The Group Real Estate Insider - September 2022

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How's the Market?

Fall is in the air! With a change in the seasons, we’re also starting to see a bit of
a shift in market conditions. There are currently 186 active residential listings in
Routt County. This is a jump from last year (159), but still a marked decline from
pre-pandemic numbers in September 2019 of 548 residential listings county-wide.
While it's true that properties are taking longer to go under contract (17 days in
2022 versus 7 days this time last year), it’s a far cry from the 49 days on market in
September of 2019. Similarly, although we’re seeing price cuts, the average sold
price for single-family homes today ($1.6M) is higher than it was in September
of 2019 ($750K).

The story the numbers tell is this: The market is stabilizing. We’re not in a free fall like the nation experienced after the Great Recession. Interest rates seem
to be having a cooling effect on purchases. Routt County had about 18% fewer
closings than this time last year. In April 2022, nearly 70% of transactions were
cash purchases; today, the purchases seem to be about 50% cash purchases.
But we’re still above pre-pandemic numbers.

And it’s still not a balanced market. Recall that six months’ of available inventory
is a balanced market. In September 2019, we had nearly nine months of available
inventory; we have 2.8 months of available inventory today (up from 2.7 months
of available inventory last month). These numbers are good for both our sellers
(who haven’t missed out on the appreciation of the past two years) and our buyers
(who are entering a stabilizing market).

Our office is one month in on its incorporation with The Group Real Estate, and
we couldn’t be more excited. Our new, blue-and-white signs are dotting the
neighborhood, and we have you all to thank for that. Thank you also to everyone
who was able to come to our annual Client Appreciation Party. We had a great
time and would love to hear from you as to how you think it went.
We would also like to congratulate The Group’s own Geoff Petis for being awarded
the Steamboat Springs Chamber Navigator Award for “Young Professional of
the Year.” Since 2016, these awards have been given to those who exemplify an
exceptional commitment to the community and their respective business, and
which make Steamboat an incredible place to live and work. All of our agents at
The Group give back to our community in some way, and we’re proud to have
such philanthropists in our ranks. Congratulations Geoff!

Whether you’re considering buying or selling, or whether you’d like to provide
feedback on our Client Appreciation Party, one of our experienced agents is here
to help you with any and all of your questions. Give us a call to find out how!