The housing market in Chaffee County experienced notable shifts in February 2024, marking the third consecutive month of increased new listings for homes for sale. Sellers brought 50 homes to the market during the month, reflecting a 25% increase compared to the previous year and an 11% rise from the preceding month. This surge in new listings signals a change in the local market. While buyer activity showed a decline from the previous year, there was a steady uptick for the second consecutive month. Contracts were executed on 30 listings, marking a 7% increase compared to January. This trend suggests growing interest and activity among potential home buyers in the region.
One notable aspect of the market dynamics was the median time it took for listings to move to pending sale, which stood at 110 days. This figure represents a 25-day increase from the previous year, indicating a slightly slower pace in the market compared to the same period in 2023.
February also witnessed a shift in closing trends, with a 23% decrease in closings compared to the previous year. However, there was a significant 33% increase in closings from the previous month, showcasing fluctuations in market activity over a shorter time frame.
Despite these changes, the median price of homes that closed in February remained relatively stable at $607,500 and an average of $703,062 a 9% increase from '23. This figure reflects a marginal 1% decrease compared to the same month last year and an 12% increase from '23. These price adjustments highlight the evolving pricing dynamics within the Chaffee County housing market. Remember in our local market just a few expensive home sales or a few lower priced homes can shift the statistic.
Overall, the February 2024 housing market data for Chaffee County paints a picture of a dynamic and resilient market, characterized by increased new listings, fluctuating buyer activity, shifting closing trends, and stable median prices. These insights provide valuable information for both buyers and sellers navigating the local real estate landscape.
Check out more stats at: https://rocc.realtor/market-stats/
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