The cooling the Chaffee County market saw in October continued into November. The number of closings in November dipped both month over month and year over year. Additionally, the number of homes pending sale decreased 7% year over year and 10% month over month. On the bright side, sellers brought 27% more listings to the market than last year, giving buyers more options. Homes are staying on the market longer as buyers take longer to compare their options and make a choice. Median home prices held strong in November. More than half of the newly listed homes that came on the market this month were priced at $600,000 or above, with 15% priced at $1M or more. Pricing homes correctly and making competitive offers will be key in this shifting market, making it more important than ever for buyers and sellers to use the expertise of their local REALTORS®. In November, buyers asserted their negotiating power, which resulted in homes closing for a median of 5.9% less than the original list price.
By Mark Krasnow