Colorado Group Realty Insider - June 2019
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With the arrival of vibrant sunny days, the influx of Steamboat’s visitors has begun. Town is buzzing with activity as is the real estate market. May closed sales volume in Routt County was $59M, 2019’s largest month thus far and up 10% from the previous two Mays'.
Our visitors are undoubtedly hearing locals debate the upcoming vote regarding the annexation; if passed, nearly 200 acres will become West Steamboat Neighborhoods. 450 units are planned
to be built over 16-20 years by developer Brynn Grey, taking some much needed pressure off of our already constrained inventory. Ballots must be received by the city by June 25th.
Contributing to spring buying activity are mortgage rates that have plunged to two-year lows. 30-year fixed rates are now below 4% with the Fed hinting at even further cuts. These cuts will
hopefully spur an economy that is currently flashing warning signs of a possible recession. While home sale activity certainly slows during a recession, home values have actually held steady or appreciated in five out of the last six recessions.
In Routt County, the median residential sales price has held steady for the last eight months, hovering right around $440K. A closer look shows that single family homes continue to appreciate solidly up 8% from a year ago, now at $632K. Condos/townhomes now have a median sales price of $375K, consistently flat over the course of the last year. Nothing impacts home values more than inventory. Inventory in Routt County since May of last year has held in a steady range between 5-6 months, representing a fairly balanced overall market. We currently have 468 residential properties for sale, the exact number we had at the beginning of 2019.
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