REAL ESTATE NEWS | EAGLE COUNTY
Happy New Year!
Unlike the steady (frantic) pace of 2021, the real estate market experienced some significant changes during 2022. The first quarter was a follow-through of the hyper-activity our markets saw in 2020/2021 but the inflation and interest rate increases changed the pace of sales beginning in June. As a result, Eagle County’s residential real estate market declined by about 52% in dollar volume and 30% in units. Much of the unit decline was in the local and bedroom communities that are historically more interest rate sensitive.
The rapid change in real estate markets is beginning to settle down. Interest rates have stabilized, and expectations are that they may trend down in 2023. Buyer activity remains elevated, yet buyers are increasingly more critical about pricing and the condition of properties. Pricing is a critical element for sellers in today’s market. Having the most up-to-date comparable sales and pricing accordingly, in addition to placing your home in the best condition, will yield a successful result.
Overall, we are positive on the outlook for the new year. Today, as much as ever, the market is responding in-line with macro factors that are influencing behavior. Neighborhoods throughout the county are adjusting differently based on buyer demand and circumstances (e.g., cash vs. financing), but with great snow, mountains fully operational, and elevated inventory, there is great excitement for a positive winter.
If you have specific questions about your property or area of interest, please contact me to discuss.
Wishing you a prosperous 2023!
Broker Associate in the Beaver Creek – Villa Montane Office
Berkshire Hathaway HomeServices Colorado Properties