MID-VALLEY MARKET REPORT

MID-YEAR 2024

BASALT | MISSOURI HEIGHTS | CARBONDALE

Last Updated July 13, 2024

Here is our recap on the Mid-Valley market as of mid-year 2024:

-       Statistically, the average sale price and average price per square foot continues to rise in all areas due to persistent low inventory.

-       The average days on market is now above 135+ 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 in all areas are 5 months or more.

-       There’s more negotiation room on price, with average percentage of list price to sales price is larger.

-        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 that has slowed down quite a bit, most likely due to the higher cost of land and the cost to build these days.

Anecdotally, our experience in the field this summer feels somewhat different. While sales comps exist verifying list prices, there isn’t the demand. Based on experiences at our own listings and conversations with other brokers, the overall sentiment is that showings are down significantly. Fewer buyers are looking right now.

Many sellers with financing are hesitant to make a move if they have a low/reasonable mortgages. The extended period of high interest rates and perhaps some concerns during a big election year have stalled many buyers. While values have continued to increase so far this year, the rate of growth has slowed as you’ll see in the pages that follow.

The under $1 million 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 always, we look forward to reporting back to you at the end of the year to see how things shake out.

A few notes/disclaimers about what you will see in this edition:

-       Number of sales appears to be down significantly in areas - that is because we are looking at the number of sales so far this year compared to the total number of sales in past years.

-       We have not provided statistics for the Crystal River Valley in this edition because there weren’t enough sales year-to-date to generate meaningful conclusions.

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.

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.

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