With the arrival of June in the Colorado mountains, a combination of our natural market cycle along with sellers taking advantage of active buyer demand has brought inventory levels up, affording more options for those looking to purchase in our market. Although national headlines portend a slowdown or plateau in sales nationally, the rise of interest rates, inflation pressures, and national/international unrest have not shuttered the markets as some have expected. Demand remains strong – but a word of caution to those sellers looking to capitalize: be cautious not to overprice and “test” the market. Sellers today still have plenty of buyers for their homes, however, buyers are more critical of the properties and their prices relative to comparable sales in the neighborhood or price niche. The aforementioned headwinds in the market have created just enough pause that sellers need to adjust and expect that a sale, at their price, may take longer and result in fewer potential buyers than a year ago.
In Eagle County, while inventory is lower by 15% from this time in 2021, contracts are only down 7.5% and that number should become more aligned with 2021 as more owners become sellers in the market. Overall, the message is quite positive. Interest rates still remain well below historical averages and with the influx of available property for sale, prices may not increase at the rate they have been for the last 24 months.
Irrespective of market conditions, summer is imminent and it is one of our favorite times of the year. Enjoy all our unique communities have to offer in June and don’t hesitate to reach out to learn more about our market or just about the community and summer events you are most interested in.