The High Country Market, like many real estate markets across the country, has had low home inventory. While we have seen competitive homes sales throughout the year in a continued seller’s market, clients we have worked with have still been able to find desirable opportunities to take advantage of.
Active homes for sale increased from the winter lows. Seasonably we see more sellers wanting to list their homes in Spring and Summer, so this is not unusual.
Home inventory peaked in July at over 590 homes for sale and hovers around 570-580 today. This is still around 50% less inventory year over year. Remember our market is primarily over 4 counties.
Accordingly, this has helped home values remain high, but we are seeing a mixed bag in terms of days on market. Properties that are a turn-key full-time residence, short-term rental investment property, or vacation home in a good location are selling very quickly, sometimes with multiple offers. Homes that need updating or are in a farther out location can still take longer to sell.
With buyers we have worked with, being responsive has proven to be helpful. Buyers that can produce a competitive offer quickly within a home being listed for sale have been the most successful. With building costs at record highs, finding an existing home that would cost more to build can still offer good value.
With this being said, there are still some fantastic opportunities in the High Country. Interest rates are still relatively low. We are seeing renewed growth in investment and development in our area.
Municipalities are seeing 2-3 times an increase in occupancy tax revenue so many more people have been exposed to our area like never before. Likewise for sellers, capitalizing on a time where more people are wanting to come here makes this a great time to sell.
Land acreage and lot sales have continued to do well despite high building costs. Land values have continued to do well this year and have increased but at a slower pace than the residential market. With few homes for sale, land continues to perform well.
We have seen new and renewed developments pop up in the past year. This is very encouraging in terms of growth and new construction in the area.
Best, -Nate & Kelsey Wright