Colorado Group Realty Insider - March 2020
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As the Coronavirus spreads and worldwide fears escalate, leading to
massive global economic changes and a bear market (a decline of 20%
or more in the stock market), it remains to be seen how the local real
estate market will be impacted. One thing is certain: when a pandemic and
economic event of this magnitude strikes, nearly every corner of the globe and
economy will change in some way, including real estate in Routt County.
So far this year, extremely low mortgage rates have given buyers increased
buying power, while a sustained lack of inventory has meant continued
increasing home values. Sales volume in Routt County through February was
a healthy $85M, up 18% from 2019. However, transactions are down 17%
meaning median home prices are up significantly. In Steamboat Springs, the
median residential property is $555K, up from $420K just two years ago.
Inventory in Steamboat has held in a tight range the last four months, around
282 total properties, down precipitously from last summer when there were
450 active listings. May is typically when inventory starts its spring rise, usually
peaking in July at around 100 more listings than the winter lows. Surprisingly,
even with such low inventory, the median days on market has been ticking up
for many months, now at 50 days compared to last winter’s lows at 30 days.
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