Year to date results for 2016 for both the number of residential listings and the number of sales are tracking identically to that of last year at this time according to the data and analysis provided in the latest Market View report issued today.
Affordability for local residents has been an issue of increasing concern as home values continue to rise faster than wages in the Aspen to Parachute Real Estate market.
Here are more details from the overview of the new report:
The balance ratio remains at 1.8 listings for each sale in the consolidated market from Aspen to Parachute. For municipalities within this broader market, Glenwood Springs has the closest balance at 1.25 listings per sale compared to a Q1 average last year of 1.83:1. The 2016 Q1 absorption rate for the consolidated market expanded by about 1.5 months over last year to just over 13 months. As home values increase, more owners are willing and able to sell. Other notable differences from last year include a 6% increase in overall outstanding residential inventory which now stands at 1,261 units, though the availability of homes under $400,000, a general indicator of affordability, particularly in lower valley markets, decreased by 14%.
To understand the latest residential real estate trends in this market, professionals all across our industry look to the indispensable data and analysis featured in this guide released by Market Trends LLC each month.
Researched, compiled, analyzed, and published by Joe Carpenter, one of our own brokers here at Fleisher Real Estate, the report features data on the number of real estate transactions and other key variables, measuring the total market opportunity and their respective market share. Real estate companies, brokers, mortgage companies, banks, appraisers, developers and other professionals rely on this report because, according to Market Trends, these trend indicators can display shifts in market direction well in advance of when they show up in prices and negotiating terms.
But what does that mean for you? While this is a report designed for industry professionals, it provides key insights that may provide individual buyers and sellers with an advantage as they approach their own transactions. We believe that knowledge is power, and like the report’s visionary Joe Carpenter, our entire team of experts believes in sharing our knowledge with our clients and the communities we serve. With this empowerment, we help set the stage for more successful transactions and more satisfied buyers and sellers.
To view the complete March 2016 Market View report, including commentary by Joe Carpenter and his proprietary charts, follow this link.
If you are wondering how these trends may impact your own plans to buy or sell in 2016, contact Fleisher Real Estate today to begin the conversation.