The market has settled into its historic (pre-COVID-19) pattern with inventory rising and expected to increase into early August. As of the third week of July 2024, there are approximately 465 residential properties currently for sale, up 25% from a year ago. This bodes well for buyers looking to make a move before the end of summer and the start of the winter season.
Generally, there is a two to three-week lag in buyer activity when new properties come to market so August should tell the story of how active our market will be through the balance of the summer and fall seasons. There is strong evidence that demand will continue to remain high. Sought-after properties that are priced at market value are garnering multiple offers.
This includes starter homes in our bedroom and downvalley communities to the multi-million-dollar estate homes on the slopes. For serious sellers, increased inventory and more options for buyers underscores the importance of pricing your property to the market. While home prices continue to rise on a macro level, the unique neighborhoods of Eagle County behave differently and are tied to a myriad of factors.
Marla Hillerich, managing broker for Berkshire Hathaway HomeServices Colorado Properties’ Beaver Creek Lodge and Beaver Creek Villa Montane offices, notes that while inventory is on the rise, it’s still about 50% lower than historic averages. “As a buyer, if you’re looking for a desirable property, be ready to move quickly, particularly if.