Salida Colorado Real Estate Market: When Straggling is good!
From leading real estate experts to whispers among realtors at conferences, the news is similar... we are either entering or coming up to a market shift. Inventory is creeping back up, prices are flattening a bit, market time is longer.
In the past, the Salida Market followed the Denver market by about 18 months. This time, it took 3 years. We really just started recovering at a decent clip last year....up 11% in sold prices. Because we were stragglers, not following the nation's boom, we may have been granted a reprieve on the shift, at least for now. We are still increasing in sale price, decreasing in market time and deceasing on days on market when comparing 2013, 2014 and 2015. My next post will analyze 2015 by month to see if there is any indication of an upcoming shift.
As you can see from the graph below, the Salida Market has been steadily gaining. Prices are up 14% since 1/1/2013. In 2014, they increased 9% and in 2015 they increase another 5%.
Days on Market decrease by 11%. The average days on market is 180. Anything under 180 turns the market into a seller's market and over 180 is considered a buyer's market. As you can see, none of our areas are seller's markets yet. If you just pull out Salida and not the Salida Area (including Poncha Springs, Garfield, Turret and Maysville), Days on Market are 163... dipping into a seller's market when homes sell for more and quicker.
Our area, however, is really a unique mix of towns; namely Salida, Buena Vista, Howard, Coaldale, Cotopaxi and Westcliffe (there are more but even tinier like Granite, Silvercliffe, Nathrop, St Elmo, and more). the market in each area is quite different. From Salida where the prices are the highest to Cotopaxi where they are the lowest, you will find a 50% difference.
As you can see from the graph below, we are still tiny, compared to most MLS (Multiple listing service) areas. Part of the reason is that Chaffee county alone is 85% public land, leaving only 15% for homes. Lots of places to play and not so many to place in which to live, which is part of the draw for the area.