The midvalley real estate market had a normal, healthy year overall. Compared to 2016, Basalt and Carbondale sales combined rose about 2%, the average price increased a modest 1%, the average price per square foot escalated roughly 3%, and sale to list price ratios showed little change. Supply of available properties, however, decreased. Number of listings and months supply are now down to about 20% from a year ago.
In Basalt, sales decreased just slightly, but the average price per square foot rose for both condos/townhomes (up 3%) and single-family homes (up 11%). The average sale price was about $540,000 for a condo and $945,000 for a single-family home. Days on market averaged about 6 months. Properties under $600,000 accounted for over half the sales and sold in only 4 months on average. There is now limited inventory in this price range, and this submarket is particularly strong. Six homes sold for $2 million or higher, and four of these were in Basalt proper. Blue Lake experienced the most single-family activity with 17 sales, while Shadowrock and Park Modern saw the most condo/townhome activity with 11 and 9 sales, respectively.
In Carbondale, unit and dollar sales rose about 10% compared to 2016. The average condo sold in about 6 months for $460,000, a 15% price increase from last year. The average single-family home also sold in about 6 months for roughly $810,000, reflecting a slight price drop. Like Basalt, the $600,000 and under price range was most active, accounting for over half the sales. There are currently fewer than a dozen properties available in this price range. River Valley Ranch and Aspen Glen attracted the highest prices, accounting for 18 of the 22 homes that sold for $1 million or higher. The highest sale of 2017 in Carbondale was a 7,000 square foot River Valley Ranch that closed for $2 million.
In summary, midvalley real estate is showing stability, though each submarket is unique. If you are interested in selling, contact me for a customized analysis of your home. If you are interested in buying a home or an investment property, i would love to show you options both on and off market.
Wishing you a Happy New Year full of joy, health and happiness!