Real estate market hot in spots
Summer is in full swing, the bridge closure is all the buzz, tourism is booming regardless of the whole town being under construction, and kids are coming to the realization that school is just around the corner. Sounds like a good time to review the first half of the 2017 real estate market in our area.
It seems as if almost every conversation I have these days, people say that our real estate market is on fire. If we look at the first half of 2017 compared with 2016, this is true in some cases, but not all.
The first half of 2017 was strong in both sold price and in total sold volume for single family homes located in Glenwood Springs, with an 8 percent increase. The average sold price in 2017 was $542,077 compared with $501,678 a year before, and total sales volume was $40,655,800 this year compared with $37,625,816 in 2016. While prices were up, the number of properties stayed even at 75 single-family transactions both years. With increasing asking prices and dollar volumes, the average percentage of sales price to asking price dropped a percent from 98 percent in 2016 to 97 percent this year.
Condominiums, townhomes and duplexes are a different story in Glenwood Springs. This sector is affordable for more people. The total dollar volume was down 17 percent from $10,483,543 in 2016 to just $8,713,036 in 2017. The number of units sold was also down by a large percentage, 23 percent. In 2016, 39 units sold; this year, just 30. However, prices are surging in this market at an 8 percent increase as well, at $290,435 being the average sales price compared with $268,809 in 2016.
New Castle has seen a similar increase in the single-family home market. The average single-family home price for 2017 was $414,267, up 7 percent from $387,302, and total dollar volume this year through June was $20,299,067, up 12 percent over 2016 at $18,203,204. The number of properties sold was up slightly to 49, compared with 47 last year.
Also, similar to Glenwood, condominiums, townhomes and duplexes showed a different story. The average sale price was up 20 percent over 2016 at $282,189 for 2017, and the number of properties sold was down 29 percent, with 22 sales in 2017 compared to 31 in 2016.
These are all averages for both communities, and the sentiment that our market is on fire is more opinion and will vary depending on who you are talking with. Certain sectors and definitely certain price ranges are busier than others. Generally speaking, the less expensive sectors are more active, but as the prices rise, the smaller the market gets.
Source: Aspen Glenwood Board of Realtors Multiple Listing Service. Information is deemed to be reliable, but is not guaranteed.
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The Glenwood Hot Springs Lodge experienced vandalism in the form of significant water damage after a man removed a pipe valve with a fire extinguisher flooding four hallways. The lodge however remains open and operational.