What Makes the Western Colorado Real Estate Market Special?

By in Colorado Real Estate Market

Maybe it’s a product of the area’s desirability or an increasing population creating demand while inventory tries to keep up. Whatever the reason, the Western Colorado real estate market is stable, and I’m here for it. Let’s look at some things that are helping our market shine.

Prices Remain Stable While Inventory Decreases

Despite predictions of a housing market crash over the past few years, the Western Colorado real estate market remains stable. In Mesa County, average home prices have increased by $10,000 year-over-year. In Delta and Montrose counties, home prices have only dropped by about 1%.

While real estate prices have remained roughly the same, inventory has drastically decreased. In Colorado, the number of homes for sale is down 12.2% year-over-year.

Low inventory and high interest rates typically cause buyers to turn the other way. In response, to recapture buyer attention, home prices would drop. But, the Western Colorado real estate market doesn’t seem to be abiding by this general rule.

What’s This Mean For Sellers and Buyers?

We saw an insane seller’s market in late 2020 and 2021, and, while we’re nowhere near that level, I’d argue that the Western Colorado real estate market is still somewhat catering to sellers. It’s a good time to sell because people are moving here, and demand is high. Plus, lower inventory means more eyes on your property.

However, prospective buyers Western Colorado real estate buyers shouldn’t read that and get discouraged. Unless you’re buying a fix-and-flip property, you’re investing in a long-term game. Home prices may fluctuate a percentage point or two over the next couple of years, but you’re probably going to own your property for longer than that, and prices could increase hundreds of percentage points by the time you’re ready to sell.

The Best Time to Buy or Sell Real Estate in Colorado…

…is whenever you need to buy or sell. I know that’s probably not the answer you’re looking for – you want a month and a year backed by hard data. But, data isn’t giving us a month and a year. What data says, however, is that we’re lucky to live where we do because the Western Colorado real estate market is thriving. You can either sell and profit or buy and put your money into a market that, historically, has grown much faster than the rate of inflation.

Western Colorado real estate is kind of a win-win.

If you’re trying to buy or sell real estate in Western Colorado, I would love to discuss your situation and provide a more tailored market analysis. Contact me, Kayla Klein, at Western Land & Lifestyle Properties for more information.

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