Monthly stats local real estate + New regulation on the horizon

Hi!

The same old song is on repeat despite the rise in interest rates: less inventory, a lot of demand, resulting in higher prices and quicker sales. 

Since the short term rental business is a big driver of real estate in our valley, keep an eye on regulations and how they will affect the market. Pitkin County is steps away from adopting a new policy putting a 90 days/year cap on short term rentals. 

Is it going to translate into less short term rental properties available in Pitkin County? That's almost a sure thing. 

Will it create more inventory available to buy or rent for locals, as this new regulation is intended to create? Or will it be even more exclusive to own a property in Pitkin, repositioning the market towards buyers with even more wealth, since cashflow won't justify the cost of purchase and owning properties? 

Finally, will it make short term rentals even more attractive in Garfield, Eagle and Gunnison Counties (Carbondale, Glenwood, Basalt, Marble areas)?

Please scroll through the April numbers below.

Reach out if you have any questions!