High Country Real Estate Summer Recap

Real Estate Summer Sales Results for July and August 2016

Key Results:

• Highest transaction levels and sales volume on record.
  
• Median price increasing, still 4% below previous 10-year average.
  
• Average price stable, 5% below 10-year average.
  
• Average time on market is 7 months.

The High Country Real Estate market has been robust and active across all price ranges this summer. Prices continue to be lower than historical levels, driving up the value equation for many buyers, especially considering the very low interest rates.

Second homes and homes that can be used for vacation rental income are the primary drivers of our summer market. Our market is moderately seasonal, with July, August, and September being the highest volume months for homes going under contract. Sales stay strong through October, and there are currently more homes under contract than have sold over the last 2 months.

New listing volume decreases significantly starting in August, although this area maintains a large amount of inventory throughout the year. Personally recommend listing homes over the winter months when inventory is lower, since we have buyers coming to the area throughout the year.

Beginning in late August, we start to see more frequent price reductions. Visitors in September and October can expect to see good values along with the beautiful fall colors.