Chaffee County Real Estate Market Update: June '20
Is the Market Softening? Chaffee County Stats for June 2020 Are In!
Here is a brief summary of the key metrics for Chaffee County, Colorado real estate in June 2020, including Salida and Buena Vista, Colorado.
This month we saw a significant (28.8%) decrease in the amount of sold listings (37) compared to June of last year (52). Since Colorado was under a Stay-at-Home order all of April and most real estate transactions are around 45 days, this decrease is easily explained by the shutdown.
But if you look at the number of new listings that came on the market, you’ll see many sellers are trying to make up for that lost time. There were 80 new listings, compared to last June’s 59 and last month’s 55.
This increase in inventory did put a dent in our significant inventory decline, but it’s still down compared to last year. We now have a 4.6 months supply, which is better than last month’s 4.0, but still behind last year’s 5.6 months supply.
Since our inventory increased some and our closings decreased quite a bit, we did, for the first time in a while, see a slight DECREASE in home prices. The year to date median sales price for single family homes is $419,500, which is a little higher than last month’s $418,000, but lower than last June’s $425,000. That’s only a 1.3% decrease from last year, but it’s something!
The question is, now that real estate activity is continuing to pick up since the March/April shut down, will this price decline continue or reverse? Only time will tell on our how our market fairs during these unusual times. I can say that well-priced homes are still selling quickly and demand for homes in our beautiful mountain community remains.
If you’re looking to sell, the inventory is still low, but buyers aren’t accepting everything. It makes a big difference if you properly prepare, market and price your home.
And if you’re watching our market and wanting to take advantage of these extremely low interest rates, it still makes sense to be prepared to act quickly when a competitively priced home does come on the market. Get aligned with a professional Realtor and talk to a competent lender so you can act fast.
Feel free to reach out to me if you have any 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)