Recent numbers indicate that home values are down and down a lot in some parts of the country. In Denver, the drop is about 5%, certainly not much when compared to some of the cities in the far Southwest where value drops are near 33%. Here in the mountains, it will be a while before we have hard numbers, but colleagues say, and I agree, that the number will not be large. In fact, we have seen no real evidence of value loss, but I suppose there will be some.
Certainly sales are down. Down about 35% in 2008, but of the houses that did sell, the average sale price was up a bit over the 2007 average sale price. This has been a trend in the Colorado mountains over the last couple of years. From north to south along the Rockies, in the high-country, as we call it, values if not soaring upward, seem not to be going down.
We are patiently watching as 2009 unfolds. There are many potential buyers looking at properties in Buena Vista, but most have been slow to make an offer. Meanwhile, the property values are holding and we here in the mountains are quite happy that we are here. Come live where you play!
