The Group Real Estate Insider - April 2023

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Routt County hasn’t seen the famous April showers, but early April snow-showers
brought the snow total to over 440” for the season. And while the spring weather
seems to be upon us, there’s always a chance snow will return, so don’t put away
those shovels just yet!

As of April 12, 2023, Routt County has 76 active residential listings. That’s down
from 90 this time last month, and down from this time last year (111). The number
of currently-pending listings (62) is down from this time last month (84), and down
from this time last year (79). Closed listings in March county-wide were almost flat
(59) compared to the month prior, February (52), and flat to March of 2022 (58).
Despite (or perhaps because of) the relatively low inventory, the median days on
market has been cut in half, from about 31 days in February 2023, to 16 days in
March 2023. Average price-per-square foot is holding relatively steady compared
to last month at $623 for a single-family home in city limits, and is up from $535psf
in March 2022. The average closed price ratio fell a little bit over the last month,
dropping from 97.9% in February to 96.9% in March.

The decline in closed price ratio last month could have something to do with the
mortgage interest rates: In March 2023, mortgage applications were down by
31% compared to March 2022. However, by the week of April 3, 2023, the rate for
the 30-year fixed had declined for the fifth straight week, leading to mortgage
applications rising by 8% the week of April 10, 2023. As mortgage applications
fall, so do prices (or so the logic would go).
Both locally and nationally, there is an undersupply of housing. Demand for
housing remains strong, however, and seems to be trending with the fluctuations
in interest rates. As interest rates continue to decline–which most analysts agree
will happen over the course of the remainder of the year–we may see sellers come
off the sidelines (many of whom are tied to the attractive mortgage rates of the
pandemic years).

The common question: “Is now a good time to buy or sell a home” may be the
wrong question. A better question might be: “Is now a good time to buy or sell a
home for me.” Contact one of our experienced agents at The Group to help you
understand the answer.

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