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Market Reports



Colorado Group Realty Insider - November 2021


How's The Market?

Bidding wars. All cash offers. Homes selling far over asking price. The Yampa
Valley housing market is still on fire. Overall sales volume through October is
up more than 50% from this time last year while the number of active listings
in Routt County remains lower than this time last year. Homes continue to
be snapped up, often within days of listing. The county-wide median days on
the market is a meager eight days. This is not surprising since there is only
1.3 months of inventory available. Pending listings county-wide are actually
up from September (111 in October vs. 108 in September) and the number
of closings in October remained strong at 114. September’s closings were
cash heavy, with 52% of buyers closing without a loan.

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Colorado Group Realty Insider - October 2021


How's The Market?

Unfathomable growth in real estate continues in Routt County, with overall sales volume through September at $1.23B, almost double this time last year. Although active listings in Routt County are still fewer right now than this time last year (99 vs. 158), properties continue to move through the marketplace. Pending listings county-wide are down compared to last month (39 in September vs. 58 in August). Closings are also cooling, down about 26% from this time last year, and about 30 fewer closings than last month. Of these transactions, 53% were local buyers and 47% were front range or out-of-state.

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Colorado Group Realty Insider - September 2021


How's The Market?

After 15 months of real estate market frenzy, we may finally be entering a slight
cool down phase. Or perhaps it's better worded to say that we may be coming to
the end of the frenzy but the market is still very hot. Through August, total sales
volume in Routt County is up 88% from this time last year.

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Colorado Group Realty Insider - August 2021


How's The Market?

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 last year. However, there are more active
listings (147) than there have been in recent memory. Still, listing are significantly
lower than they 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.

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Colorado Group Realty Insider - July 2021


How's The Market?

Warm weather, hot housing market; that seems to be the case in Routt County!
The number of active listings remains low with 134 active listings (excluding
fractionals) throughout Routt County compared to 406 listings this time last
year. This dearth of supply encourages a competitive marketplace with many
properties receiving multiple offers. Indeed, the average days on market this
year is just 39, while it was 93 through the first six months of 2020.

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Colorado Group Realty Insider - June 2021


How's The Market?

We'll get to the market report in a moment, but the big news this week is the
Steamboat Springs City Council's vote on short-term rentals. Just recently, City
Council voted in an emergency meeting to enact a six-month moratorium on
vacation home rental permit applications. Council called the special meeting
because of the impact that short-term rentals have on the long-term rental
pool, community character, and neighborhood disruptions caused by guests.

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Colorado Group Realty Insider - May 2021


How's The Market?

"When is the bubble going to burst?" is a common question these days and
it's easy to see why: Active inventory is down, prices are skyrocketing, and
demand is fierce. Although overall inventory on the national level grew slightly
since last month, there is still a huge supply shortage. So, is this a bubble that
is about to burst? Many experts seem to agree that the answer is "not any time
soon."

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Colorado Group Realty Insider - April 2021


How's The Market?

Many recent national real estate reports are littered with the terms "all-time" and
"historic" reflecting the unbelievable impact COVID-19 has had on the housing market.
Nationwide inventory has shrunk to only 2.4 months of supply and the national median
home price has reached a record high of $311K. Home prices have now increased on
a year-over-year basis for a staggering 105 months straight, validating the value of
owning real estate.

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Colorado Group Realty Insider - March 2021


How's The Market?

The Routt County housing market is still on fire, despite the lean inventory. Routt
County total sales volume for January and February was $321M, up 85% from
last year. Through February, there have been 464 transactions, more than double
each of the previous two years. The last nine months have brought an entirely
new meaning to the term "seller's market".

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Colorado Group Realty Insider - February 2021


How's The Market?

The booming real estate market of 2020 is rolling right into 2021 and activity
in the Yampa Valley is taking off quickly. January's $62M in sales volume on
106 transactions was up considerably from last January when there was a
solid $42M in sales volume on 55 transactions. These enhanced numbers
continue to surprise as inventory persistently remains at an all-time low.
There are now just a paltry 84 residential properties for sale in Steamboat
Springs down from 206 at the same time last year. This means that there is
just one month of inventory, the lowest in the city's history.

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2020 Steamboat Springs Real Estate Report


2020 AT A GLANCE

With fear and uncertainty taking center stage in 2020, one thing is assured: the pandemic has shifted real estate markets across the globe on an unprecedented scale. Routt County was no exception, with a feeding frenzy from June through November that pushed sales volume to an eye-popping $1.2B. Not since 2007 has there been such a flurry of activity. Year-over-year sales volume growth from 2019 was 50%, shocking even the most experienced industry veterans.

Urban migration away from crowded cities and buyers looking for second-home mountain getaways led to a robust seller's market. COVID increased the desirability of properties with access to the outdoors, more space, quiet neighborhoods, home offices, and newer kitchens. Apparently, homes in the mountains fit the bill where social distancing comes easier. Other Colorado resort towns experienced similar historic surges as home values hit record highs across the state, while inventory dwindled to all-time lows. In Steamboat Springs, we enter 2021 with just a meager 43 single family homes and 55 condo/townhomes for sale, both down over 50% from the start of 2020.

