MARKET UPDATE BY KATE:
I was quite long winded last month… so I’ll be easy on you this time.
OVERALL: Sales so far are up +4.5% for the year, as far as the amount of activity. Average Sold Price for the year so far is up +5% compared to last year.
SOUTH SIDE (Breckenridge & Blue River): Number of sales are down in this area -1.5% compared to last year, while the Average Sold Price is up +12%.
NORTH SIDE (Frisco, Copper, Dillon, Silvethorne, Keystone): Number of sales on the north side are up +9% but the Average Sold Price is pretty much flat compared to last year.
Market Outlook for the remainder of 2014:
In 2013, about 550 properties Closed between mid-September and December 31st. Add on to that our +4.5% increase in Sold Activity so far this year and we’re on pace to have about 575 more closings within the rest of 2014. There are currently over 360 properties Under Contract countywide. That leaves just over 200 properties or so that will get an offer and go Under Contract between now and the end of the year.
There are currently about 1,200 Active Listings in the county. With an estimate that around 200 will go Under Contract between now and New Year’s, that leaves 1,000 properties Unsold on January 1st. About 1/6 will sell this year and the other 5/6 will not. Just something for Sellers to think about, as far as where their currently positioned… and whether or not it’s important to them which group (the 1/6 or the 5/6) they find themselves in, come NYE.
The inventory tables have turned, with far fewer new listings coming on the market per week compared to the number of listings “getting taken” (going Under Contract) each week. Many Buyers have decided to make the jump and grab the property that best suits their needs right now, in order to be sure they get to take advantage of today’s great rates (4 and 1/8% and up)! Other Buyers continue to watch from the wings, waiting to see what the next new listing holds, with fingers crossed that the rates and prices won’t change too much before a great property comes along.
Only time will tell what the market does and where rates may go. However, prices are still great relative to the peak. Interest rates are still very, very low, too. If you are one of the buyers mourning the loss of last summers rate’s (maybe -1/2% lower or so), don’t sweat the small stuff. Lock in today’s rates before they change even further. If you need some motivation to kick you into high gear, find someone who had a mortgage a couple decades back, likely at 18%+, and you’ll find yourself not feeling all too shabby about the difference between 3.6% and 4.1%.