Published on: Jun 19, 2013 @ 13:41
By Lawrence “Skip” Moss
Some interesting statistics to ponder. While the market is clearly healing, stabilization is spreading, median prices year over year fell nearly 9%. High demand communities like Eagle-Vail, Vail, Edwards, Beaver Creek and Avon continue to enjoy strong sales and are expected to remain strong from June through the remainder of the selling season.
We’re halfway through the year and it seems our collective attention has shifted
from monitoring price and sales gains to eagerly anticipating more new listing
activity on the part of sellers. This shift is the result of an imbalance between
strong demand for homes and constrained supply. In some markets, purchase
agreements are being written up directly after a showing. Your experience and
local market conditions may differ, but the market as a whole has summertime
New Listings decreased 12.0 percent to 161. Pending Sales were down 7.4
percent to 87. Inventory levels shrank 34.2 percent to 889 units.
Prices softened a bit. The Median Sales Price decreased 8.7 percent to
$417,500. Days on Market was down 3.0 percent to 159 days. Absorption rates
improved as Months Supply of Inventory was down 48.6 percent to 9.0 months.
Interest rate risk is back in the headlines after Fed chief Ben Bernanke’s latest
testimony on Capitol Hill. The Federal Reserve Bank is considering decreasing
its $85 billion a month bond asset purchases, which have been holding interest
rates at or near historic lows. This is mostly the result of an improving jobs
market, which is a good thing for real estate.