Market Reports



The Group Real Estate Insider - October 2022


How's The Market?

The Yampa Valley was blessed with a wet spring and summer, which has resulted
in a brilliant palate of golds, oranges, and reds in our hills. With recent dry
weather, it’s the perfect time to get out on those trails and appreciate Mother
Nature’s autumn bounty.

Routt County currently has 155 active residential listings; that’s down from this
time last month (185) and down from this time last year (184). The number of
current pending listings (52) is also down from this time last month (77) and
also down from this time last year (102). Closed listings county-wide have also
diminished with 75 last month compared to 120 in September 2021. The median
sale price has also fallen from a high of nearly $1.6M in May 2020 to about $1.2M
last month.



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The Group Real Estate Insider - September 2022


How's The Market?

Fall is in the air! With a change in the seasons, we’re also starting to see a bit of
a shift in market conditions. There are currently 186 active residential listings in
Routt County. This is a jump from last year (159), but still a marked decline from
pre-pandemic numbers in September 2019 of 548 residential listings county-wide.
While it's true that properties are taking longer to go under contract (17 days in
2022 versus 7 days this time last year), it’s a far cry from the 49 days on market in
September of 2019. Similarly, although we’re seeing price cuts, the average sold
price for single-family homes today ($1.6M) is higher than it was in September
of 2019 ($750K).

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The Group Real Estate Insider - August 2022


How's the Market?

In case you missed it, here is the big news out of our office this month: On August
1, 2022, Colorado Group Realty was acquired by The Group, Inc. Real Estate, out of
Fort Collins. When Colorado Group Realty formed in 1995, the founding agents of
Colorado Group Realty modeled themselves after The Group, which had been in
practice since 1976. Both The Group and Colorado Group Realty have maintained
a close relationship since that time.

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Colorado Group Realty Insider - July 2022


How's The Market?

As we bask in another epic Yampa Valley summer, the local real estate market continues
to flow steadily. Last month, there were only 117 residential properties for sale in Routt
County; this month, we’re up to 177. This is welcome news for buyers, who haven’t
experienced inventory at this level since last summer. More inventory has proven to
mean more transactions: there were 89 closings county-wide in June, which is nearly
double the amount we had in January 2022 (which only had 48 closings).


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Colorado Group Realty Insider - June 2022


How's The Market?

The heat is on! Not only with the gorgeous weather in the Yampa Valley, but also with
our real estate market. This time last month, there were only 69 offerings county-wide;
now we’re up to 117. We’ve jumped from less than one month of available inventory
to 1.3 months of inventory.

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Colorado Group Realty Insider - May 2022


How's The Market?

How's the Market?
We hear a common refrain from would-be buyers on the streets: “But there’s
just no inventory!” The numbers tell a different story. There are currently 69
offerings across Routt County, the same number as last month, but there were
84 closings county-wide. The average days on market also remains incredibly
low, currently at just seven days.
The numbers tell us a couple of things: First, that listings go under contract
almost as quickly as they’re put on the market. Second, while standing inventory
has remained persistently low, the number of actual closings has ticked up
showing that there is inventory; it just sells fast. This has been the trend in Routt
County for the last dozen years, however the pandemic super-charged it.


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Colorado Group Realty Insider - April 2022


How's The Market?

While the weather in Steamboat this time of year may keep us guessing, one
thing that has remained consistent from the past month is the number of
available listings. Across Routt County, residential offerings continue to sit at
only 69 properties. There were 58 closings countywide in the month of March,
which means that there are roughly the same number of properties closing as are
hitting the market. Average days on market is also holding steady at seven days.
The median close price for single family homes in Steamboat Springs continues
its ascent, rising from about $1.5M in February 2022, to $1.65M in March 2022.
Those looking for a single-family home in Steamboat for under $2M continue
to be challenged as there are only 11 listings currently in that category.

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Colorado Group Realty Insider - March 2022


How's The Market?

