The Group Real Estate Insider - February 2023

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We hope that everyone’s year is off to a great start! Although the Yampa valley
has had a brief respite from the snow, the mountain has tallied over 330” inches
so far, with more snow on the way! Our 110th Winter Carnival came and went in
spectacular fashion, as it does every year. And while the temperatures have been
cool, the same can’t be said for our real estate market.

As of February 13, 2023, Routt County has 99 active residential listings. That’s down
from 126 this time last month, and down from this time last year (114). The number
of currently-pending listings (103) is up from this time last month (66), and up from
this time last year (61). Closed listings in January county-wide were also down
somewhat, with 31 last month compared to 42 the month prior, and 91 in December
of 2021. The median sale price of single-family homes county-wide stabilized a bit,
declining from $2.43M in December 2022 to $1.75M in January 2023.

The median days before going under contract has dropped a bit, from about 86
days county-wide in the month of December 2022 to about 49 days in January 2023.
Average price-per-square-foot for single-family homes was on par in December
2022 between homes in the county and homes in city limits (about $609 and $616,
respectively). Those numbers held steady for the county in January ($608) and
skyrocketed for homes in city limits ($735). The closed price ratio also jumped in the
month of January, going from about 94% of asking in December to 99% in January.

Steamboat Springs’ long-anticipated short-term rental program is starting to take
shape: the complaint hotline for Steamboat Springs should be up-and-running
later this month. When all features are enabled, this hotline will allow a complainant
to speak with a property manager/owner directly, or lodge a complaint with law
enforcement. Additionally, the licensing application is not quite ready, but should
be in the coming weeks. Once the licensing application is available, individuals
who are entitled to short-term rent their homes will need to complete the licensing
application. Homeowners should visit for the most up-to-date information.
Ultimately, whether you’re considering buying or selling, our agents are expertly
trained in helping you zero in on what makes the most sense for you and your
family. We’re here to help you with any and all of your questions. Give us a call
to find out how.