Stay for a Lifestyle

How's the market in Salida?  It depends!  If you look at the number of homes for sale in the area encompassing Coaldale, Howard (western Fremont County), Salida, Nathrop, Buena Vista and Turret (all Chaffee County), there is a supply of nearly two years (1.89 years).  That's from homes sold from November 2008 to November 2009 compared to those on the market.

Yet, if you break it down, there is actually a sellers' market in the range of $85,000-135,000.  It is a small part of the market at 6%, but one could expect fierce competition to buy.  All other categories are buyers' markets.  The normal market is six month's inventory. 

Another interesting fact is that the largest percent of the market is homes between $210,000-315,000 at 40%.  Next are homes between $315,000-460,000 at 22% and homes at $135,000-210,000 at 21%.

In the Salida area, it is both a buyers' and sellers' market!

A client asks, "What needs to happen for my land to sell?"  Good question!  Land, like houses, has many facets:  location, terrain, mountain views, building sites, price, access, utilities.  But, few of these - except price and utilities - can be changed.  It is like remodeling a house.  You never get a return on investment, but it helps to sell it. Does it make sense to drill a well?  It can be expensive, but it gives buyers a sense of security.  Is it important to provide electricity to the land?  Some people like living off the grid; for others, it's no electricity=no deal!  Can a property be divided?  The planning department knows.  Does it have covenants? 

Here are vacant land statistics for Salida:  There are currently on the market 297 parcels.  From Nov. 2008 to Oct. 2009, 59 pieces sold; from Nov. 2007 to Oct. 2008, 89 pieces sold; from Nov. 2006 to Oct. 2007, 103 pieces sold; from Nov. 2005 to Oct. 2006, 141 pieces sold; from Nov. 2004 to Oct. 2005, 97 pieces sold.

In the early 2000s, there was little land for sale, and developers got busy!  The result is a 5 year supply.  Overall, it is a buyers' market.  However, within that inventory, there are pockets where it is a sellers' market.