The Group Real Estate Insider - October 2023

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Although winter doesn’t officially start for another two months, the
Yampa Valley has already seen its first snowfall, which is great news for
all the winter sports enthusiasts. Opening Day at the Steamboat Resort
is November 22, 2023, which is only a short 38 days from October 15
(not that any of us are counting down!).

As of October 13, 2023, Routt County has 149 active residential listings.
That’s down slightly from 164 this time last month, and down about
37% from this time last year (239). The number of currently-pending
listings (97) is the same as this time last month (97), and up from this
time last year (57). The closed listings county-wide in September 2023
(55) were down compared to the month prior, August (86), and down
compared to September of 2022 (75).

According to Freddie Mac, the national average for a 30-year fixed
rate mortgage as of October 12, 2023 was 7.57%. Despite what one
might read in the national news, the Routt County real estate market
seems to be relatively insulated from the doom and gloom of the front
page. In fact, the Routt County market is, as a whole, on par with 2022
numbers from this time last year and up from pre-pandemic numbers.
The total volume closed in September 2023 across all market segments
was $93M; September of 2018 saw $57.5M of total activity. Average
days on market (DOM) across all market segments was at 53 days in
September 2023, compared with 45 DOM in 2022 and 60 in September
of 2018. The average closed price in September 2023 was at about
$1.6M for properties under $2M, up from $1.1M in 2022 and way up
from the average closed price of about $700k in 2018.

While closed listings appear to be holding steady compared to this
time last year, the market segment of $500k-$1M is down by about 20%
year-over-year, and the market segment in the $1.5M-$2M is down by
about 50% year-over-year. Interestingly, the $1M-$1.5M and $2M and
above segments are flat. Active listings are down across all market
segments by about 36% year-over-year.

The decrease in activity could be due to traditional seasonal market
slowdowns, or maybe interest rates. Only time will tell! 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.