As the Games of the XXXII Olympiad concluded, we can look back over the previous two weeks and think about the stories that were shared, their spirit & dreams, the rigorous training & preparation, and the glory of victory & agony of defeat.

Buyers & Sellers in Routt County may feel like they are in a bit of an Olympiad themselves. The market is still experiencing multiple offers, with the winning participant getting the gold and those in silver & bronze positions sometimes opting for back-up offers. Prepped by Buyers agents, the Buyer entered ready to compete- knowing there was little room for error/negotiation, as their opponent- the Seller, received within 1% of what they were asking for in home sales and 2.7% more than ask for condo/townhome closings. The market continues to be challenging due to the low-standing inventory; new listings for July were down 20% for single-family homes and 21.3% for multi-family. Understandably, with inventory levels, pending sales are down approximately 37% for both categories, resulting in average median prices up almost 19% for single-family and 42% for multi-family. Days on Market realized almost a 50% reduction from the same period last year, as 52% of the transactions closed with cash.  New listings continue to come on daily- though not likely to significantly impact the current rate of less than two-month supply for single-family and approximately 18 days for multi-family.

Homeownership became a symbol of the American spirit and a facet of the American dream after WWI. Like an Olympian, every buyer & every seller has a story. For some it may be harder, and they may have to be more persistent to obtain the dream and get their medal of a home in the Steamboat area. If Buyers are feeling like they are in a real estate Olympiad, coaching them that “nothing worth having is easy” – to be ready & determined – and eventually their efforts will likely pay off.

Note: July 2021 statistics & info provided via the Colorado Association of Realtors, ShowingTime & ReColorado.