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.

The demand for housing remains strong, as evidenced by listings averaging only 52 days in the MLS (compared to an average of 59 days in the MLS in 2021). The relatively low number of listings is keeping prices high, pushing the price per square foot of single-family homes to $660 in Steamboat Springs (compared to $401 per square foot a year ago). In January, the average price of a single-family home was $1.7M, while the average price of a condo/townhome was $881K.

With interest rate hikes already under way, now may be the time for those considering a sale to take the plunge. Conforming 30-year fixed-rate mortgages passed 4%, the first time since December 2019. Higher rates mean buyers’ have less purchasing power. With fewer homes available and demand remaining strong, sellers continue to command top-dollar for their property (often by way of a bidding war due to few competitors on the market). Sellers in Routt County are now receiving an average of 99.6% of their asking price. Also, in most years springtime sees an influx of homes on the market; more homes on the market means more choices for buyers. With all these factors combined, it could be the perfect time for those considering selling their home to make their move.

If you’re thinking of staying in your home, however, you may consider waiting before completing some interior updates. With inflation skyrocketing, the prices of home goods are increasing significantly. Prices for furniture have spiked 17-20% over the past year; window coverings are up more than 16%; appliances have increased by 9%; and other decorative items are more than 6% higher compared to 2021. But, if you can’t wait, please note that not all home upgrades add value to your home. Call your trusted Realtor® to find out which ones add the most value.

Whether you’re considering buying, upgrading, or selling a home, one of our experienced agents is here to help you with all of your questions.