REAL ESTATE NEWS - TRI COUNTY
RISE IN HOME INVENTORY SIGNALS INCREASED BUYER ACTIVITY
As predicted, available homes for sale are increasing entering the warmer months. Compared to a year ago, inventory in our area is up 2% while pending sales have increased almost 33%. With new inventory coming on to market throughout the area, expect buyer activity to increase and properties to sell given the high buyer interest and demand.
Compared to 2023, April residential sales increased 42% while the average sale price was over $492k! This demonstrates both strength and activity in the markets of the area and also indicates that many local homeowners and buyers remain a little less active, likely due to interest rate volatility and some areas experiencing lower-than-average inventory to consider. As of April, many economists and leading real estate professionals expect homes to continue to appreciate about 3% in 2024. The lower inventory and positive interest in our markets should keep prices strong throughout the year. Expected interest rate cuts in the third and fourth quarters to create even more demand in the market.
May is generally a quiet time in the area as we transition from winter to spring/summer (and sometimes back again). See below for activities and events this month and upcoming months as you make plans for the summer. The market here locally remains dynamic. I'd be happy to visit with you about your home or area of interest anytime. Let's connect soon!
LOCAL EVENTS
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May 10th - 12th
Join us for the 21st Annual Hotchkiss Sheep Camp Stock Dog Trials May 10-12, in Hotchkiss! With over 300 entries, vendors, art, and food trucks, it's sure to be another wonderful weekend! PLEASE NOTE - NO OTHER OUTSIDE DOGS ALLOWED!
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May 11th
Support the Black Canyon Boys & Girls Club by attending the 2024 Montrose Wine & Food Festival, an afternoon of tasty bites and wines!
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May 24th - 26th
Big B's Delicious Orchards and Pickin' Productions present Folk 'n Roots Rendezvous 2024. Three days of FREE LIVE MUSIC at Delicious Orchards over Memorial Day weekend.
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May 25th
Welcome to the Bring on the Summer Outdoor Festival happening on Sat May 25, 2024 at Riverbottom Park! Get ready to kick off the summer season with a day full of fun activities, live music, delicious food, and more.
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June 15th
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June 20th
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July 4th - 7th
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July 19th - 27th
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July 26th - August 3rd
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August 14th - 16th
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Over the past year or so, there has been some uncertainty about the direction of home prices. However, it's important to clarify that they are indeed continuing to rise. Historically, home prices tend to increase over the long term. While the graph provided illustrates national trends, which may not directly mirror our local market dynamics, we can observe a positive trajectory in our community.
If you're interested in learning more about the value of your home or the price trends in a specific community you're considering for a purchase, feel free to reach out to me. I have the necessary tools, knowledge, and expertise to assist you with your real estate inquiries.
