Oddly enough, the condo and townhome market which was on fire just a year ago has slowed dramatically in the Eagle and Gypsum area. Why? As most of you know the Mortgage industry has been blamed for quite a bit of what is going on in today's market along with a surpluss of inventory in all real estate sectors. Now that the entry level buyer can longer find the "arms" and finance 105% of loan to home value it has restricted the buyer at this level from getting into the housing market. To find a 30 year loan with good interest terms, most buyers are now required to have 20% of the money down at closing. This has made it much more difficult for most entry level buyers to get into the housing market in our valley. Hence, the slow down in entry level housing unit sales.
There are still moderate sales numbers of homes in the $600,000-$900,000 range here in Eagle Ranch and there are 25 homes listed over $1,000,000. Listing prices on these homes have consistantly dropped over the past couple of months, but not significantly in most cases.
These homes continue to sell at a moderate pace as the cost of construction plus the cost of dirt are currently near a wash versus the cost of a custom built home in today's market.
