The Group Real Estate Insider - August 2023

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Residents and visitors of the Yampa Valley have been soaking up
the sun during these Dog Days of Summer, taking advantage of
everything our region has to offer, from tubing and fishing the Yampa,
to Saturday Farmer’s Markets, to the Hot Air Balloon Rodeo which,
like the mythical phoenix, has risen after a brief hiatus.

As of August 14, 2023, Routt County has 162 active residential
listings. That’s up slightly from 159 this time last month, and down
from this time last year (240). The number of currently-pending
listings (113) is up from this time last month (108), and also up from
this time last year (87). The closed listings county-wide in July (69)
were up slightly compared to the month prior, June (54), and down
compared to July of 2022 (73).

Median days on market dropped dramatically from about 17 days in
June 2023, to 8 days in July 2023. Average price-per-square foot in
city limits rose by about $75/foot compared with the 2022 numbers,
clocking in at approximately $725. The average closed price vs.
asking price for all property types rose by a percentage point to
about 99% in both the city and the county, respectively.

It should come as no surprise to anyone that the proposed
infrastructure of the Brown Ranch project is going to cost a pretty
penny (currently estimated at about $280 million). How and where
that money comes from is the (multi-) million dollar question.
The Steamboat Springs City Attorney, Dan Foote, recently gave a
presentation to City Council regarding the financing options. One
option would be a bond to the tune of $210 million. The other option
would be for the City to commit to pay $10 million per year from the
new short-term rental tax. Whichever option City Council decides to
pursue needs to be tackled soon, as the deadline to certify a ballot
question for the upcoming November election is September 8.

The national average for a 30-year fixed rate mortgage hit 7.12% last
week, the highest since April of 2002. Although inflation has been
stubbornly persistent, the Federal Reserve hopes that the final rate
hike planned for later this year will help bring these high rates down
in the last quarter of 2023 and/or the first couple quarters of 2024.

You might be asking: “Is now a good time to buy or sell a home for
me?” Contact Nick, Jon, or Reall with the Metzler Team to help
you understand the answer.

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