Area real estate on the rebound
April 10, 2014
The overall market expanded in March by approximately 37 percent for both listings and sales. While year to date sales are lagging behind last year by 27 percent, there have been steady month over month increases in 2014 whereas 2013 was relatively flat.
We would expect the trend of increasing sales transactions to continue aided by seasonal factors as well as improving real estate markets elsewhere providing liquidity to those sellers who then become buyers here and elsewhere.
Rising Prices (Finally!)
Buyers take note: The average price of sold residential properties is up sharply year over year. We've been writing for some time about the inevitable effects of decreasing inventory, particularly for distress properties and short sales. Here's an update on where we're at for 2014Q1 vs. 2013Q1 for the entire Aspen/Glenwood MLS markets:
• Single family : +34 percent
• Condo/townhouse/duplex/half duplex: +56 percent
• All residential combined: +47 percent
2014 might well be the break-out year for stabilization and reversal of local home prices. While there has been a shortage of inventory in some segments of the market, rising prices that are now evident in most markets will give way to more eligible sellers. At this time, the market is still somewhat inefficient, meaning that price disparities exist and relative bargains can still be found, though they are becoming fewer in number as astute buyers are quickly acting on them.
— This information is provided courtesy of Joe Carpenter at Market Trends LLC.