What does real estate and weather have in common? Cycles. La Niña weather conditions find Steamboat and other mountain towns waiting for winter weather- just like Buyers are waiting for more inventory. Two things you can count on – snow will come and so will listings! November & December real estate cycles in the Yampa Valley typically dial down in these months. November’s new listings in single-family were up 19%; however, this increase provided little traction as active listings were almost 53% less than they were the year before.  New listings for multi-family were almost 65% less with active listings 73.7% less than November 2020- resulting in about a two-week supply. Days on market for both categories hovered around 30 days +/-.  Average sales price YTD for the 401 single-family homes that have sold in Routt County thus far, sits at $1,537,306 – up 30.3% from last year and skewed by 94 homes that sold over $2M. While the average sales price for multi-family is up similarly at 32.5%, equating to $816,444 with 570 transactions through November; only 131 of those sales were over $1M. Last winter, La Niña reached moderate intensity and northwestern Colorado is anticipating moderate to strong precipitation to come and continue into the spring season – indications for real estate activity in Routt County for winter/spring look to be strong.  La Niña’s weather formation for a second year in a row (called a ‘double-dip’) coincides with average real estate sales prices that are experiencing their own double-dip with double-digit percent increases two years in a row – driven by decreasing inventory and strong Buyer demand. Now in the final month of the year, we eagerly await our jet stream of weather and hope listings follow suit!

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