The real estate market continues to heat up right in line with the sweltering weather we’ve been experiencing here in the North Fork. Yup, its been a dry, hot summer with super bountiful bumper crops of fruit but as I write gentle, warm rain is falling in Paonia!
As of June 2016 the real estate market continues to improve from a sellers perspective. Inventory of a “month’s supply of homes for sale” is down 24% from June 2015….good for sellers as the average sales price is up 7.3% year to date. Cumulative days on the market is down 11.2%. Number of listings on the market is down 9.9%. Further favoring sellers. This trend mirrors U.S. national statistics, although to a lesser degree, where home inventory is down nearly 40%! July has seen most of these numbers double again! Average price was virtually unchanged but the months supply of inventory is down 35% which is darn near national average! This poses a problem….especially for first time home buyers and renters. Houses for rent in the North Fork Valley are in high demand but low in supply, just like house for sale.
In order to get an upper hand in this competitive market I have some advice to perspective buyers in the North Fork Valley: get pre-qualified for a loan BEFORE you begin your search for your dream property and find a real estate agent. If you can shop for properties confident that your financial situation is not an issue you’ll be way ahead of the game (and the competition!). It is tempting to utilize websites like Trulia and Zillow to do your own shopping but in a compettive market that is in constant flux, an agent with thier ear to the ground is your best friend. The buying process will be less stressful and you are more likely to buy something you truly want instead of seeing it bought out from under you! Good properties priced right are not lasting long on the market and are often getting multiple offers. Something not so common in our neck of the woods. So shop aggressively!
The crazy white hot real estate climate on the Front Range of Colorado is spilling over into rural areas and we only have so much property currently available. Housing development in the North Fork Valley is probably not a viable solution in the near term. Delta county requires proof of viable water sources and water is tight with places like Paonia no longer selling new out of town water taps.
The great thing is I have been showing real estate to some great folks from over the divide! Artists, musicians, semi-retired, retired, and just fun, free spirits. Some local people may see the influx from the big city as threatening to our down home communities in some way but I certainly don’t see it that way. These people are bringing skills, money, and personality to our communities. That’s a great recipe for a sustainable economy as the mineral extraction industry in our region continues its decline.
The future is looking bright for The North Fork valley. Creatives, outside the boxers, bicycle builders (?!!), boutique food artisans, recreationists, uber farmers, geeks, dweebs, and nerds…they all seem to be attracted to this place. The vibe here is high and continues to climb. If you are considering selling your property now is as good a time as ever! If you are on the hunt for property in our area get pre-qualified, hire a real estate agent, and be prepared to pounce! If you need someone to show you some property and give you the down-lo on the North Fork Valley please give me a call!
Thanks for reading the Nutshell!