Salida Real Estate Update – Summer 2013

Salida Real Estate Update Summer 2013

 Sales of homes in Salida continued to increase in the second quarter of 2013.  From April through June, 40 homes sold in the Salida area; which makes it the busiest 2nd quarter since 2008 (when 49 homes sold).  This is a 20% increase in the number of homes sold compared to the average 2nd quarter since 2009.  Total sales volume in Chaffee County (including homes and land) took a big leap in the second quarter of 2013 as well.  From April – June there were 162 transactions totaling $40,176,099; which is up almost 30% compared to the 2nd quarter of 2012, which saw 143 transactions totaling $30,967,260.  Looking at the first half of 2013 – total real estate sales are up 7% from 2012.  Good news for Salida home sellers and their Realtors and this trend seems like it will continue as there are 25 homes currently under contract in Salida.  Keep reading for a more detailed Salida Real Estate Update, and don’t hesitate to call 719-530-1038 or email if you have questions.

The median residential (in-town) price for the first half of 2013 is $223,000; slightly below last year’s combined median price of $227,000; but still higher than any year since 2009.  Since Salida has such a low volume of sales, the mid-year median price doesn’t tend to be as reliable an indicator as the year end median price.Chaffee County stats 2Q 2013

Salida was favorably mentioned in 2 articles in the Denver Post this year:

Colorado Recognizes Salida’s Creative Arts Community

The Salida Aspen Concert Series

 

What’s behind the numbers?

Residential (In-Town) Home sales:
49 homes sold in Salida in the first half of 2013

 

Salida CO Residential Sales |    January – June, 2013

Under $100K $100-$200K $200-$300K $300-$400K $400K+
# of Sales

3

16

23

4

3

# of Homes for Sale

0

25

41

28

12

Absorption Rate* N/A .78 .60 3.5 2

*Absorption Rate refers to # of year’s supply of homes for sale.  For example, if 12 homes sell in a year, and there are 12 homes for sale, the absorption rate is 1.  A high absorption rate implies a buyer’s market; a low absorption rate implies a seller’s market.  Absorption rate assumes no new listings come on the market.

78% of Salida residential sales occurred in the $150,000 – $300,000 price range.

The average home was on the market for 180 days.

 

Salida Real Estate Update – Homes with Acreage

21 homes with acreage sold in the first half of 2013 in the Salida area.Sales of homes with acreage are also starting to pick up in the area, although the gains aren’t as large as the local residential market.  Some of the reasons:

-there are more homes for sale than buyers (absorption rate tends to be higher)
-the price range tends to be higher
-many buyers in this price range also have the option to purchase land and have a custom home built.

Salida CO Homes w/Acreage    |  January – June 2013 
Under $200K $200-$300K $300-$400K $400-$500K $500K+
# of Sales

7

6

4

0

4

#of Homes for Sale

13

24

25

18

50

Absoption Rate

0.92

2.00

3.12

na

6.25

 

 

Outlook

Salida seems poised for growth, but expect it to be moderately paced and uneven.  Being a small market, small increases in the number of buyers at any one time can have a big impact; and the opposite is true also.  So there will be some quarters where sales are increasing rapidly, and others where they may be increasing slowly.

While the number of sales in Salida dropped quite a bit from the highs of 2005 – 2008; the median price dropped less than 10% from its 2008 high; and has already recovered to higher than 2007.  Chaffee County also had one of the lowest foreclosure rates in the state.  If prices didn’t drop in the last several years, they are unlikely to in the future.

 

Call us at  719-530-1038 or email with any questions or if you’d like us to email you current listings or recent sales, show you homes or land in Salida or help you sell a home in Salida.