With warmer weather approaching, we will hopefully soon get a thaw in the
persistently low inventory. Last month, there were only 51 residential offerings
across Routt County; as of this writing, we’ve ticked up slightly to 69. Indeed, there
appears to be a slow gradual increase of new listings throughout the county as the
year progresses, with 13 new listings in December 2021; 16 new listings in January
2022; and 21 new listings in February 2022. That said, we’re still a long way off from
what is considered a balanced supply of inventory of around six months. Currently,
we only have a meager two months of supply.



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Colorado Group Realty Insider - February 2022


How's The Market?

Although it may seem like 2022 is off to a slow start, there’s no need to worry;
while there are currently only 51 offerings throughout Routt County, there were 48
transactions county-wide in January (compared with 67 in January 2021). January
had $47M in sales volume in the county, which was down only 14% from last year
but still up significantly from January 2020 when there was only $29M in volume.


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2021 Steamboat Springs Real Estate Report


2021 AT A GLANCE

In 2021, real estate in Routt County continued chugging along on its run of epic proportions. The ongoing pandemic kept fueling buyer demand as more and more people looked to own real estate in the Yampa Valley. Half of the buyers were existing locals or those who were able to move here full-time due to location-neutral jobs. The other half purchased vacation homes, seeking a respite from life outside of Steamboat. Sellers often received multiple offers, many above asking price; on average, sellers received 99.6% of their listing price.

Curiously, despite rapidly appreciating property values, many would-be sellers seemed content to let the market appreciate; this resulted in all-time low listing inventory. Some potential sellers were optimistic that there would be ongoing appreciation while others were challenged to buy elsewhere amidst a nationwide surge in home values and dearth of inventory. In Routt County, we had 98 listings going into 2021 and we entered 2022 with a paltry 71 offerings.

2021 eclipsed the record-breaking statistics of 2020. Routt County closed out the year with over $1.4B in sales volume, an increase of 31% over 2020. The average price of residential properties in Steamboat Springs went up by 24% to $630K, following 2020’s very healthy price appreciation of 18%. Single-family homes in Steamboat city limits saw the biggest spike, increasing by an astounding 38%, with the average price now just over $2M. This price appreciation was fueled by the luxury market, with 62 transactions of homes above $2.5M, almost double that of 2020.
Neighboring towns also reaped the benefits of an escalating housing market. The average price of a single-family home in Oak Creek reached $735K and in Hayden the average price is now $449K. With soaring building costs, the sale of raw land was also hot, with 519 closings in 2021, an increase of 47% over 2020. With so much demand, it is easy to see why building permits remained strong in 2021, with 986 building permits issued county-wide.
With workers sporadically returning to the office in 2021, the commercial market is also making a recovery. There were only 45 commercial transactions county-wide in 2020, but a healthy increase to 65 transactions in 2021. Although only anecdotal, the commercial market seems to lag residential home sales by about 6-12 months. If that’s true, commercial transactions should be hot in the coming year.

If we learned anything in 2021, it’s that we cannot predict the future. With meager inventory, continued low interest rates (even if they go up), and the seemingly-permanent changes that the pandemic has brought, 2022 is looking to be yet another healthy year.

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Colorado Group Realty Insider - January 2022


How's The Market?

Happy New Year! Despite persistently low inventory, Routt County closed out the
year strong with 122 land/residential transactions (of which 91 were in Steamboat)
in December. Routt County closed out the year with over $1.48B in sales volume,
up 31% from 2020. The year has started at a similar place to where last year’s
ended, with only 57 residential offerings throughout the county (not including
fractionals). The average price appreciation for homes in Steamboat Springs in
2021 was 27.3%, while county-wide, homes appreciated at an average of 23.7%.
What a year to be an owner of real estate!


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Colorado Group Realty Insider - December 2021


How's The Market?

What. A. Year. One for the ages. 2021 was a banner year for real estate nationwide,
especially in the Yampa Valley. In spite of the shortage of listings, 2021 sales in
Routt County shattered records. To put it into perspective, in 2019 through
November there was a healthy $642M in sales volume in the County. Last year,
through November, that figure ballooned to $952M. This year, to date, there has
been nearly $1.33 billion in sales volume! While the number of transactions is
up from last year (1,563 compared to 1,321), price appreciation is really what is
driving the massive sales volume growth.

