A Market Update
Many people always ask us how the High Country market is doing. The answer is constantly changing but as for today it is doing very well. The High Country is a unique area and with recent current events, there is an increase in interest for people to relocate to our area.
There are several things impacting our market. The first is low home inventory as there are very few homes for sale. If you look back 1-2 years, the average number of listings in our market was closer to 2,000 homes for sale. As we write this today, we are at 871 residential homes for sale in our 4~ county market.
Less than half as many homes available has has pushed prices higher and contributed to the market flipping in the past year to a sellers market. The explanation for this includes a combination of factors.
For one, COVID has caused some potential sellers to stay put. There are some who do not want to sell due to uncertainty and perceived health risks for having their home on the market.
Couple this with an influx in buyer activity. Buyers are interested in our market for vacation rental investment, permanent relocation due to remote working from home (thanks to COVID), and very low mortgage interest rates. Baby boomer retirement and an emerging trend out of urban areas to rural areas are also impacting this.
These factors are creating a very hot residential market for some properties. Homes that are move in ready or in an existing short term rental program will likely sell quickly. We are seeing this across many prices ranges. Some dated properties, higher end or rural homes can still take longer to sell.
A decrease in residential listings has also helped land rebound. We are seeing trends towards large acreage tracts and unrestricted land for people to build a tiny home. Land in a developments with restrictions can still take longer to sell, but even this market is beginning to rebound.
So, if you know anyone who is interested in buying or selling, please put them in touch with us. We would be honored and humbled to help them achieve their goals.