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).

Market Becoming Stable

The story the numbers tell is this: The market is stabilizing. We’re not in a free-fall like the nation experienced after the Great Recession. Interest rates seem to be having a cooling effect on purchases. Routt County had about 18% fewer closings than this time last year. In April 2022, nearly 70% of transactions were cash purchases; today, the purchases seem to be about 50% cash purchases. But we’re still above pre-pandemic numbers.

Numbers Bode Well For Buyers and Sellers

And it’s still not a balanced market. Recall that six months’ of available inventory is a balanced market. In September 2019, we had nearly nine months of available inventory; we have 2.8 months of available inventory today (up from 2.7 months of available inventory last month). These numbers are good for both our sellers (who haven’t missed out on the appreciation of the past two years) and our buyers (who are entering a stabilizing market).

Exciting Changes

Our office is one month in on its incorporation with The Group Real Estate, and we couldn’t be more excited. Our new, blue-and-white signs are dotting the neighborhood, and we have you all to thank for that. Thank you also to everyone who was able to come to our annual Client Appreciation Party. We had a great time and would love to hear from you as to how you think it went.

Geoff Petis Wins Navigator Award

We would also like to congratulate The Group’s own Geoff Petis for being awarded the Steamboat Springs Chamber Navigator Award for “Young Professional of the Year.” Since 2016, these awards have been given to those who exemplify an exceptional commitment to the community and their respective business, and which make Steamboat an incredible place to live and work. All of our agents at The Group give back to our community in some way, and we’re proud to have such philanthropists in our ranks. Congratulations Geoff!

Whether you’re considering buying or selling, or whether you’d like to provide feedback on our Client Appreciation Party, 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!