Check the comparibles. Prices did come down a bit over the last year of two but as Mary Kale states, they have rebounded somewhat and seem to have settled in at about $188-$190 per square foot plus location and ammenities. It's just taking longer to sell. Word has it on the street that there is more than enough pent up desire to reduce the inventory greatly but these buyers normally have a home elswhere in a slow or depressed market to sell first.
We live in the best kepted secret in Colorado and although we like that, it's not going to be that way forever and once buyers relize, especially retired people or second home/vacation home buyers, how great it is and the true value of the market here, it won't be long before the values start to rise. One must also consider that there isn't that much private land compared to the state, and fedral land owned in the valley. As as mentioned below, once the Climax Mine is back in full swing there are going to be a whole new set of buyers and renters on the market.
My home is for sell and has a supposed market value pushing $365,000.00 but we just reduced it to $325,900.00 but not due to falling values, we just need to move to a lower altitude and a warmer winter climate.