The Group Real Estate Insider - September 2023

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The Yampa Valley has been blessed this summer with an excellent mix
of both rain and sunshine. With temperatures gradually cooling and
some Colorado towns seeing the white mana from heaven already
starting to fall, rest assured that winter is right around the corner.
As of September 13, 2023, Routt County has 164 active residential
listings. That’s up slightly from 162 this time last month, and down
from this time last year (248). The number of currently-pending
listings (97) is down from this time last month (113), and also up from
this time last year (47). The closed listings county-wide in August (86)
were up compared to the month prior, July (69), and up compared
to July of 2022 (73).

Median days on market doubled from about 8 days in July 2023, to
16 days in August 2023. Average price-per-square foot in city limits
dropped to about $725, which is above the 2022 numbers, which
were about $610. The average closed price ratio for all property types
dropped last month by about a percentage point to about 98.5% in
both the city and the county, respectively.

According to Freddie Mac, the national average for a 30-year fixed
rate mortgage as of September 14, 2023, was 7.18%, the highest
since April of 2002. According to the Mortgage Bankers Association,
mortgage applications are at their lowest since 1996. With rates
stagnating above 7%, homeowners nationally aren’t refinancing and
are hesitant to sell their home and buy into a higher rate, according
to a national survey from

On the local front, after more than seven months of negotiations,
the Steamboat Springs City Council and the Yampa Valley Housing
Authority have finally reached an agreement on terms regarding what
annexation would look like for the Brown Ranch development. Having
reached agreement on the terms, the next step is for City Council
to decide whether to refer the annexation question to the voters in
this November election, or to approve the annexation by way of a
resolution in Council chambers. Given the timeline, it is likely that
City Council will vote on a resolution to annex, rather than referring
the matter to a public vote.

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.