MID-VALLEY MARKET REPORT
YEAR-END 2024
BASALT | MISSOURI HEIGHTS | CARBONDALE
Last Updated January 13, 2025
Here is our recap on the Mid-Valley market as of year-end 2024:
- The most significant statistic here is that the number of sales in all areas is either down by as much as 40% or has remained about the same compared to 2023. That also means that overall sales volume is down significantly.
- Statistically, the average sale price and average price per square foot is still rising moderately or maintaining in all areas due to persistent low inventory.
- The average days on market is now above 120+ days (4 – 5 months) in all areas demonstrating that conditions have slowed down from the fast-paced market of the pandemic and post-pandemic.
- Absorption rates (i.e. average time to sell the current level of inventory) in all areas is 4 months or more.
- There’s more negotiation room on price, with a larger gap between list price and sales price compared to years passed.
- Overpriced listings sit on the market for a while. These end up taking a few price reductions before selling.
- The number of vacant land sales are down significantly. This segment of the market has slowed down quite a bit, most likely due to the higher cost of land and the cost to build.
Anecdotally, much of last year (especially the summer months) felt slow. We in the broker community attribute that to historically slower election years, plus the uncertainties of with the war in Ukraine and other present world issues. While sales comps exist verifying list prices, there isn’t the demand. Fewer buyers are looking right now, due to inaccessible high prices and high mortgage rates. Those in the market are mostly cash buyers or buyers looking to upgrade or downgrade by selling another property (i.e., have a home sale contingency). Many homeowners with low interest mortgages are reluctant to sell because their new loan on their replacement property will have a much higher rate. All of these factors contribute to lower available inventory and lower demand. Ultimately, Buyers are having success negotiating, especially if the listing has been on the market a while. By the same token, sellers’ expectations about the time it takes to sell have to be adjusted, as well as expectations on price.
The under $1 million Mid-Valley market is still super-hot. Brand new or move-in ready luxury homes above $2.5 million seem to be in higher demand among cash buyers Mid-Valley. Yet, the majority of homes currently for sale are in between those two price ranges – a price range that is unfortunately not accessible to most working people in the Valley, especially those with financing. This is where the heart of change might be, as these folks desperately want to stay and live in the Valley and are an actively trying to pull values down with lower, more reasonable offers.
This custom market report shows the overall trends pertaining to Basalt, Missouri Heights and Carbondale since 2004. We examine each area in more detail by looking at single family homes, condos/town homes and duplexes and vacant land. We hope you find our Mid-Valley Market Report helpful in showcasing the current market and where it has been. As always, we look forward to reporting back to you mid-year to see how things shake out.
If you are curious about your options to buy or sell in today’s market, please get in touch! Determining market value is incredibly complicated right now, so we are happy to assist in any way we can.
ARCHIVE
Questions? Feedback? Please get in touch or sign up to receive future Mid-Valley Reports below: