Chaffee County Real Estate Market Update: Jan 2021
Here are the latest market stats for Chaffee County, CO this past January 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, January was record-breaking in activity. Our inventory is still low and the homes that are coming on the market are selling FAST! Prices are creeping up, though they’re lower than last month.
The first item I want to point out is our demand. Homes in Chaffee County sold for a median of just 4 days on the MLS. This is bananas you guys! That is 78 days less than last year and 20 days less than just last month.
While we did see a 26% increase year over year increase in new homes that came on the market, it simply wasn’t enough to keep up with our increasing demand. We ended the month with just 63 active listings, which is a 50% decrease over year. To put it simply, more homes came on the market, but they sold so quickly our total inventory was still very low. Just 6 weeks of inventory.
Now prices! The Median Closed Price for a Chaffee County home in January 2021 was $389,000, which is a 16% increase year over year, but that is a 22% decrease from last month.
If we look at towns individually, Salida’s Median Closed Price was $389,000, which is actually 2% less than January of 2020 and 29% less than last month. In Buena Vista, the Median Closed Price for January 2021 was $318,000, which is a 10% increase from last January and a 29% decrease from last month.
Alright, a moment of truth, this market is getting incredibly competitive!
Anecdotally, my colleagues and I have been a part of numerous multiple offer situations for homes just hours after they come on the market. This is not the market for casual looking. If you do want to buy here, you must be ready. That means have your financial situation dialed in. Talk to a good lender and have that pre-approval letter in hand. And work with a good Realtor who can not only notify you when a home comes on the market but can help you act quickly to actually get that home.
And while this year is shaping up to be like no other, historically our market does see an increase in inventory in the late spring/ early summer. So hopefully we will start seeing enough inventory to satisfy this seemingly increasing demand. We shall see!
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,
Just look at how quickly homes are selling!
A snapshot of the top stats for Chaffee County in January 2021
Pricing in Chaffee County
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).