Happy New year everybody! I hope 2023 was spectacular for you, and 2024 is even better.

In this video I discuss:

  1. Market statistics from last year
  2. I thank everybody that worked with me this year
  3. I give you a few predictions for the coming year.

These market statistics are from the Colorado Association of Realtors. I look at year to date statistics through November for single family residences and for Townhomes and Condos.

  • The state saw single family home active listings down 18% and sold listings drop 20%.
  • Routt had active listings drop by 7.7% and closed listings drop by 24.4%. Thus, transaction activity is slowing, but only partly due to increasing inventory.
  • For townhomes and condos, Colorado saw new listings drop by 12.1% and closed listings drop by 20.2%.
  • Routt had active listings drop by 30% and closed listings drop by 22.4%.
  • So both single family homes and townhomes and condos are slowing at about the same rate at the state and county levels.
  • Routt continues to outpace the state when it comes to median sales price growth. For Colorado, single family homes had a median price of $565,000 through November, a decrease of 0.9% and townhomes and condos had a median sale price of $420,000, which was no change from the prior year to date.
  • In Routt, the median sales price for a single family home was $1,313,085 (a 5.9% increase) and townhomes and condos were $850,000, which was a 0.7% increase.
  • Percent of List Price Received statewide for single family homes was 99%, and townhomes and condos were 99.4%. Routt had single family homes at 95% and townhomes and condos at 99.6%.
  • Thus, active and closed transactions slowed, but that caused median sales prices to increase in Routt and decrease for the whole state. The lower list to close percentage for single family homes in Routt means that while Sellers continue to hope for new sales records, they are willing to accept lower offers than others throughout the state.

I believe the reason we didn’t see this same trend in condos and townhomes in Routt is because there is still high demand for nightly rentals. Many of those units are selling for above ask and that is likely off-setting the transactions we’re seeing by locals that don’t nightly rent.

Next, I’d like to take some time and thank my clients from this year.

  • Kimberly and Bob: It was a long search, but I think we found you a lot that will remain private, but provide great access to biking and skiing year-round. Jesse: I hate to see you leave for warmer weather, but I know you got your snowboard fix while here and it’s clear you’re poised for big things in 2024. I’m looking forward to visiting you!
  • Dalton and Amanda: Real Estate transactions aren’t always smooth, but I’m thankful you have joined our community. Amanda, I can’t wait to come back to your new café for one of those amazing coffees!
  • Josh and Emily: I still can’t believe you went from happily renting to being under contract in a day. I’m glad you were willing to go after your dreams.
  • Colin and Cara: It is so great that you will be up here visiting more often now that we found you the perfect skier crash pad. I can’t wait to make some turns with you two on mahogany ridge… now that it is in bounds.
  • Jared and Joanne: I’m going to miss having you as neighbors, but you’re on to new chapters and new adventures. I’m so excited for you two and your new mission.
  • Eric and Blair: What a year! A new house, new careers and positions, and a new life together!
  • Andrew and Leah: I never would have thought we’d get you a bidding war, but your patience paid off in the end.
  • Jim and Julie: WOW! That was an interesting adventure, right down to the wagon wheel. Enjoy the views and the tinkering.
  • Alan and Dana: Is perfect ok? Congratulations on your recent retirement, and I hope your new home is the legacy property you’ve always dreamed about.
  • Scott and Caroline: We had to change course a few times, and there were set backs along the way, but in the end, you got a great retreat at an even better price.

So what do I think is coming for 2024?

  • With the fed insinuating interest rate reductions, it seems like buyers will be able to afford more.
  • Sellers will feel empowered to finally make some life changes and we’ll thus see more inventory.
  • I doubt we see prices come down in Steamboat Springs, but I think we’ll continue to see opportunity.
  • Properties that are priced well will keep moving quickly, and discerning buyers that identify overpriced properties will continue to find those unique opportunities that the rest of the market may have missed.

Well there you have it. I want to thank everybody one more time for an amazing 2023, and I hope that your 2024 is even better.