T
he Buena Vista housing market is shifting towards a more balanced and stable phase, mirroring broader trends across Colorado. According to Julie Kersting, local realtor with 8z Real Estate Buena Vista, the market has moved away from favoring sellers, with inventory increasing, prices adjusting slightly, and buyers having more room to negotiate.

    Active listings in Chaffee County rose to 353 homes in May, a nearly 29% increase from the previous month. New condo and townhome listings jumped over 200% year-over-year, pushing months of supply to around 4.4 months for single-family homes. This is higher than Colorado's statewide average of 2.6 months, making Buena Vista one of the more buyer-friendly markets in the state.

    The increased inventory has given both buyers and sellers more stability, allowing them to make informed decisions. Pricing in the area has softened slightly, with a median sales price of $675,000 for single-family homes in Chaffee County, a 4.3% decrease from last year. However, Zillow's home value index suggests that property values have actually climbed about 2.5% year-over-year.

    Homes are staying on the market a bit longer, but not by much, with an average of 50 days and over half selling in under 30 days. Mortgage interest rates remain elevated, hovering around 7.1% for 30-year fixed loans, but have stabilized in recent months.

    Buyers today are savvy, using adjustable-rate mortgages, VA or FHA options, or looking at ways to refinance later when rates dip again. More than 70% of homes in Chaffee County are selling below list price, indicating a market correction and the importance of strategic pricing for sellers.

    As summer progresses, Kersting expects the market to remain active, particularly as more people explore Colorado's mountain communities for full-time residence or second homes. Buena Vista continues to be a desirable place to live and invest, making it an excellent time for both buyers and sellers to make thoughtful, confident moves.