Chaffee County Housing Market Update: Feb 2021
Here are the latest market stats for Chaffee County, CO this past February 2021.
Below are a few graphs proved by ROCC (Realtors of Central Colorado) that give you a snapshot of our pricing and property availability in Chaffee County.
For a more detailed view of all our numbers, please email me and I'll send it to you. Monica@Cprealty.com.
To briefly summarize for you though, demand for homes in Chaffee County is still very high, inventory is even lower than last month and as a result, our prices are going up.
Ok, let’s first talk about demand. As I’ve mentioned before, demand in Chaffee County is increasing and there are a few numbers that help us see that. First are the number of homes sold, there were 41 homes that sold, which is a 46% increase compared to February of 2020. And 56 homes moved to the pending status, which is a 75% increase from last year and a 12% increase from last month.
Additionally, our days on the market are still very low. Homes here sold for a median of just 4 days, which is the same as last month and 80 days fewer than last year. In short, homes are selling FAST still.
And our inventory is still not keeping up with this high demand. We did have 53 new homes come on the market, which is a 26% increase from last year, but 9% fewer than last month. And because of that high demand, we ended the month with just 53 active listings, which is 16% fewer than last year and a decrease of 60% compared to last month.
Which leads me to prices. High demand, low inventory, price increase! The median closed price for a home in Chaffee county is now $530,000, an increase of 33% year over year and 36% from last month
Looking at towns individually, Salida’s Median Closed Price for February 2021 was $541,000, which is a 26% increase from last February. In Buena Vista though, the Median Closed Price for February 2021 was $498,480, which is actually a 15% decrease from last year.
To echo what I told you last month, this market is competitive. If you want to buy here, you have to be ready to take action quickly. That means working with a professional to have your financial situation clear and working with a local Realtor to help you act quickly on a home as soon as it hits the market.
Now that we’re headed into spring, the hope is more homes will continue to come on the market. But since there is no evidence that our demand is decreasing, it looks like those homes will continue to move quickly for the time being.
Have a question about the Chaffee County real estate market? Feel free to reach out to me with your questions or real estate needs.
Stay safe, stay healthy, stay positive… and be kind to one another!
Your Chaffee County Real Estate Resource,
For a detailed chart of all the metrics, email Monica@cprealty.com
Metrics provided by the Colorado Association of REALTORS (R) and REColorado. Visuals provided by Realtors of Central Colorado (ROCC).