Winter has arrived! The tops of the surrounding peaks are pristine white, and though winter arrives similarly every year, I wonder if this year’s prediction of a monster snow year will be true. No matter which way the wind blows, one thing will remain true—Aspen is always a great place to visit in Winter!
With the encouraging news of Aspen’s snowfall, so is last week’s real estate report from Hamlet Financial. Last Week in Review: Homebuilder confidence is at a ten-year high. The latest housing market numbers indicate why. New home construction jumped 6.5 percent in September after declines in the previous two months. Housing Starts of multifamily units surged 17 percent, leading the increase. Single-family Housing Starts eked up a mere 0.3 percent. With winter weather on the horizon, Building Permits, which signal future construction, were down for both single-family and multifamily housing. Homebuilders are feeling pretty good about the uptick. In fact, homebuilder confidence hit levels not seen since the housing boom in 2005, as measured in the latest Housing Market Index of the National Association of Home Builders (NAHB). Existing Home Sales beat expectations in September as well, up 4.7 percent from August, according to the National Association of REALTORS®. Year-over-year sales were up nearly 9 percent. Finally, home prices continue to rise, as reported by the Federal Housing Finance Agency. Prices are up 0.3 percent from July to August and up 5.5 percent year-over-year. The great news for homebuyers—whether investing in a new or existing home—is that home loan rates are holding steady near historic lows. If you have any questions at all about rates, the mortgage market or housing, please let me know.
Housing Statistical Reports
The reports are broken down by major area for the Aspen/Glenwood MLS listings. The links are provided here for your convenience. Please peruse this valuable information.
Local Reports for September 2015:
Aspen Report September 2015: The highlights in the Aspen Market are the price jumps for property in Aspen. Although Condos remained flat from 2014/2015, Single Family homes soared from a Median Sales Price of $4,387,500 year to date 2014, to $5,600,000 year to date 2015! Condo inventory has dropped to an 8.6 month low.
Basalt Report September 2015: The big news for Basalt is that the more expensive listings are selling, enough so that the average price of a single family residence is over $1,000,000. The inventory for Single family homes is 10.8 months, and for condos—-WOW, only 5.6 months supply!
Carbondale Report September 2015: Carbondale’s numbers are much the same as 2014. Owners, don’t be discouraged—the lower end shadow inventory is what’s keeping the numbers low.
Glenwood Springs Report September 2015: If we get a slowdown in the market in Glenwood, it is due to inventory. Single family homes have a 7 month supply and for condos it’s only a 3 month supply. Average days on Market are fewer at 86 days year to date for Single family homes and for condos its 58 days! Median sales price of a home rose to $474,000 year to date from $393,500 year to date 2014.
Missouri Heights Report September 2015: Missouri Heights is plugging along. Though not as heated a market, inventory supply dropped to 13.3 months, compared to 18.5 months for the same time period in 2014.
Old Snowmass September 2015: Old Snowmass is still a soft part of our Roaring Fork Valley market. There are some particularly good properties at bargain prices. And as beautiful an area as it is, it’s a great place to pick up a good deal! With the renewed construction permits being granted for Base Village, confidence in the Snowmass Village market is back! More expensive properties have been selling, bringing up the median sales price of single family homes to $4,250,000 for year to date 2015, from a Median price year to date 2014 of $1,850,000!!! Still plenty of inventory in this market and lots of hope for the future makes Snowmass a great investment.