GREENHORN VALLEY REAL ESTAT REPORT
Stephanie Bratcher, Broker Owner
Southern Colorado Real Estate Brokers
Remember last year? We had an unprecedented “seller’s market,” where prices for homes continued to rise while house inventory dwindled. Interest rates were low and pre-qualified were plentiful. Today, with interest rates climbing amid historic inflation, the previous seller’s market has slowed. It can be difficult to see how that translates to our own backyard. The Greenhorn Valley is a fantastic resource to compare how trends in our area differ from other parts of the state. The real estate market has shifted, and it can be illuminating to compare where we are now to this time last year.
When getting my data, I compared the previous Colorado City and Rye sales from January 2021September 20, 2021, to sales now from January 2022today. I wanted to look at both home sales as well as vacant land. Where was the market then, and how does that compare to now?
This time last year, Colorado City had seen 65 home sales with a total sales amount of $18,646,809. The average home sales price was $286,873. So far in 2022, Colorado City has seen 49 home sales. The total sales price is $16,919,486. The average sales price is $345,295.
Rye, at this time in 2021, had seen 28 home sales with a total sales price of $10,883,750. The average home sales price was $388,705 in that period. In 2022 so far, Rye has seen 22 home sales. The total sales price is $9,103,690 with an average sales price of $413,804.
Along with home sales, land sales make up for a large part of the Greenhorn Valley real estate market. Colorado City parcels are smaller with more frequent sales, while Rye offers larger and more expensive acreages.
This time last year, Colorado City had seen 125 parcel sales. The total sales at that time were $1,836,544 with an average sales price of $14,692. Our office saw quite a bit of these sales, and this had been the price of a buildable parcel with water and sewer. In stark contrast, so far this year Colorado City has seen 52 land sales. The total sales price is $577,773 with an average sales price of $11,111.
In a strange comparison, Rye is a completely different story. At this point in 2021, Rye had 19 land sales. The total land sales at that time last year were $1,114,050.
The average land sale for Rye had been $58,634. Now, looking at 2022 numbers, Rye has had 20 land sales, one more than it did last year at this time. The total land sales in Rye this year is $2,033,900 with an average sales price of $101,695. The value of Rye vacant land has increased, and its sales numbers continue to stay strong amid this turbulent market.
With all this data in mind, what does it mean? Though the average sales price has increased, the number of closed sales has declined. In my experience, I am seeing home prices stay high with houses on the market longer.
A house that used to take 2-3 months to sell on the market last year is now 6-9 months.
Land sales in Colorado City have stalled in comparison to last year while Rye continues to stay strong. I think ultimately what this means is that last year’s “seller’s market” has turned a corner. We cannot continue to operate within the real estate industry as we had over the past few years. Change is happening, and I see the positive possibilities in it. Greenhorn Valley real estate is my passion. If you would like to discuss local real estate and your specific needs, please contact Southern Colorado Real Estate Brokers. Our office is located at 6766 Hwy 165 W in Colorado City. Our office number is 719-676-4477, and my email is stephanie@socoreb.com.
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