Colorado Group Realty Insider - April 2022
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While the weather in Steamboat this time of year may keep us guessing, one
thing that has remained consistent from the past month is the number of
available listings. Across Routt County, residential offerings continue to sit at
only 69 properties. There were 58 closings countywide in the month of March,
which means that there are roughly the same number of properties closing as are
hitting the market. Average days on market is also holding steady at seven days.
The median close price for single family homes in Steamboat Springs continues
its ascent, rising from about $1.5M in February 2022, to $1.65M in March 2022.
Those looking for a single-family home in Steamboat for under $2M continue
to be challenged as there are only 11 listings currently in that category.
The limited inventory has caused total sales volume in Routt County to drop
from this time last year. To date, there has been $268M in real estate sold in 2022
compared to the whopping $323M in 2021. Still, total volume is significantly
outpacing previous years, showing that buyer demand remains very strong.
Probably the most notable development in the real estate world is rising interest
rates. Rates have increased 1.5% over the last three months, which is the fastest
rise in rates since 1994. The average 30-year fixed rate mortgage is now hovering
around 5%. This rate increase means that the monthly payment for someone
looking to buy a home in April 2022 is about 20% higher than it would have
been just a year ago. Still, even with the rate increase, mortgage rates remain
historically low, with the historical average being 8%.
Perhaps the biggest advantage our buyers and sellers have working with a
Colorado Group Realty agent is that our agents have their pulse on the market:
they live, work, and play here, and they know the market and the people
extremely well. Colorado Group Realty is also currently #1 in market share in
2022 in Routt County. 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!
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