Salida CitizenReal estate

Real estate prices rise, inventory falls

Leslie Walker — Fri, 13 Nov 2009 20:44:50 +0000

Prices and inventory are two measures of how the real estate market is doing. In Salida, the median home sale price has increased about one percent up year to date from the same period in 2007-2008. During the time period of November 1, 2008 – October 31, 2009, the median sell price was $271,500 compared to $269,325 for November 1, 2007 – October 31, 2008. For the area, the median price of a home dropped from $230,000 to $219,250 over the same time frame.

Inventory has dropped to 452 homes on the market in the area, which amounts to a supply adequate for 1.89 years. A normal market has six months of inventory. For the period of October 1, 2008 to Sept. 30, 2009, inventory was 485 or 1.97 years. Most people think it is a buyers’ market. However, in the category of homes between $85,000-135,000, it is a sellers’ market. In all other price categories, there’s a good selection, and it is a great time to buy.

Real estate market picks up in August

Leslie Walker — Tue, 01 Sep 2009 20:40:03 +0000

In August, home sales in Salida increased to 11, compared to 8 in July. Year-to-date, home sales in Salida totalled 75 compared to 116 for the same period a year ago. Median home sell price in Salida was $258,000, a substantial drop from $$374,997 in August 2008. August median sell prices rose over July. The good news is that the median sell price year-to-date was $272,000 compared to $263,450 for the same period a year ago. In the five-county area served by the Chaffee County Board of Realtors, total property sales were down to 349 from the same period a year ago. Inventory has dropped to 2096 properties on the market, a decrease from both July and June. For the most part, Salida and the surrounding area follow the state and national trends. For more statistics and stories about the lifestyle in Salida, see www.buysalida.com.

Real estate market is down for May

Leslie Walker — Tue, 09 Jun 2009 22:42:13 +0000

As usual, real estate statistics in our area are interesting. This includes the five counties of Chaffee, Fremont, Saguache, Park and Lake, as represented by the Chaffee County Board of Realtors.

In Salida, housing sales from January through May 2009 dropped 39%. Year to date sales totaled 46 homes with a median sell price of $287,000 compared with the same period in 2008 when 76 homes sold at a median sell price of $263,450. Total sales volume also dropped.

Salida home sales in May 2009 were 5 compared to the month before when 14 homes sold, a drop of 36%.

For all types of real estate sold by Realtors in all areas, 174 listings closed year to date in 2009 vs. 151 sales for the same period of 2008, an increase of 6%.

Overall, inventory is high with 2071 active listings and a greater number of days on the market.

In Denver, real estate experts claim that the bottom has hit and the market is bouncing back. This is based on increasing home sales for the past four months.

The good new is the tax credit of up to $8,000 for first time homebuyers who close on a home by Dec. 1. Also, FHA loan limits hit $280,000 for Chaffee County. This requires a low 3.5% down payment.

Current interest rates remain low at 5.375% for a 30-year conventional loan.

Salida sells few homes over $500,000

Leslie Walker — Wed, 27 May 2009 21:43:59 +0000

Many markets measure homes sold over $500,000. In Salida, some sales have taken place in this price range (one sale year to date in 2009; 13 for the same period in 2008). Building and pricing trends are moving up, with an inventory of 48 homes at $500,000 and up. At the other extreme, inventory is low (32) for homes under $200,000, while sales are higher. Sales in this category totaled five year to date in 2009 and 16 for the same period in 2008.

Raw land market drops so do loan rates

Leslie Walker — Wed, 01 Apr 2009 23:11:30 +0000

In some local markets, raw land prices are down 30-50%. In addition to sellers and buyers, this has affected some national lenders, who end up writing off losses and decreased their capacity to make more loans. In the Arkansas River Valley, vacant land sales year to date are 32, with an average sold price of $97,945. This is 91% of asking price and property averaged 348 days to sell. Compared to the same period in 2008, land sales totaled 57, with an average sold price of $121,964. This was 91% of asking price at 314 days on the market.

So, you can see that area sales are off 44% and prices are down an average of 20%. Owners sold for the same sales to list price, it just took 34 days longer. By the way, the 2009 price range was $5000-500,000 vs. the 2008 price range of $6000-650,000.

On the other hand, rates for land loans are dropping. Within a platted recorded subdivision, they are as low as 5.75% with 15% down, 30 year amortization and a 3 year balloon. Recently, a community bank proclaimed an “excess capital position” Qualified borrowers are preferred!

Real estate sales drop in 2008

Leslie Walker — Thu, 05 Feb 2009 16:59:08 +0000

This article compares home sale statistics from 2007 and 2008 in Salida.

In Salida from January – December 2008, 156 homes sold at an average sell price of $292,155. Median sell price was $264,000. The list/sell ratio was 95%. Total sales volume was $45,576,310.

In Salida from January – December 2007, 245 homes sold at an average sell price of $280,013. Median sell price was $250,000. The list/sell ratio was 96%. Total sales volume $68,603,373.

In summary, prices are holding or increasing slightly while the number of sales and dollar volume have decreased substantially. From December ‘07 to December ‘08, the number of homes sold in the Arkansas River Valley dropped 31%. Sell price volume went from $158,729,533 to $119,889,948, a decrease of 24%. From ‘07 to ‘08, the number of homes sold in Salida dropped 36% with sell price volume at $68,603,373 in ‘07 and at $45,576,310 in ‘08, a dip of 34%. The list/sell ratio dropped for both time periods, indicating that sellers are accepting lower offers.

Home sales stats for 2008 in Salida, CO

Leslie Walker — Wed, 28 Jan 2009 21:53:46 +0000

A total of 1821 properties* were listed in our MLS area from Jan. 1 through Dec. 31, 2008. 732 listings sold. Currently, supply is about 2-1/2 years greater than demand, i.e. there’s enough inventory to last 2.49 years. Research properties with hefty days on the market, multiple price drops or in foreclosure. In a buyers’ market, you can bargain harder, ask for owner carry, get seller paid closing costs, etc. It also gives you more properties to choose from.

Total 2008 sales volume was $165,775,419 down 24% from 2007. Median sell prices stayed the same at $210,000. Average days on the market rose from 231 in 2007 to 252 in 2008.

* Includes: residences, homes with acreage, farms, lots and commercial properties in Chaffee, Saguache, western Fremont, Lake and Park counties.