Chaffee County Housing Market Update: March 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, as I’ve been talking about for a while and as is true for much of the country right now, inventory is crazy low. And demand in our rural mountain area is crazy high. Therefore, our real estate market is well, a little crazy right now.
Ok, inventory first. To echo prior months and what it seems like everyone is talking about right now, inventory is low. Chaffee County saw just 37 new homes come on the market in March, which is 39% fewer than last March and 30% fewer than last month. And we had just 4 weeks of inventory in March, with is 11 weeks fewer than last year and 2 weeks fewer than just last month.
And now to our demand. 42 homes sold in Chaffee County this past month, which is a decrease of 2% from last March and a slight increase of 2% from last month. And there were 53 homes that moved into the “Pending” or “Under Contract” status this past month. That is 51% higher than March of 2020 and 6% more than last month. This tells us that we will see more homes close next month.
Those numbers also tell us that most homes that do come on the market are going under contract right away.
Homes spent a median of just 4 days on the market this past month, which has been the same amount of days the past few months but is 80 days fewer than March of last year.
Which brings us to price. As you might expect, this low inventory and high demand equation is continuing to drive up home prices in Chaffee County. The Median Closed Price for March is now $486,250, which is a record price for March in this area and an increase of 15% year over year.
Looking at towns individually, Salida’s Median Price is now $539,000, which is a 24% increase year over year, but unchanged from last month. And Buena Vista is now $402,500, which is a 5% increase year over year and a 19% decrease month over month.
Now I know real estate is a hot topic right now since so much of the country is seeing similarly low inventory and a competitive seller’s market like we’re seeing here in Chaffee County. We are seeing numerous bidding wars here and homes selling for well over their listed price. If you’re looking to buy, that is still possible here, do not get discouraged. But you must be prepared. Work with professionals who can help you act quickly. And it helps to be mentally & emotionally prepared for this market. This goes back to working with a professional who can help you with piece too.
And if you’re looking to sell. This is obviously a seller’s market and an excellent time to be a seller. If you’re worried about where you’ll go when you do sell, again, work with a professional who can help you. There are a number of creative ways to handle this. Reach out to me and I’d be happy to walk you through it.
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,
A Summary of the Salida and Buena Vista Markets in March 2021
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).