This has been a strange spring so far – cooler and wetter than normal. The end result is we still have lots of snow in the mountains. As of May 30th, the snowpack was at 700% of median for this time of year. After such a dry year in 2018, we are happy to replenish our lakes, reservoirs, and groundwater. The grass is a deep green. We will be blessed with lots of wildflowers. We expect the rafting season to run an additional month this year, with boats on the river through August 1st.
In local news, the Town Council recently eliminated impact fees for new construction in order to encourage future development and help deal with the need for affordable housing. This puts the Town on the same plane with the County, which does not have impact fees. The unemployment rate is currently 3.1%, which is great, unless you’re trying to find help. I’ve been trying to find some local contractors to help me with several projects, but so far I haven’t had any luck.
Now for the latest real estate news. May was a busy month. We are starting to catch up to last year in the stats, but we are still down 9% overall compared to 12% last month. The improvement was mainly in condo and land sales. Make sure you check out the graphs and the detailed numbers after this newsletter.
Due to the turmoil in the stock market, the interest rates are the lowest they’ve been in 16 months. A 30-year fixed-rate mortgage is currently at 3.75% and a 15-year is at 3.125% Building permits for new homes are down, with 44 permits so far this year compared to 57 in 2018, most likely due to the long and wet winter.
I expect this summer to bring us a busy real estate market. The main restraint is still lack of affordable inventory. If you’re looking for the best deals, check out the inventory listed at $750,000 and above. An example of this is my featured home this month, the Jenkins property. We just did a major price reduction of a half million dollars. This is now a screaming deal.
So long for now. Summer is here! Go outside and play! Remember to think positive. You’ll become what you think about most.
GRI, CRS
2011 & 2014 Realtor of the Year
Phone (970) 731-4065
Fax (970) 731-4068
Cell (970) 946-3856
Email: [email protected]
