Market Resiliency as Inventory Rises

Available homes, pending sales and dollar volume are all higher than a year ago at this time, demonstrating a resiliency in the market despite stubbornly elevated mortgage rates. This activity is a clear indication of high demand for homes across the valley and buyers understanding that while perceived "high", mortgage rates are in a window of normalcy and still below historic average rates.

Resort activity continues to help buoy overall dollar volume and we are experiencing many owners/sellers not leaving the valley but hoping to find larger, newer, and different homes and locations in the resorts. The fall months, while quieter, present good opportunities for sellers who likely have less competition than the summer months and buyers experience less competition for coveted homes and a chance to purchase before the winter season commences.

In the local market, owners holding low interest rates and buyers subject to prices and current rates are creating some stagnation in the market. There is a new block of "shadow inventory" where we know owners holding low rates want to sell but are reluctant to make a move until rates come down to a level that creates more inventory. In fact, despite the headlines of "low inventory", across all areas and price points there are many more owners interested in selling than on the market. So, while not formally on the market, don't let the perception that there is "nothing available" deter your home ownership interest here in the valley. We have great tools, resources, and extensive databases to help uncover opportunities not readily available to the public. Contact me today to learn more, discuss the market in general, or learn what your property value is in today's market.

Statistics are provided by the Colorado Real Estate Network and calculated by area. Call me for information on statistics that are specific to your neighborhood. I also have monthly and quarterly market trend reports that I can schedule you to receive so please let me know if you have an interest in receiving this type of information monthly.