Real estate business slow for sellers in Craig
July 18, 2014
Craig residents who want to sell their homes are working against a challenging market this year.
"Our pocket here in Northwest Colorado — and as a general rule on the entire Western Slope — there are little spots that are seeing activity, but as an overall picture (the seller's market is) subpar," said Chuck Cobb, Cornerstone Realty broker assistant.
He said there are about 220 traditional single-family homes for sale in the Craig area. That's not including non-traditional homes for sale or houses that aren't attached to property, he said. New listings are up, as well.
In 2013 at this time, there were 159 new listings. In 2014, there have been 198 new listings.
"We are seeing a market that is even a little more sluggish than last year," Cobb said.
Sales are also down about 18 percent from last year. Those who want to sell their homes have an average wait of nearly 280 days.
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Moffat County Commissioner Tom Mathers said this is evidence of a struggling economy.
"It used to be that everybody wanted to get into real estate because it was, 'I can be my own boss and make a lot of money.' But it's been a tough couple of years," he said. "Is there a silver lining? I don't know. I don't see one coming."
Cobb pressed that while this looks rough for those who want to sell, this is a great time for buyers.
"From a buyer's standpoint … you have an unbelievably great inventory to choose from," he said. "It's an opportune time to find some great deals out there."
For the market to change, the economy needs to improve overall, Mathers said.
The state and federal regulations and potential regulations on coal have also slowed the economy, he said.
"We've been her in Moffat County (and) our whole life has just been peaks and valleys," he said. "We're just back in one of those lows again."
Contact Erin Fenner at 970-875-1794 or efenner@CraigDailyPress.com.