Eight months into 2013 and our market continues to pick up momentum. Although inventory has been down all year, inventory this past August was up 16% from January, providing buyers with the best selection all year.
Buyer demand has kept pace with the increase in listings, with August showing the highest number of sales all year. Each month, about 20% of our inventory sells. This number is a bit misleading because there are some properties, like vacant land, which are not moving at all, and other properties, like single family homes in Silver Springs, that are selling with multiple offers in a matter of days.
The median sale price for single family homes has hovered between $610,000 and $630,000 all year. However, from a realtor’s point of view, it feels like prices are creeping up. We have had no problems with appraisals since the first couple months of the year now that we have the closed sales to justify prices. Some clients have asked me if we are in a “real estate bubble”. I do not believe we are. Buyers are rejecting homes that are priced too high and going away empty handed rather than overpaying.
Our market will transition over the next couple of months and we will see an increased demand for ski resort properties. The best selection of resort homes is right now.