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Colorado Group Realty Insider - November 2021


How's The Market?

Bidding wars. All cash offers. Homes selling far over asking price. The Yampa
Valley housing market is still on fire. Overall sales volume through October is
up more than 50% from this time last year while the number of active listings
in Routt County remains lower than this time last year. Homes continue to
be snapped up, often within days of listing. The county-wide median days on
the market is a meager eight days. This is not surprising since there is only
1.3 months of inventory available. Pending listings county-wide are actually
up from September (111 in October vs. 108 in September) and the number
of closings in October remained strong at 114. September’s closings were
cash heavy, with 52% of buyers closing without a loan.

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Colorado Group Realty Insider - October 2021


How's The Market?

Unfathomable growth in real estate continues in Routt County, with overall sales volume through September at $1.23B, almost double this time last year. Although active listings in Routt County are still fewer right now than this time last year (99 vs. 158), properties continue to move through the marketplace. Pending listings county-wide are down compared to last month (39 in September vs. 58 in August). Closings are also cooling, down about 26% from this time last year, and about 30 fewer closings than last month. Of these transactions, 53% were local buyers and 47% were front range or out-of-state.

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Colorado Group Realty Insider - September 2021


How's The Market?

After 15 months of real estate market frenzy, we may finally be entering a slight
cool down phase. Or perhaps it's better worded to say that we may be coming to
the end of the frenzy but the market is still very hot. Through August, total sales
volume in Routt County is up 88% from this time last year.

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Colorado Group Realty Insider - August 2021


How's The Market?

Although one might be able to say that the Routt County housing market is
softening a bit, it's not exactly cooling. Overall sales volume through July was
$811M, more than double this time last year. However, there are more active
listings (147) than there have been in recent memory. Still, listing are significantly
lower than they were this time last year, when there were 357 residential
properties listed for sale. With inventory a bit higher, competition is softening
ever-so-slightly. Instead of some properties receiving up to 15-20 offers in April
and May, similar properties may "only" be getting 5-10 offers. Indeed, there were
10% fewer single-family and 17% less condo sales in July 2021 compared to July
2020, suggesting that the market may be moving back towards some sense of
normalcy.

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Colorado Group Realty Insider - July 2021


How's The Market?

Warm weather, hot housing market; that seems to be the case in Routt County!
The number of active listings remains low with 134 active listings (excluding
fractionals) throughout Routt County compared to 406 listings this time last
year. This dearth of supply encourages a competitive marketplace with many
properties receiving multiple offers. Indeed, the average days on market this
year is just 39, while it was 93 through the first six months of 2020.

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Colorado Group Realty Insider - June 2021


How's The Market?

We'll get to the market report in a moment, but the big news this week is the
Steamboat Springs City Council's vote on short-term rentals. Just recently, City
Council voted in an emergency meeting to enact a six-month moratorium on
vacation home rental permit applications. Council called the special meeting
because of the impact that short-term rentals have on the long-term rental
pool, community character, and neighborhood disruptions caused by guests.

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Colorado Group Realty Insider - May 2021


How's The Market?

"When is the bubble going to burst?" is a common question these days and
it's easy to see why: Active inventory is down, prices are skyrocketing, and
demand is fierce. Although overall inventory on the national level grew slightly
since last month, there is still a huge supply shortage. So, is this a bubble that
is about to burst? Many experts seem to agree that the answer is "not any time
soon."

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Colorado Group Realty Insider - April 2021


How's The Market?

Many recent national real estate reports are littered with the terms "all-time" and
"historic" reflecting the unbelievable impact COVID-19 has had on the housing market.
Nationwide inventory has shrunk to only 2.4 months of supply and the national median
home price has reached a record high of $311K. Home prices have now increased on
a year-over-year basis for a staggering 105 months straight, validating the value of
owning real estate.

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