Press Release

MARKET PERSPECTIVE by Nancy Emerson
February 5, 2008

Nearly every day we hear someone suggest that our area will not suffer the severe economic downturn being experienced elsewhere in the nation.  Historically, however; the Roaring Fork Valley has not been insulated from national real estate trends. We simply follow those trends by 18 to 24 months, and we are right on schedule. A noticeable slowdown and weakening in local consumer confidence became apparent in August of 2007, as information became public regarding the sub-prime lending debacle.

Over the past 17 months, there have been fewer sales, a substantial rise in inventory and notable depreciation of local real estate values. According to data furnished by the Aspen/Glenwood Springs Multiple Listing Service, there were 132 sales of single family homes in the Carbondale area in 2007. In 2008, there were only 55 sales in the same area, a decrease of nearly 60%. So far this year, sales are taking place at the same rate, or roughly one home sale per week. 

The median sales price for single family homes in the Carbondale area in 2007, including Aspen Glen and River Valley Ranch, was $794,500. In 2008 the median sales price went down to $730,400 – a decrease of 8%. We project that figure to decrease again in 2009.  The most significant price adjustments could very well be in the upper end. At current absorption rates, there is nearly a four and one-half year supply of inventory of homes priced over $1,000,000 in the Carbondale area. 

There is still plenty of positive news. If you are a buyer, loans are available at record low interest rates, there is lots of inventory from which to choose and sellers are motivated. If you are a seller, there are qualified buyers in the marketplace and you will make up any perceived loss on the sale of your current property when you buy your next property. 

“In this challenging market, you must choose an experienced broker with a proven track record, and the staying power to prosper throughout the recession.  I have weathered our local economic ups and downs for nearly 32 years as a top producer at MasonMorse, and I am ready to assist you with your real estate needs.”

Nancy Emerson, CRB, CRS, Ecobroker, GRI, MRE
Mason Morse Real Estate
970.704.3220 direct
nemerson [at] masonmorse.com