The housing market surged during the pandemic. Now the data shows that we’re finally starting to get to a place where it’s manageable.
Erin Bassett, Coldwell Banker real estate agent and spokesperson for the Glenwood Springs Association of Realtors, said: “If you want to sell your home, it’s a great market to do that. It’s still a seller’s market.”
Markets have finally started to slow in Garfield County as interest rates have risen several times since December.
“It will always slow things down,” said Michael Picoa, area sales manager at Bay Equity Home Loans. “The government is trying to do that by raising interest rates. Inflation is also bad for the economy, so they are trying to slow everything down.”
Garfield County Single Family Home Average Price It climbed from 28.8% of 2021 prices in May to 23.3% in June and fell to 3.2% below 2021 prices in July. Townhomes and condos increased from 5% of 2021 prices in May and June to 24.1% of 2021 prices in July. Colorado Real Estate Association.
Median sales prices in Glenwood Springs remained relatively flat. Single-family home prices are down just 0.1% compared to 2021 prices in July.town in Rio Branco County Meeker experienced the largest price drop in the region, 28.5% below 2021 prices.
“Our showstopper community in the local market is again Carbondale, where the median single-family home sales price is up 49% from last June to about $1.98 million, while townhome condos are up 128%. $1.3 million,” Bassett wrote in a report last month.
Currently, the housing market is mixed throughout Colorado. Prices and demand continue to rise in Carbondale, but places like Denver are softening.
“New listings are still in the valley here, so we’re kind of protected,” says Bassett. “I’ve looked through the statewide data and there are only two or three boards that are still stable. Inventories are still down and prices are still up, but the Denver market So we’re starting to see a lot of softening.”
Earlier this year, people were able to list homes at the price they wanted, and they sold quickly, Bassett said. People now have to bring their homes close to the market price to get an offer, but agents still receive multiple offers for homes close to the market price.
Condos, townhomes, or homes aimed at first-time buyers are still in very high demand and haven’t been hit by higher interest rates, Picoa said, but million-dollar homes have been hit hard by interest rates. I’m starting to receive
“People say ‘OK, we’re aiming for the stars’, but we can see that our realistic prices may be here, softening a bit, especially in high-end properties. .
Brian Snow and his family moved from Denver to the Roaring Folk Valley after his wife got a job at Basalt. They said they found a house between his Carbondale and Iron Bridge, hopped on the spot, and after offering a asking price, they were able to get it. They had competition, but they were never forced to bid above the asking price.
There was some luck with Snow’s move. He said the Denver market was really expensive when he sold compared to when he bought the house.
“We were able to buy it at the right time and enjoy the popularity boom, but not everyone has that option.” I think it was hard to find out for sure.”
Newcomers to the region aren’t the only ones benefiting from the current market conditions. A boisterous Sean from Folk Valley, his McDermott was able to move from owning an apartment to owning a detached house, noticing a dramatic shift with rising interest rates.
“I had been searching, probably since March, and things were going crazy like wildfire,” McDermott said. And someone came right behind me and made a higher offer.
For a while he said it was crazy, but finally he was able to find something. rice field.
“Things seemed to slow down really quickly, actually almost overnight,” he said. Gasoline prices skyrocketed overnight and seemed to have an immediate impact on the housing market.”