No Crash to be Seen, Happy Holidays! December 2022 Market Stats!

Dec 23

Good news, you can fully enjoy your Winter break! There is no crash to be seen in the real estate market, Merry Christmas!

We will come back in 2023 with our usual questioning about where this market is going next, and the cautious optimism that helps us move forward and navigate risk. But the Roaring Fork Valley market is finishing the year strong, and it’s worth being noted!

Context

These number are relating to closings that occurred on November. Knowing that due diligence usually lasts 4 to 7 weeks, these deals were put under contract in September or October of 2022. Interest rates were already high, and we were just coming into the slow season of real estate .

Overall, the market remains incredibly strong. Despite all the doom and gloom coming from the stock market and analysts, by looking at the stats, we are still going very strong with almost 20% year over year appreciation and absolutely no inventory. The lack of inventory in an attractive and fairly wealthy area like ours keeps prices elevated. That is the dominating trend, despite all the noise.

Main Takeaways

*Bad time to be a realtor :) The market is asleep…*

- 46.9% YoY sold listings: The market is slow and slowing down. The sales volume is dramatically lower than last year. Almost cut in half!
High median sales price across the area: +28.6% at $885,442: Prices remain at an elevated level, still going up by almost 30% since the beginning of the year!
Affordability index: 37 : Prices and interest rates are high: affordability is at its lowest.