How’s The Market? With temperatures in the Yampa Valley hovering around freezing, and with a couple of decent early-season snowfalls, winter is right around the corner! The snowy weather for our alpine enthusiasts is a welcome sight, and likely puts the opening day of November 23 at Steamboat Resort right on track!
As of November 15, Routt County currently has 143 active residential listings. That’s down from 155 this time last month, and down from this time last year (184). The number of currently pending listings (55) is up from this time last month (47) and also down from this time last year (105). Closed listings county-wide are also down somewhat, with 67 last month compared to 115 in October 2021. The average sale price is up slightly, from about $1.2M last month to $1.28M. The average days before going under contract is holding steady compared to last month, at about 35 days county-wide. Over the past year, the ratio of asking price to closed price was 100.22% (meaning that homes sold, on average, slightly above asking price). The closed price ratio is holding steady to last month at about 97%, meaning that homes sold, on average, slightly below asking price. Sales in the 90ish percent range are still close to asking price, meaning that homes are still in high demand.
A question we’re asked frequently these days is: “Is now a good time to buy a home?” According to Freddie Mac, as of November 10, 2022, the 30-year fixed rate was at about 7.08%, quite a bit higher than this time last year. Given the interest rates, we ask our clients: “What do you believe about interest rates?” Many leading economists believe that interest rates will inch upwards in the near-term to battle inflation. If that’s the case, a buyer could lock up a rate before they go up. And historically-speaking, if we enter a recession, mortgage rates have gone down every time over the past six recessions back to 1980. Ultimately, whether you’re considering buying or selling is a very, very nuanced question that involves a clear understanding of you and your family’s goals. Our agents are expertly trained in helping you zero in on what makes the most sense. We’re here to help you with any and all of your questions. Give us a call to find out how!
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