New data out after the first quarter of 2011 have Salida Realtors all saying the same thing, "it's a Buyer's Market."The average sales value of commercial, residential and land properties in Chaffee County decreased during the first quarter of 2011. The average price for any conveyance in the first quarter of 2011 was $187,961, compared to $227,380 in 2010 and $222,245 in 2009. A 9.43% increase in the number of transactions, but a 1.99% decrease in the dollar amount from 2010 suggests there is more market activity (which is a good thing), just at a lower price piont (which favors buyers).
Looking for more data suggesting a Buyer's Market? The dollar amount for transactions is down 49.86% from 2008. If there is a time to buy, this trend suggests it is now.
The drop in the average dollar value of properties sold so far in 2011 is down 17.3% from 2010. This, combined with the increased number of transactions, suggests that sellers are finally willing to meet the market and that could bode well for real estate in 2011. We're all aware that things aren't quite what they used to be, economically speaking, but if the bar gets lowered across the board, and buyers and sellers are coming to agreement, and market activity is up, then maybe less is more.
Lower sales prices mean that home ownership is becoming a reality for a broader cross section of our community. Young couples and growing families are gaining access to homes, as well as the kind of financial and emotional stability offered by ownership. And shouldn't this be a good thing? Shouldn't the future of Salida be able to invest in their own community and familial well-being?
Properties that are doing the best are residential homes with acreage, and personally, I don't find this surprising. Whether folks are purchasing first or second homes, a lot of people move to Salida to get away from it all: for a lower pace, a shift in value systems from urban mainstream, for a little breathing room, fewer neighbors, ad more sustainable livestyle - at least these are a few reasons that I moved ot Salida from the San Frnacisco Bay Area 4 years ago.
For more information on current market trends, or to request information about the area or specific properties, please contact me, Hale at: Hale@WesHillRealEState.com or call (719) 221-4637. Can't wait to hear from you!!
