Like most markets across the country, we are experiencing low inventory. As of the writing of this post there are 255 active residential listings in the county. You can break it down like this:
The Surface Creek Area (includes Cedaredge, Austin, Eckert, Cory and the surrounding rural area)...there are 79 listings. - Delta and the surrounding rural area...there are 83 active listings.
- The North Fork Area which includes the towns of Hotchkiss, Paonia, Crawford and the outlying rural area has 93 active listings.
The low inventory and improving market conditions of 2015 and 2016 are a welcome sight for some sellers, and we've seen some major price improvements in certain neighborhoods and segments of the market.
I can't predict the future, but the low inventory will likely cause more price increases in some areas of the market. Although I don't think we are going to see prices take a big jump upwards.
New construction will likely remain low due to high material costs. I don't think we are going to see a big wave of new construction happening over the next year. Until new construction takes off, I think vacant land sales will still remain low.
I think the foreclosure numbers are going to remain low and hold steady with only a few on the market throughout the year.
So what does this mean for buyers and sellers? If you want to sell your home now is a great time to get it on the market. The low inventory means there's less buyer competition. Buyer activity is still high in spite of the time of year. I expect we will also see buyer demand increase as we head into the spring and summer months.
If you want to buy then you also need to be watching the interest rates. While they are still low, how much longer can we expect them to stay this way. From what I've been reading, I don't think we are going to see any big rate increases this year, but we will likely continue to see local housing prices continue to creep upwards...so now is also a good time to buy.
For more Delta County real estate information, please don't hesitate to contact me. I look forward to hearing from you.
I've lived on Colorado's Western Slope for over 26 years. I love this area and all it has to offer, and I enjoy sharing what I know about my home. As a REALTOR®, I also love to share my expertise in this area as well. If you need real estate information for Montrose County, or Delta County, Colorado...please give me a call.
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