October 2022
October showed various signs of market fluctuations. New Listings were up slightly, with 53 in October 2022 compared to the 5-year-average of 50 for the month of October. Active Listings continue to trend upwards as sales are slowing slightly. New Pending Sales were down, with 35 reported in October 2022 compared to the average of 54 for the month. Closed Sales were also down, with 48 last month compared to the 5-year-average of 60 homes for October. Average Days on Market continues to trend down, with homes sold in October selling, on average, in 40 days.
Year to Date
Looking at 2022 as a whole, January through October, there are signs of a shifting market. These trends have remained steady throughout the last few months. Average Sales Prices have continued to increase slightly, but have overall remained fairly steady with 2021 pricing. Attached/townhomes are the exception, as their value has increased 25% over 2021 as their amenities and scarcity make them desirable. Total homes sold has decreased 25% from last year. With that said, buyers are still incredibly active in the market, with 45% of homes selling in 10 days or less, and 65% selling in 30 days or less. While we are seeing inventory slowly rebound, days on market continues to be a good indicator of buyer interest.
Buyers
There are still good deals out there! Many sellers who listed late in the summer or fall will likely be motivated to sell and offer price reductions and be open to offers. Winter is a great time to buy, too! It gives you plenty of time to make modifications to the home so you’re all set for summer. With Wisp Resort opening, it’s also nice to have something close to the slopes! If you’re considering listing your home as a vacation rental, winter and early spring are the perfect time to onboard your property so that it’s ready and open for the busy summer season of renters. Working with a local agent will help ensure that you’re buying the perfect home for your particular needs. Did you know there are several communities that don’t allow rentals? These are important details that local agents are best suited to help you navigate. They’re also familiar with the area and live here full time – they’re ready to show you property when you’re ready!
Sellers
Not sure if it’s the right to sell? While some buying conditions have worsened, there is still steady demand for homes in all sections of our market. Our agents can provide a free comparative market analysis to help gauge a current price for your home to give you an idea if it’s the best choice for you. Experienced and local agents will know how to correctly assign value to certain amenities. Your agent can also help make recommendations and provide valuable feedback when it comes to repairs, staging, and other small fixes that can present your home in its best possible light when it’s time to list. With ski season on the horizon, buyer interest will remain steady and increase as the winter season kicks off.
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