THE REGION'S VITAL SIGNS | QUARTER TWO 2024
LIST/SELL RATIO 96%
HOMES FOR SALE 2,855 <1% DISTRESSED SALES 2023: 1,830
CLOSED DAYS ON MARKET
56 2023: 50
2023: 98%
ACTIVE DAYS ON MARKET
MEDIAN SALES PRICE $ 463,395
98
2023: $425,000
2023: <1%
2023: 105
Interest rates, which have hovered above 7% for much of the year, have also created affordability challenges for many. Recent weeks have seen some improvement, with interest rates between 6.5–7%. The average rate on the benchmark 30-year mortgage decreased by six basis points, descending to 6.89% the week ending July 11, according to Freddie Mac data. A basis point is one one-hundredth of a percentage point. Despite mortgage rates remaining elevated and fluctuating within a relatively narrow range over the past few months, many housing market experts expect rates to recede slightly in the coming months. That is assuming the Federal Reserve finally implements cuts to its benchmark interest rate. We hope these experts are correct. If rates remain below 7%, we anticipate an increase in buying activity during the balance of the year. While we are not experiencing quite as robust of a sales pace as we did a few years ago, closed sales in the region remain at very healthy levels, down 2% in units and up 10% in volume from a year ago. As we enter what has historically been the most active half of the year for real estate sales, we are encouraged by the trends we are seeing and expect that 2024 will be yet another banner year in these beautiful mountains that we are so fortunate to call home.
YEAR-TO-DATE CLOSED SALES Based on MLS data (Residential by Volume). +10%
MEDIAN SALES PRICE +9% Based on MLS data.
HOMES FOR SALE + 56% Based on MLS data.
QUARTER TWO 2024 3
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