REAL ESTATE NEWS - TRI COUNTY

2024 Inventory and Demand Up

January sales (generally a product of November/December contract activity) were up 26% compared to January last year and pending sales, inventory, and dollar volume remain at elevated levels in a sign that there appears to be a more normal, predictable pattern of activity developing in the market. Inventory is up over 35% compared to 2023, pending sales are down 3%, while dollar volume increased 26% year-over-year.     

Movement in interest rates has created opportunities for some local homebuyers to lock-in rates well below 2023 highs and equity market strength has helped resort buyers enter the market with the three county's average sale price in January over $625,000 and average price per foot over $200 - both higher than a year ago.

Nationwide, home prices are expected to increase moderately and combined with expected rate cuts in the spring and summer, the market should see its historic norms return with more properties for sale to meet the strong demand for mountain lifestyle living. If buying or selling (or both!) are in your 2024 plans, there is ample evidence that now may be the right time to make a move. Although inventory is elevated, selling your property now allows you to avoid competition for buyers in the spring/summer and you will be in a market where there is more demand than availability - still an envious position to be in as a home seller.  

Let's talk! Our unique market and its neighborhoods warrant a deep dive into your specific situation. Together, we can devise a plan to make the most of our present market.

Market data from the Tri County MLS. All statistics are deemed reliable but not guaranteed and BHHS may not have participated in each reported sale. Please contact me for statistics in your specific neighborhood. I have some great reports I can share with you about your neighborhood or one that you are interested in.

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