Real Estate Market Commentary
July 2008
July Snapshot:
July data for the broader market posted 2.71 new residential listings for each sale, unchanged from the month before. New inventory for the month decreased to 293 added units from 382 in June. Unfortunately, sales decreased as well dropping to 108 units from 141 in June, a somewhat negative indicator based on normal seasonal expectations. Due to the imbalance between listings and sales, total inventory continued its’ steady climb that now numbers 1995 available residential units between Aspen and Parachute of which only 22% were under $400,000.
 Western Region
Western municipalities of Garfield County from New Castle to Parachute saw a different picture with the listings to sales ratio dropping sharply from 3.03:1 in June to a YTD low of 1.61:1 on 92 added listings against 57 sales. June sales activity reflected the strongest month since November of 1007 and 92 added units for sale was the third lowest count since March of 2007. Total residential inventory rose slightly to 554 units. Total inventory doesn’t rise from the prior month equal to the difference between new listings and new sales due to listings that expire or are withdrawn from the market. Due to extremely strong rental demand and limited availability, some sellers are being compelled to rent their home until sales conditions improve. The absorption rate for these municipalities stood at a moderate 9.72 months at July month-end. Maintaining Perspective
A recognized authority on economic forecasting recently indicated that we’re in the second half of what he opined would be at least an eighteen month recession. While the housing correction within the Roaring Fork and Grand Valleys which began in June of 2007 has been difficult for some, it’s important to step back from a myopic view of the present state and consider prospects for the future. FACT: According to the Demography Office of the Colorado Division of Local Affairs, the population of Garfield County is projected to grow from about 57,000 residents currently to nearly 125,000 over the next 20 years. Demand for housing, both rental and sale, is likely to remain strong in Garfield County for years to come.
Joe Carpenter
American National Bank
(970) 625-2895
The opinions expressed are strictly those of the author. The information and opinions provided are not to be construed as investment advice and no representations or warranties are made as to their accuracy or reliability. Request my Free Glenwood Springs, Carbondale and New Castle Relocation Package. It's packed full of useful and important information about the Glenwood Springs, Carbondale and New Castle, Colorado area. Don't move here without it! Remember: I'll send it to you for free and without obligation. Which neighborhoods offer the best values? It's my job to help! Ask me any question, or request my FREE relocation package of information on Glenwood Springs, Carbondale and New Castle. There's no obligation, and I promise to respond quickly...
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Closing or Settlement >Final Arrangements
Some homebuyers approach the final days of the home sale transaction with great enthusiasm, feeling utterly confident that the end is in sight, and feeling completely organized about the move. They have accounted for every detail, contacting the moving company, arranging for the transfer of their telephone, electric, water, and gas accounts and having the home professionally cleaned. They start checking off the days until the closing on their calendar. But in reality, the closing may not be entirely predictable.
It is very useful for homebuyers (and sellers) to remember that closing dates are not set in stone. Lenders, appraisers, title attorneys, credit check services, and anyone else who is involved in the transactions can potentially cause a delay in the closing. If buyers keep this in mind while making arrangements, they can minimize the possible cost and inconveniences due to a delay.
As the closing approaches, the real estate agent will stay on top of the situation and keep in touch with everyone involved in the transaction to prevent any unnecessary delays.
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