Headlines of a real estate markets in slowdown have been appearing since the spring as interest rates and inflation have taken hold of consumers in a variety of ways.
For real estate markets, specifically, the slowdown is two-fold, both in the number of home sales and the rate of home appreciation. However, broad assumptions are not accurate reflections of each micro-market. While some of the county’s bedroom communities have seen pricing pressure due to more listings and more interest rate-sensitive buyers, the resorts are holding strong with some multi-million dollar homes still receiving multiple offers. Our market is dynamic and home buyers and sellers can benefit from my knowledge and expertise as it relates to each unique community in the valley.
To put the market in perspective, activity has changed to align with pre-pandemic levels of 2019. Residential unit sales in June 2022 were 122 (versus 176 in 2021 and 115 in 2019). Inventory has been steadily growing (a norm for this time of year) and is now 23% higher than this time last year – a welcome sign for buyers. The question about the market’s strength will really be told in the coming weeks and reported in our August Newsletter because pending sales generally lag new listing inventory by 2-3 weeks, so it will be interesting to see if this new influx of inventory is absorbed by buyers as has been the historic norm.
Markets aside, it has a been a glorious start to summer. Frequent rain and cool temperatures have been a welcomed occurrence. The valley is teeming with activities from the Bravo! concert series to upcoming events including the Eagle Fair and Rodeo, Gypsum Daze, and the Xterra U.S. Championships.
