In 2022, the outlook is difficult to predict. Surging sales have been partly due to Routt County having been affected by both the Great Reshuffling (migration from metro areas into rural ones) as well as the Great Resignation (workers leaving jobs and not coming back). Shortly thereafter, pundits began predicting the real estate bubble to burst, except there has been no bubble. This past spring, Fannie Mae and Freddy Mac predicted that rising interest rates, low supply, and high demand could cause a slowdown in market activity. Looking back on the past year, nobody could have foreseen such a market at the beginning of 2021. Single family homes in Routt County have gone up 25%, while values of condos and townhomes increased an eye-popping 38%. In Steamboat Springs, the numbers are even more stark with single family homes up 40%, while condos and townhomes have increased in value by 42%. In 2021, there has been nearly $1.33 billion in sales volume, and price appreciation is what is driving the massive sales volume growth. Last year (2021), through November, that figure ballooned to $952M. To put it into perspective, in 2019 through November, there was a healthy $642M in sales volume in Routt County. It was a banner year for real estate in Steamboat Springs with more records shattered. A personal THANK YOU goes out to all my clients who put their trust in me during 2021.Ī personal THANK YOU to all my clients who put their trust in me in 2021.
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