The state of Colorado will likely
provide fiscal support to any affordable housing development projects as well.
The enormous impact this project will likely have on the overall housing supply
needed to support Yampa's Valleys growth cannot be overstated.

Also, some fast stats for your morning coffee: of the 213 recorded transactions in
Routt County, 105 were local buyers, 70 were from the front range, and 38 were
out of state. Of the transactions involving lending, 48% closed with some sort of
a loan, and 52% closed with cash.

Steamboat's neighbor to the west, the 2,100-resident town of Hayden, continues
to grow rapidly as well. Average prices of single-family homes have increased by
17% to $437K with the price per square foot now up to $224. In just the last year,
the overall total sales volume for Hayden has grown by 147%.

The Metzler Team offers expertise in every regional market segment for both
buyers and sellers. Give us a call to see how we can help you with your situation
today.

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