Winter High Country Market Update

Residential Update:

We hope this newsletter finds you well. It has been a while since our last update, and we are excited to share some insights into the recent happenings in the High Country real estate market.

Despite a broader slowdown in the national real estate market, 2023 proved to be a steady and consistent year for us. The market for homes in our region has remained healthy throughout the fall and winter seasons. Values continue to hold steady and, in some areas, are experiencing an upward trend. In January alone, the market closed 124 residential sales in our four-county area, marking a year-over-year increase of almost 16%.

However, as with any market, there are nuances to be aware of. Properties are taking a little longer to sell, with the average days on the market being longer at 76 days. 

Supply and demand continue to drive the price growth.  A recap of why we continue to see strong values in our area could be attributed to the following -

• This area is still a desirable place to be and there are still few options available.
• Buyers want to move from more crowded (Florida) and tax-disadvantaged locations (New York/California). 
• Many buyers would still rather purchase an existing home rather than go through the lengthy build process. 
• Many builders do not want to speculative build affordable housing in our area, so inventory remains low.
• Many buyers locked in on low-interest rates have less incentive to sell.  

For sellers, this continues to be an opportune time to list your property due to the prevailing low inventory. The High Country has transformed into a year-round living destination post-COVID, making it more of a year-round place to live.

On the flip side, buyers are facing challenges, including higher home values and interest rates that act as barriers to entry. Some economists speculate that pent-up demand for homes may be brewing, driven by these factors.

In conclusion, the High Country real estate market remains resilient, presenting both challenges and opportunities for buyers and sellers alike. As always, we are here to assist you with any real estate needs or questions you may have.