Colorado Group Realty Insider - February 2022

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Although it may seem like 2022 is off to a slow start, there’s no need to worry;
while there are currently only 51 offerings throughout Routt County, there were 48
transactions county-wide in January (compared with 67 in January 2021). January
had $47M in sales volume in the county, which was down only 14% from last year
but still up significantly from January 2020 when there was only $29M in volume.

The demand for housing remains strong, as evidenced by listings averaging only
52 days in the MLS (compared to an average of 59 days in the MLS in 2021). The
relatively low number of listings is keeping prices high, pushing the price per
square foot of single-family homes to $660 in Steamboat Springs (compared to
$401 per square foot a year ago). In January, the average price of a single-family
home was $1.7M, while the average price of a condo/townhome was $881K.

With interest rate hikes already under way, now may be the time for those
considering a sale to take the plunge. Conforming 30-year fixed-rate mortgages
passed 4%, the first time since December 2019. Higher rates mean buyers’ have
less purchasing power. With fewer homes available and demand remaining
strong, sellers continue to command top-dollar for their property (often by way
of a bidding war due to few competitors on the market). Sellers in Routt County
are now receiving an average of 99.6% of their asking price. Also, in most years
springtime sees an influx of homes on the market; more homes on the market
means more choices for buyers. With all these factors combined, it could be the
perfect time for those considering selling their home to make their move.

If you’re thinking of staying in your home, however, you may consider waiting
before completing some interior updates. With inflation skyrocketing, the prices
of home goods are increasing significantly. Prices for furniture have spiked 17-
20% over the past year; window coverings are up more than 16%; appliances have
increased by 9%; and other decorative items are more than 6% higher compared
to 2021. But, if you can’t wait, please note that not all home upgrades add value to
your home. Call your trusted Realtor® to find out which ones add the most value.

Whether you’re considering buying, upgrading, or selling a home, one of our
experienced agents is here to help you with all of your questions.