The big question is who is doing the buying. It sure isn't the folks because they're still feeling deep financial pain in this valley. See related story and public commentary here.
Scott Condon:
"BASALT — The good news in the midvalley real estate market is the incredible amount of sales that already have occurred in 2012. The bad news is that the furious pace has been spurred by foreclosures and short sales, according to real estate agents.
“The midvalley is just on fire right now. It's almost a feeding frenzy,” said Ted Borchelt, a real estate agent in Basalt with Aspen Snowmass Sotheby's International Realty.
The residential market for property priced under $350,000 is incredibly active. There were 25 sales completed in 2012 through mid-March in that price range in the Basalt and Carbondale area, according to research by Borchelt and Garret Brandt, another real estate agent in Borchelt's office. That compares with 11 closings during the same period in 2011 and just three in 2010.
In addition, there are 46 residences prices under $350,000 under contract, according to Brandt's research. That compares with eight in 2011 and four in 2010.
Activity is also ahead of pace in the $350,001-to-$550,000 price range. Fourteen properties have sold this year through mid-March compared with 11 in the same period in both 2011 and 2010.
The midvalley has been a buyer's market since the recession struck in late 2008. Given how severely the recession hit and how far prices fell, it will take time for a recovery to occur, Borchelt said. He is cautiously optimistic that could change this summer if current trends continue..."
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"Unapologetically pursuing and tracking patterns within the news others make since 2010."
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