Salida CO Real Estate Market: Year at a glance (Jan 2014)
When I attend regional and National real estate events, I leave a bit discouraged. Over 90% of the nation is in full recovery, with very low market times, multiple offers and significant price increases. Agents complain of lack of inventory. My sellers want that!!
We generally follow suite with Denver in about 12-18 months. It has been 24 months and we are in a "tepid" market. Prices ARE going up, market time IS diminishing and inventory is decreasing a bit in the downtown area.
We have 4 distinct markets in the Salida Colorado Real Estate Market.... homes with Acreage (HWA), Residential (res), Commercial and vacant land.
Homes with Acreage
Salida is known for its homes on acreage. It is one of the huge draws of folks who want to live here and have a bit a privacy or to own horses. Our homes with acreage are laggin behind in the recovery mode but it is happening. There were 23% more homes sold in 2013 than 2012. Of those, there was a 15% price increase and 11% decrease in market time (time it takes to sell), all of which is good news. The national average right now is about 91 days to sell where we are at 252 days for a home with acreage. Slow but sure.
Residential Homes (less than 1 acre) are selling quicker than HWA, commercial or land. There was a 21% increase in homes sold from 2012, an 11% in days on market, and, interestingly, a 1% decrease in price.
Commercial properties have been struggling for years and they are now coming back. There were 20% more sales, a 45% decrease in days on market, and a 19% price increase.. a significant and welcome change.
Land has taken the longest to recover but lots in town are moving and building permits are picking up. Land sales are up 13.5%. Sold prices are up 14%. However, days on market is significantly longer... up 31%. Folks are buying land but since most of our land is acreage (1+ acres), investors aren't looking at it yet and buyers are snapping up deals on pre-existing homes. Sellers with acreage have a bit to wait for the market to get hot for them. On the buyer's sides, it would be a good time to make offers since things are slow for sellers. As you can see from sale prices, however, low ball offers are gone.
Overall, it has been a good year. I predict a great year for 2014, assuming we follow our old habits of shadowing the Denver market.
To get a feel for the market here, you can look at the numbers on Market Insider. It is set for Salida (80201) but you may want to look at the communities surrounding Salida as well