The Group Real Estate Insider - May 2023

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We haven’t seen a lot of springtime precipitation, but much of the county is wet.
With near-recordbreaking snowfalls, the warm weather is melting the snowpack
quite quickly, and with that will come increased river flows. The city and the county
have resources available to help homeowners who are at increased flood risk, so
please contact them with questions!

Springtime also means development and maintenance! In terms of development,
there are a host of projects in various stages of the planning process which
might break ground this summer, some of which include a couple of hotels on
the east end, a multifamily development on Weiss Drive, The Amble up at the
Mountain, a Housing Authority multifamily development mid-town, and several
multifamily developments on the west-end of town. On the maintenance front,
our hardworking snowplows took a toll on our roads this winter; maintenance and
repair work will begin on May 15, and hopefully be wrapping up by the end of June.
As of May 11, 2023, Routt County has 79 active residential listings. That’s up from
76 this time last month, and down from this time last year (90). The number of
currently pending listings (79) is up from this time last month (53), and also up
from this time last year (66). Closed listings in April county-wide were down
somewhat (49) compared to the month prior, March (59), and down compared
to April of 2022 (86).

Median days on market remains aggressive at about 16 days in March 2023,
compared with 14 days in April 2023. Average price-per-square foot is up slightly
compared to last month at $690/psf across all property types in city limits, and is
up from $623psf in April 2022. The average closed price ratio rebounded, rising
from 96.9% in March to 98.9% in April.

According to data released by Freddie Mac on May 11, the interest rate for the
30-year fixed rate mortgage fell for the second week in a row, ending the week of
May 11 at an average of 6.35%. Core inflation rose by 4.9% in April year-over-year,
marking the lowest level in two years, and slowing for the 10th consecutive month.
You might be asking: “Is now a good time to buy or sell a home for me?” Contact
one of our experienced agents at The Group to help you understand the answer.