It’s springtime in the Rocky Mountains. The grass is green, and people are already out riding bikes and admiring the stunning views of snow-capped peaks. As everyone in the Roaring Fork Valley winds down from the winter season and takes some time for a much-needed off-season vacation, we are beginning to prepare for summer fun in the mountains and listing more exceptional properties.
As snowfalls graced the ski areas this season, the real estate market managed to maintain 2017’s robust activity in the first quarter of 2018.
Activity increased in Basalt in the first quarter of 2018 with 20 transactions versus only 12 in 1Q of 2017. The average price for a single-family home increased 23% to $1,352,500 while the condo/townhome average is down 9% to $501,984. Inventory also increased to 40 new listings compared to 33 in 1Q of 2017. This may be a sign of sellers getting their homes ready for the spring/summer selling season sooner this year.
Data also shows that condo/townhome sellers in Basalt continue to obtain a high percentage of their list price at 98.7% compared with single-family home sellers staying in the 94% range. For example, using the averages of a $500,000 list price for a condo and $1,350,000 list price for a single-family home, the closing prices are averaging $492,500 and $1,269,000, respectively.
Carbondale’s sales activity was consistent with 1Q of 2017 with 44 sales compared to 43. However, the new listing inventory fell to 59 from 76, with significantly less (33%) to choose from in the single-family home market.
There was an increase to the averages of both single-family home sales (36.1%) and condo/townhomes (26.9%) to $878,583 and $560,682 compared to 2017. Based on the rate of sales and current inventory, Carbondale has a 5.5-month supply of single-family homes and a 3.5-month supply of condo/townhomes.
Whether you’re buying, selling or renting, now is as good a time as any to allow Engel and Völkers’ unparalleled service and our market expertise to negotiate your purchase or sale.