Q2 – 2014
Housing seemed to have a slow start to the spring selling season, but appearances deceive. Dig into that spring soil and you begin to unearth differences in individual areas and market segments. Inventory is slowly rising in some areas. Activity is picking up in the upper price tiers. Rents continue to climb in most metros. Add interest rates are generally lower than a year ago, to the surprise of some and the delight of others.
Local market update for Lake City (81235) comparing second quarter 2013 to 2014 – New Listings were up 36 percent for single family homes and 100 percent for townhouse-condo properties. The Median Sales Price was up 36 percent to $230,000 for single family homes and Sold Home Listings up 25 percent.
Housing is one part of a broader ecosystem that thrives on a strong economy that churns out good jobs. First-quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive. Access to mortgage capital remains an ongoing concern. As cash and investor deals fade, first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle.
This information is provided by the Gunnison Country Association of Realtor’s: Quarterly Indicators Q2-2014