Single family homes appreciated by 12% to an average price of $1.47M, while condos/townhomes swelled by 19% to $636K. Droves of wealthy homebuyers snapped up luxury homes at a record pace with 74 properties over $2M being sold, more than the previous two years combined.

The surging prices led neighboring towns to go through booms of their own. The average home price in Oak Creek crested $600k, up 33% from last year, while Hayden saw the average price increase by 10% to $333K. Some struggling buyers opted to purchase land with 353 vacant parcels being sold, double 2019. Builders should bde busy for a while as the city issued building permits for 208 new units (single family homes and apartment units combined).
Many wonder if the market is due for a correction similar to the post-2007 irrational real estate bubble. While a valid concern, the market is hot this time for very different reasons. Industry experts seem comfortable that no crash is near. People have shifted where and how they live as working from home has enabled them to move to their dream location. Low mortgage rates and stringent lending requirements mean buyers can purchase only what they can afford, unlike in 2007.

With the lack of inventory, it seems improbable 2021 can reach the heights of 2020, but demand from the COVID migration isn't dwindling any time soon, giving confidence of a healthy year.

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Colorado Group Realty Insider - January 2021


How's The Market?

With fear and uncertainty taking center stage in 2020, one thing is assured: the
pandemic has shifted real estate markets across the globe on an unprecedented
scale. Routt County was no exception with a feeding frenzy from June through
November that pushed sales volume to an eye-popping $1.2B. Not since 2007
has there been such a flurry of activity. Year over year sales volume growth from
2019 was 50%, shocking even the most experienced industry veterans.

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Colorado Group Realty Insider - December 2020


How's The Market?

After six straight months of escalating real estate activity in Routt County,
November kicked off the traditional winter market cool down. Still, "cool
down" is a relative term as the $149M in sales volume was up 84% compared
to last November. September ($175M) and October ($192M) were all-time
highs for Routt County.

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Colorado Group Realty Insider - November 2020


How's The Market?

Another wild month leads to yet another jaw dropping How's the Market report.
October closings in Routt County totaled an astonishing $185M, an enormous
increase from last October's solid $76M. The record month puts total market
volume up 45% year over year. Clearly COVID is continuing to spur a significant
boost in the number of people seeking refuge and adventure in the Yampa Valley.

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Colorado Group Realty Insider - October 2020


How's The Market?

A September flurry of activity capped off a record breaking third quarter for
real estate sales in Routt County. The surge in demand is the result of people
wanting to live or have a vacation home in the Colorado mountains as people
reconsider how they work and live during and after the COVID pandemic. Sales
volume in September alone was an astounding $178M. When compared to last
year's healthy $65M the results are staggering. For the 3rd quarter (July, August,
September), there was $434M in closed sales volume, well more than double the
volume of any previous quarter.

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Colorado Group Realty Insider - September 2020


How's The Market?

During the summer of 2009, the median price of a Steamboat Springs single family home was $1.4M. Fast forward 11 years and the price has crested $1.4M yet again. A historic summer in Steamboat has led to rapidly escalating prices and nearly barren inventory. The feverish pace of the last few months has cut the supply in half from a year ago and there are now only 214 active residential properties for sale in Steamboat Springs. The surge has caused inventory to drop to less than three months of supply, compared to seven months at this time last year.

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Colorado Group Realty Insider - August 2020


How's The Market?

The unprecedented surge in real estate activity since the quarantineinduced
lows of April and May has been nothing short of stunning! July in
Routt County was the largest month in over a decade with an astounding
$112M in closed sales volume on 154 transactions. Compared to July
2019, when there was a healthy $63M in sales volume, the numbers are
stark. August is on pace to be another huge month as activity is rushing
along at breakneck speed. Even with the drastic slowdown in activity
when the pandemic hit, Routt County is now nearly on pace with last year at $376M in closed real estate through July.

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Colorado Group Realty Insider - July 2020


How's The Market?

After two months of pandemic-induced hibernation, the Routt County
real estate market is roaring back. In June, more properties went under
contract than in any previous month in recent history. A whopping 132
properties went pending in June, compared to a paltry 38 in April when
in-person showings were banned.

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Colorado Group Realty Insider - June 2020


How's The Market?

As the world slowly comes out of COVID-19 hibernation, homebuyers have also
reawakened resulting in increased real estate activity. The April and May freeze,
where showings were restricted and visitors were not allowed, has thawed but
the stay-at-home orders resulted in drastically lower sales volume and transaction
numbers. May total sales volume in Routt County was only $35M compared to
$69M last year. The mere 48 transactions in the month were 57% less than May
'19. Total sales volume in Routt County is now down 18% year over year. While not
surprising, the numbers are stark.

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Colorado Group Realty Insider - May 2020


How's The Market?

As we tiptoe out of quarantine, it's apparent that every corner of the globe will
be affected in some way. This includes real estate in Routt County where April
sales volume was down 53% compared to April 2019. After a huge first quarter,
which included an active March, total market volume is now down 6% year over
year.

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