Who took my Salida Real Estate Market Crystal Ball?
It is quite annoying when I misplace something like my Real Estate Market crystal ball....
Especially when I need to to interpret our market which is NOT marching to the drum of the rest of the nation.
For the past 4 years, markets recovered quickly. Not us. We started slowly 2 years ago and last year, make an 11% jump... fabulous in my book.
Now the country is beginning to see signs of a downward shift. Last month I said... NOT US!
Although inventory was going up (more houses were coming onto the market than being sold), prices were still increasing.
Without my crystal ball (if you borrowed it please return, no questions asked), I can only guess. The graph following indicate pricing trends for new homes coming on the market.
Another indicator, this one more definite, is months of inventory. It means, how long will it take a house to sell if NO new homes come on the market. When you see an increase, it means that more homes are coming on the market than are selling, thereby creating a higher data point for months it will take for a home to sell. This is often a sign of a shifting market.
Since Salida is only 5500 people, Let's see what our sister towns look like. We do quite a bit of work in Buena Vista, Nathrop, Howard/Coaldale, Cotopaxi/Texas Creek and Westcliffe/Silver Cliffe so that is where our focus lies. Compare the next graph to get a feel of active listings versus under contract and closed listings. If more homes are coming on the market than are selling, we are looking at either a shift or a softening.
Days on market for most of the region is relatively good (much higher than the rest of the nation but better for us). Then there is Westcliffe. I think it is the most beautiful, completely unknown precious gem in our area. Great deals for buyers at 89% of list. Tough for sellers, between that and the extremely long market time. If you are thinking of selling in Westcliffe, specifically ask your realtor how they will make sure your home is found. Putting it on the MLS and lettng it spider out to 400 other sites is still not good enough. Where in the heck it is? And how do folks know to even look there? That is also true, to a lesser degree, for our other towns. around Salida.