Team Black Bear’s
Real Estate Update Exceeding Your Highest Expectations in Service, Performance & Results! March 2014
2014 State of the Real Estate Market [Vacant Land]
[New Construction]
[Commercial]
[Existing Homes]
T
he State of the Real Estate market in our Valley for 2014 looks like we are going in an exciting direction, on multiple fronts and for multiple reasons. Before discussing the supporting evidence for this statement, let’s look at the recent past.
in Eagle County ginning of 2014, we personally are seeing an exciting new attitude and activity with our past and new clients. Here is what we are seeing:
We are getting interest in, and sales for residential lots. Vacant land in the past The real estate statistics for 2013 were good, few years has not been selling at most even though the number of sales and dollar any price. Some of the purchases we are volume overall, were just a bit down from seeing are for personal residences, but 2012. At first blush, you might ask, why this mostly they are builders that want to start is good since the sales and doing what they do best, dollar volume were less than Most important reason build homes! They are tired the previous year? It is good … the feeling of excite- of waiting and are willing to news because our inventory start building new spec of homes and land for sale in ment and confidence that homes on a limited basis. 2013 was the lowest inventoconstruction we are experiencing. New ry we have had for sale in the homes are selling. There are last 5 years. Therefore, with not very many new homes, but the ones fewer homes to sell, we still had nearly the that are on the market have immediate same number of sales, and more importantly, interest and are selling at a good rate. nearly the same dollar volume as 2012, when There is renewed interest in commercial more homes were on the market. This shows units. Existing and new locations for that prices are climbing and they will continbusinesses, shops and warehouses for ue to increase as the supply of homes stays contractors, and new and growing busilow in most areas. This is good for Sellers, nesses. to get better sales prices, and good for Buyers to know that their investments have a The price range of great chance of increasing in value in the home Buyers is innear future. This pricing increase is not a creasing. Needless to rocket ride like our wild and exciting years say, the low-end sells in early to mid-2000’s, when prices were risquickly to home buyers ing at 20% or more in a year’s time. That and investors, but the rapid price increase was a less than favorable mid-range and luxury homes are also circumstance since it led to a sharp drop selling to more confident buyers. around 2009, where prices dropped 10-50% Possibly the most important reason to in different parts of our Valley. Since feel good about 2014, more than any of then,we have been on a slow and steady the tangible facts, is the feeling of exciteclimb back to our normal, strong economent and confidence that we are experimy. This in itself is good news. encing. The Valley has had great early In the last few months of 2013 and the becont’d on page 4