The effects of low inventory and higher interest rates have shaped our Eagle County real estate market through the first half of the year. Year to date, dollar volume in Eagle County is down 35% while units sales are down 38%. There are pockets of the market that continue to demonstrate resiliency and overall the lower inventory has helped keep prices stable.
We are now in an environment where, if historical patterns hold, we should see a peak in new inventory in the coming weeks. This is good news for buyers. Additionally, economists are forecasting interest rates to gradually decline as the Fed slows rate increases. If you are contemplating a move this summer, this is a great time to list your home. Buyer demand is strong and we have seen listings, if priced to the market, sell – some with multiple offers.
2023 is shaping-up to be a year of transition in our local Eagle County real estate market. Historic fundamentals are coming into view and the market here locally and nationally has weathered significant changes due to the macro-impacts of the last few years of the pandemic. Look forward to a more balanced and active market toward the end of this year and into 2024.