“168 new added residential listings in August for the total market (Aspen to Parachute) represented a 20% reduction from one month earlier while 156 closed residential sales (+25%) was the highest level since September of 2015. The combined effect brought the listing-to-sales ratio to 1:08:1, the closest balance since October of 2015 and well below the YTD monthly average of 1.63:1,” according to the data and analysis provided in the August 2016 Market View report issued this week.
The report continues:
“For those who now own real estate here, it’s difficult not to be optimistic about both the short and long-term prospects. After all, land is scarce and forecasts call for continued population growth. Reconcile those facts with limited new construction that is stymied by the high cost of land, labor, and materials resulting in construction costs that exceed the average affordability level and one gets to where we now are; increasing demand for existing homes, which further drives price. What’s more, average sale prices on a cost per square foot basis continue to be below the cost to construct in most markets making an argument for further price increases with little competition from newly constructed units. Perhaps the old adage should be revised: ‘Don’t wait to buy (more) real estate; Buy (more) real estate and wait.'”
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 August 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, contact Fleisher Real Estate today to begin the conversation.