Shedding a Little Light on 2016 Salida Area Home Sales
There is a hubub around the country with respect to the market. Most areas are either flattening or beginning a downward turn. As we say, a "Shift is Happening". Our market has followed the Denver market slooooowly. 3 years after Denver started soaring, we woke up, stretched and began recovering at a leisurely pace.
This report will first address Salida Colorado Market Trends and Home prices. The second part of the report will address trends in our surrounding sister communities.
The first quarter of 2016 is showing mixed trends for the Salida area. For example, a sign of a seller's (favors sellers) market is when inventory is decreasing. As you can see below, March was a bit of an anomaly. We are still decreasing in inventory but March showed a levelling off period...a trend? We will have to wait and see what happens in quarter 2. Bottom line, inventory is still decreasing.
When comparing 1st quarter 2015 to 1st quarter 2016, we see a 13% reduction in home sales (could be reduced inventory) and a 13% increase in home prices. We are looking very much like a seller's market compared to last year.
The Salida area is showing an increase in price and an increase in market time. Again, we need to watch the 2nd quarter to get a better feel for what is trending. On face value the increased days on market and increased price point contradict each other. I think change is in the air for Salida Home sales but that is all I can predict.
What is happening to our sister communities of Poncha Springs, Nathrop, Buena Vista, Howard, Coaldale, Texas Creek, and Westcliffe? As you can see, Salida is leading in all 3 indicators, The home prices are higher, days on market lower and more homes have sold than in any other community.
Note: the days on market for Westcliffe and Nathrop seem very high but it has actually gone down significantly from last year.
In a nutshell, we are up from last quarter and this quarter could go in a variety of directions... drum roll for next quarter ladies and gentlemen!
Is the Arkansas Valley and Wet Valley Calling you?