The Group Real Estate Insider - March 2023

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The recent weather in the Yampa Valley—along with the time change—makes
it feel like spring is in the air. Before putting away your wool socks, though,
remember that March is historically Steamboat’s snowiest month. Perhaps relying
on that piece of history (along with the 376” we’ve received so far), the Resort
has extended the closing date from April 9 to April 16.

As of March 13, 2023, Routt County has 90 active residential listings. That’s down
from 99 this time last month, and down from this time last year (111). The number
of currently-pending listings (84) is down from this time last month (103), and up
from this time last year (79). Closed listings in February county-wide were up,
with 52 last month compared to 31 the month prior, and 59 in February of 2022.
January and February were comparable months, with the median days before
going under contract being 24 and 31 days, respectively. Average price-persquare-foot for single-family homes was on par compared to last month, with
homes in the county and homes in city limits sitting at about $604 and $639,
respectively. The closed price ratio fell a bit in the month of February, going from
about 100% of asking in January to about 98% in February.

The licensing component of Steamboat Springs’ long-anticipated short-term rental
program is finally up and running. Every short-term rental must obtain a license.
Licenses will be valid for one year, and must be renewed every year. The deadline to
obtain a license is April 30, 2023, and the fee is $250. Applications and instructions
may be found at for the
most up-to-date information.

On the national level, last week, Federal Reserve Chairman Jerome Powell gave
the Fed’s Semiannual Monetary Policy Report to Congress. Chairman Powell said
that although inflation has leveled out in the recent months, there’s a long way
to go to reach the Fed’s 2% target rate of inflation, and that more rate hikes are
likely on the way. The rate hikes are likely related to very modest price declines
in list prices, because demand is still high.

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.