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The seasons change quickly in the Colorado mountains, and while we have yet to feel that first cool morning signifying fall is upon us, the market’s summer season is beginning to wind down.
It’s difficult to contextualize where we are in the market given the dynamics of 2020 and 2021, but we have shifted to a more traditional place for Eagle County real estate. Inventory has grown throughout the summer, affording buyers more choices. Prices, while still increasing in some areas, are not rising as dramatically as they did last year. This trend has helped offset the stock market, rising interest rates, and inflation pressure.
Downvalley
Crystal Jay Seatvet, a broker associate with Berkshire Hathaway HomeServices Colorado Properties’ Lionshead office and Eagle and Summit County specialist, notes that inventory is still a challenge for the pool of buyers out there. This is requiring buyers to adjust their expectations.
Multiple offers continue to be made, particularly with sellers starting to do some price reductions. “Buyers are savvy about price points, particularly with rising interest rates,” said Seatvet. “Once a seller is in line with market value, they are holding steady with that price.”
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An additional trend is that many transactions are now contingent on the sale of a home before purchasing another one, which is in line with a more traditional pattern for locals. The reality is locals need to sell to buy and more sellers are having to accept offers with this contingency.
Resort market
Mark Weinreich, a broker associate for Berkshire Hathaway HomeServices Colorado Properties’ Beaver Creek Villa-Montane office, says that for the resort/luxury owner, it’s still a great time to sell. Inventory remains limited based on historic averages, and properties are still selling at a higher price than a year ago.
Properties that are seeing the best gains are the ones that are turn-key. Sellers should have their homes appropriately staged to present this “move-in ready” appeal. Buyers in the luxury market don’t want to deal with renovations and inflated construction costs and challenges.
Weinreich also notes that buyers who are wondering if they should hold off are at a disadvantage. “This is a use-it-now proposition that will reap rewards in terms of lifestyle and ability to maximize gains over the long term. There is still room for growth over the next five to seven years.”
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Overall, the balance that is coming to our market is positive. Prices are still hovering around record-highs and the influx of available homes for sale is meeting the strong demand by buyers. Time on the market still remains low and while there have been price reductions throughout the valley, many are a result of sellers trying to achieve heightened numbers and they are re-pricing to be more in line with market value.
There continues to be good opportunities for both buyers and sellers. Buyers still need to be prepared to move quickly when a well-priced home comes to market. For sellers, if you are truly looking to make a move and not “test the market,” you should rely on statistical sales data and the counsel from your broker versus what your neighbor has listed their home at, or opinions from those outside the industry.
Michael Slevin is the president and owner of Berkshire Hathaway HomeServices Colorado Properties, started by his father, John, 51 years ago. The company has grown to 12 offices in 10 communities, spanning from Summit and Eagle Counties to the Western Slope.
Q2 Eagle County Real Estate Report: Transitioning markets create opportunity & Latest News Update
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