Routt County Sales Volume Doubles But Active Listings Begin To Rise
Although one might be able to say that the Routt County housing market is softening a bit, it’s not exactly cooling. Overall sales volume through July was $811M, more than double this time of last year. However, there are more active listings in Routt County (147) than there have been in recent memory. We are still lower than we were this time last year, when there were 357 residential properties listed for sale. With inventory a bit higher, competition is softening ever-so-slightly. Instead of some properties receiving up to 15-20 offers in April and May, similar properties may “only” be getting 5-10 offers. Indeed, there were 10% fewer single-family and 17% less condo sales in July 2021 compared to July 2020, suggesting that the market may be moving back towards some sense of normalcy.
Average Days On Market Continues To Drop In Routt County
Average days on market for properties in Routt County continues to move lower, now at just 35 days down from 73 days on market this time last year. Of course, price appreciation continues its extreme upward trend, with the average price of a single-family home up a whopping 44% year-over-year. Properties of all types are holding steady with a 29% year-over-year increase.
YVHA Land Purchase Gives Glimpse Of Relief In Routt County Housing Crisis
Perhaps there is long-term relief in sight though as Yampa Valley Housing Authority (“YVHA”) recently purchased 536 acres of property on the west side of town previously owned by Steamboat 700. The $24M to purchase the property was donated by an anonymous benefactor. The state of Colorado will likely provide fiscal support to any affordable housing development projects as well. The enormous impact this project will likely have on the overall housing supply needed to support Yampa’s Valleys growth cannot be overstated.
Who Is Buying In Steamboat?
Also, some fast stats for your morning coffee: of the 213 recorded transactions in Routt County, 105 were local buyers, 70 were from the front range, and 38 were out of state. Of the transactions involving lending, 48% closed with some sort of a loan, and 52% closed with cash.
Steamboat’s neighbor to the west, the 2,100-resident town of Hayden, continues to grow rapidly as well. Average prices of single-family homes have increased by 17% to $437K with the price per square foot now up to $224. In just the last year, the overall total sales volume for Hayden has grown by 147%.
Colorado Group Realty has experts in every regional market segment for both buyers and sellers. Give us a call to see how we can help you with your situation today.