de Moraes column: First quarter real estate market update
Well folks, we are off to a slow start in some sectors for 2019 in and around Glenwood Springs. The first quarter numbers are in, and they are fairly far off of 2018 numbers. However, it is still too early to know if 2019 will be the turning year and becoming more of a buyer’s market.
Winter months are typically slower than summer months in our area, because let’s face it, most people don’t want to deal with moving in the cold, snowy months. This year was likely a bit slower than normal, too, because of the stellar snow year we had. How could you think about moving when it seemed as if every weekend was a powder-filled weekend this year?
In comparing 2019 to 2018, Glenwood Springs fell behind during the first quarter for single family home sales in both dollar volume and number of homes sold. The number of homes sold in 2019 was off 25 percent with 25 homes changing hands compared to 33 during the first quarter of last year. The dollar volume was off as well by 19 percent with a total of $15.9 million this first quarter compared to $19.5 million in 2018.
Townhomes and condominiums in Glenwood Springs tell a little different story. This year, both total dollar volume and number of units are up over last year. The number of units sold this year is 19 with $6 million total in sales, compared to only 15 last year totaling $4.3 million.
These statistics indicate to us that there is still a much higher demand for more affordable housing in the area, but single family homes in Glenwood are becoming less attainable. The average townhome/condo sale is $316,000 compared to a single family home average price of $636,000.
As of today, in Glenwood Springs, there are 23 total single family homes available under $600,000, 14 of those are under contract, and nine are available. Excluding the 13 units available in Brettelberg, there are 10 condos/townhomes available and 15 under contract.
In New Castle, townhome/condo sales are double this year with a total of 15 sales at $4.4 million compared to just eight sales at $2 million last year. Single family homes tell another story, just as in Glenwood Springs, with a total of 13 homes at $6.1 million compared to 17 homes at $7.1 million last year.
Both of these communities are in line with the rest of Garfield County as a whole. As a whole, the total sold single family home sales are down 23 percent, 124 this year to 161 last year, but average prices are up 2.7 percent, $475,000 from $462,000.
The townhome-condo market in the entire county is up 19.2 percent in total sales, 62 compared to 52 last year, and 12.4 percent in average price, $324,000 this year, up from $287,000.
* Current as of April 12, 2019. All data taken from the Aspen/Glenwood Multiple Listing Service
Sean de Moraes is an agent with Roaring Fork Sotheby’s. He can be reached at firstname.lastname@example.org.
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