With warmer weather approaching, we will hopefully 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.

Homes Bought Up in a Snap

Because of the low inventory, it doesn’t take very long for homes to get snapped up. The median days from list date to contract date is only 15 days; however, it has been hovering between 5-10 days for the last year so it is up a tad. The low inventory has also likely contributed to skyrocketing home prices: the average single-family home price in Steamboat Springs is now $2.05M, up 35% from this time last year when it was $1.5M. Condos and townhomes have also seen a considerable boost, averaging nearly $857K, up 30% in the last year.

Interest Rates on the Rise

From an interest rate perspective, reports from Freddie Mac suggest that March entered like a lamb and will be leaving like a lion. In the first two weeks of March, there was a decline in interest rates, but they’re starting to go back up. A 30-year fixed-rate mortgage averaged 3.76% at the beginning of March and is up to 3.85% as of this writing. Freddie Mac’s Chief Economist says, “Over the long-term we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. Uncertainty about the war in Ukraine is also driving rate volatility.”

CGR Clients Receive 100% of Listing Price

Although it is a seller’s market, that doesn’t mean people will purchase a home at any price. Top Realtors® consistently get higher prices for sellers. In fact, CGR clients received an average of 100% of their list price last year (probably just one reason we were voted #1 in Best of the Boat again). However, “highest offer” does not always mean “best offer”. Your broker will help you select the offer with the highest likelihood of closing. Finally, while it may be tempting to list your home “For Sale by Owner”, FSBO homes typically sell for 10-20% less than broker-assisted transactions.

Give us a call with any real estate questions, we are here for you.