Seasonal Shifts Continue to Influence the Market
Here in the valley, we’ve had a few recent signs of fall and the leaves are just beginning to make their annual change to their infamous variations of gold. Over the next 6 weeks the valley will transform itself and the verdant hillsides will transition to an array of colors to take in and enjoy. Much like the seasons, the real estate market makes a seasonal shift as vacationers return home and locals settle in for the upcoming winter.
Truth is, the last 18-months have generally dismissed the market’s historical trends and our heightened inventory that generally peaks in July has been replaced by a consistent influx of new listings coming onto the market – a welcome occurrence for those home buyers who have been searching for homes in our competitive landscape.
Eagle County’s record year of 2020 may be eclipsed by 2021 but signs are pointing to the market beginning to level off – at least in terms of numbers. Looking year-over-year, inventory is still down about 50% compared to this time in 2020 and pending sales have followed suit, down approximately 37% (and pending dollar volume down 20%) – but we will likely see another record dollar volume for closed transactions as the market is already up over 53% from a year ago.
Generally we think about the market as either a “buyer’s” market or a “seller’s” market but in this case, it may be both. With new inventory consistently becoming available (when it usually slows significantly) and buyer demand still very strong, those who waited to sell (and buy) until the end of the summer and before the mountains open may be in for some of the best opportunities. Our dynamic market remains very specific both in geography and prices.