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.

Market Begins To Cool Down

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. And the median sale price has also fallen from a high of nearly $1.6M in May 2020 to about $1.2M last month.

Median Days on Market Has Gone Up

At the same time, the median days before going under contract has gone up, from a low of five days in June 2022, to 19 days last month (median days in the MLS in September 2021 was seven). Over the past year, the ratio of asking price to closed price was 100.2% (meaning that homes sold, on average, slightly above asking price). Last month, the ratio was 97.4%, meaning that homes sold, on average, slightly below asking price.

Should We All Panic?

Indeed, if you’ve been watching the news, you might think that the sky is falling (from a real estate perspective). On the contrary, things are just leveling out. This is the important distinction: home appreciation is decelerating, but home values continue to appreciate. As indicated above, the median home sale price was about $1.2M; in September 2019, it was about $660k, a near doubling of appreciation in three years.

So, no. The sky is not falling. The market is returning to a more balanced state. However, we are not quite there yet (six months’ supply is a balanced market; we’re sitting at three months’ supply). Whether you’re considering buying or selling, one of our experienced agents is here to help you with any and all of your questions. Give us a call to find out how.