Routt County Housing Market Continues To Surprise Despite Lean Inventory

The Routt County housing market is still on fire, despite the lean inventory. Routt County total sales volume for January and February was $321M, up 85% from last year. Through February, there have been 464 transactions, more than double each of the previous two years. The last nine months have brought an entirely new meaning to the term “seller’s market”. With the lack of inventory, most would think that the frenetic sales pace would slow down. In Routt County, there are only 97 residential properties for sale, down 57% from this time last year. Over 300 new listings have hit the market through February, an all-time high, but properties are going under contract at the same pace, meaning that inventory is not building. As of March 14th, there were only 73 active residential listings in the town of Steamboat Springs, and only 17 of those were under $1M.

Luxury Properties Selling Faster Than Ever

Luxury properties above $2M are selling at a faster pace now more than ever. In the last three years, inventory above $2M in Steamboat has shrunk from 44 months of inventory to just four months of inventory. Luxury sellers are listing with confidence knowing that they won’t have to wait several years for their property to sell as they have in the past.

Buyers Are Opting To Build In Low Inventory Market

More than ever, buyers are scooping up land, opting to build their own homes instead of competing in the low-inventory market. In each of the last eight months, there have been at least 33 land sales. In the 10 years prior to that, there was only one month with more than 33 land sales.

Sellers Are Seeing Near Or Above Asking Price

Not surprisingly, low inventory also means that sellers often receive near or above asking price.  In Steamboat, the average close price is 98.6% of asking. In other hot markets, the average sale price is above the asking price. For example, in Denver, sellers average 101.2% of their list price. To stand out, successful buyers often are pre-approved for a loan or offering to purchase in cash. Winning buyers also exhibit more vision, understanding that their dream home may be hiding under worn carpet and dated paint. Buyers recognize that in low inventory markets, they will likely compete against several other offers and are getting creative to ensure their bid stands out.

It can be challenging for both buyers and sellers to navigate a hot market. Our 80 licensed professionals have the experience and resources to guide you through the real estate process. You can reach out to your preferred agent; they are happy to give you the time and service to succeed in today’s market conditions.