The Group Real Estate Insider - July 2023

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The summer in the Yampa Valley is in full swing, with events galore,
gorgeous weather, and an active real estate market.

As of July 13, 2023, Routt County has 159 active residential listings.
That’s up from 127 this time last month, and down from this time last
year (240). The number of currently-pending listings (108) is up from
this time last month (100), and also up from this time last year (87).
The county-wide closed listings in June were down (54) compared to
the month prior, May (64), and down compared to June of 2022 (89).
Median days on market remains aggressive at about 17 days in June
2023, compared with 20 days in May 2023. Average price-per-square
foot in city limits is on par with the 2022 numbers, clocking in at
approximately $690. The average closed price ratio for all property
types is 98.3% in both the city and the county, respectively.

Locally, in a special board meeting last week, the Yampa Valley Housing
Authority (“YVHA”) entered into a Memorandum of Understanding
with The Michaels Organization, “the nation’s largest privately-held
owner of affordable housing,” according to the Steamboat Pilot. The
MOU makes The Michaels Organization the Development Partner
for the Brown Ranch Development. In order for the Brown Ranch
development to occur, though, the YVHA and the City of Steamboat
Springs must agree on an annexation agreement, the terms of which
are still being worked out.

On the national front, the Labor Department’s Consumer Price Index
reached its lowest pace since March 2021, clocking in at a 3% rise
(much lower than the 9% rate this time last year). Some economists,
including National Association of REALTORS® chief economist,
Lawrence Yun, believe that this is an indication that the economy is on
the mend. Still, the Federal Reserve has stated that two more rate hikes
may be possible this year to reach its target rate of 2% for inflation.

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.