Real Estate | Market Trends
November in Eagle County saw a dynamic shift in the real estate market compared to the same period last year. Here’s a breakdown of this month’s key statistics and how they stack up to November 2023:
Total Closings:
This November recorded 107 total closings, a significant 55% increase compared to last year’s 69 closings. This surge reflects heightened market activity despite persistent challenges like low inventory and high interest rates.
Average Sold Price:
The average sold price this month was $2,547,224, reflecting a slight decrease of 1.8% from November 2023’s average of $2,593,299. This dip suggests buyers are prioritizing value without compromising on quality, potentially leveraging more negotiation power.
Average Days on Market (DOM):
Properties spent an average of 90 days on the market this November, compared to 55 days last year—a 63.6% increase. This change indicates buyers are taking longer to finalize transactions, likely due to more cautious decision-making in a fluctuating economic climate.
Average Sold Price per Square Foot:
The average sold price per square foot came in at $943, a 4% decrease from last year’s $982. This decline aligns with the broader trend of slightly reduced pricing while maintaining the area’s luxury appeal.
Broader Economic Context
According to Freddie Mac’s November 2024 Economic, Housing, and Mortgage Market Outlook, the U.S. economy demonstrated resilience with strong third-quarter growth, even as the labor market showed signs of moderation. Mortgage rates, which had dipped to two-year lows in September, rose to 6.72% by the end of October. This fluctuation in rates can influence buyer behavior and affordability. Freddie Mac
Additionally, the Federal Reserve implemented a 50-basis point rate cut, aiming to stimulate economic activity. However, the anticipated declines in mortgage rates were largely realized prior to this cut, indicating that the market had already adjusted in expectation of this policy change. Freddie Mac
Key Takeaways
Eagle County’s real estate market remains active, with increased transaction volumes and slight adjustments in pricing metrics. The broader economic indicators, including mortgage rate trends and federal monetary policies, play a crucial role in shaping local market dynamics.
As we move forward, staying informed about both local market conditions and national economic trends will be essential for making well-informed real estate decisions.
For personalized insights or to explore current listings, contact Gateway Real Estate today.