Happy New Year! As much as the New Year is a time to look forward, it is a good opportunity to reflect on the prior year. In that vein, please keep an eye out for our 2022 annual Real Estate Report, which is our “year-in-review,” which will be coming out later this month. Looking forward, though, the Yampa Valley is on track to break 400 inches of snow! We’ve had over 200 inches so far, and have already beaten the snow total for last year. The residential real estate market is also off to a strong start.

Market Slowing Down

As of January 12, 2023, Routt County has 126 active residential listings. That’s down from 138 this time last month, and down from this time last year (202). The number of currently-pending listings (35) is up from this time last month (30), and down from this time last year (92). Closed listings in December county-wide were also down somewhat, with 42 last month compared to 46 the month prior, and 116 in December of 2021. The average sale price of single-family homes county-wide jumped tremendously in the last month, from $1.3M to $2.43M.

The average days before going under contract also escalated, from about 30 days county-wide in the month of November to about 86. Price-per-square-foot is holding steady at about $610 in the City of Steamboat. Over the past year, the ratio of asking price to closed price was 100.22% (meaning that homes sold, on average, slightly above asking price). The closed price ratio is declining, and is sitting at about 94%. This means that homes are still in high demand.

National Inflation Continues To Slow Down

Nationally, inflation has slowed for the sixth straight month, decreasing from a high of 9.1% in June 2022 to 6.5% in December 2022. Although not directly related, mortgage rates do tend to follow what the Federal Reserve is doing. As the Fed has raised its rates, mortgage rates have followed, with the 30-year fixed reaching a peak of 7.08% in October and November 2022, declining to an average of 6.48% as of January 5, 2023. Looking to the future, the Mortgage Bankers Association is predicting that mortgage rates will fall to the mid-to-low 5% range towards the last two quarters of 2023.

Ultimately, whether you’re considering buying or selling, our agents are expertly trained in helping you zero in on what makes the most sense for you and your family. We’re here to help you with any and all of your questions. Give us a call to find out how.