As we wave goodbye to summer, it’s also time to bid farewell to the peak of home selling season. May through August are typically the busiest months for real estate activity in Routt County and 2019 will likely bear that out again. Nonetheless, the autumn months usually have healthy activity as well, prior to the market’s winter slumber. 

August sales volume in Routt County was $62M, down from $76M in August of 2018 but up from $56M in July of 2019 (which was also buoyed by a $10M home sale, the year’s largest transaction). Total volume for the year is down 5% from 2018 but is on track to be the county’s second or third most active year ever. Median home prices continue to rise, up 3.4% in 2019, as inventory in certain segments remains somewhat restricted, putting upward pressure on home values. Routt County single family homes are the fourth most expensive of any county in Colorado with a median price of $675K. Compared to the median prices in Pitkin County ($3.25M) and Summit County ($1M), living in Steamboat seems like a bargain. 

Overall, Colorado remains one of the best states to be a homeowner. A recent study ranked Boulder, Fort Collins and Denver as three of the top eight metro areas in the country for housing value growth and stability. Colorado still only has 2.7 months of inventory, the same as 2018, giving sellers a significant advantage. In Routt County, we have much more inventory, currently at 6.8 months (for single family homes and condos/townhomes), representing a balanced market. However, like most areas, our affordable and entry-level inventory remains quite constrained. 

As news outlets continue to predict a market slowdown in the coming years, most of the housing indicators here remain healthy. Historically, low mortgage rates aid buyers as they work to overcome affordability challenges. Our team of real estate professionals are happy to guide you through these market changes; they can help you decipher exactly how these stats and trends pertain to you.