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Estes Park Real Estate Statistics May  2015

Estes Park continues to impress anyone who is watching the critical statistics showcasing the relative health of our local real estate market. The summer season is in full swing in Estes Park as evidenced by the number of people buying real estate and the numbers look a little ridiculous. For example:

  • The number of single family homes available for sale on the market are down 33% over last year at this time. If you look strictly at homes under $500,000, that number is 57% less than last year.
  • The number of single family sales to date is up 40% vs this time last year and condos are up 80%.
  • Condominiums that offer full time living options (not short term rental or income condos) are in very short supply on the lower end of the price spectrum.

What do all these stats mean? I’m confident that prices will continue to increase significantly over the next 6 months for single family homes under $500,000 and condominiums under $400,000.

We are seeing multiple offers on many properties that come on the market. As a result, both buyers and sellers are in a greater need professional representation to help them keep as many dollars in their pockets. With increased excitement and pressures among buying and selling real estate, the possibility of buyer’s paying too much and sellers not asking enough raises exponentially (granted, both aren’t going to happen in the same transaction, but you know what I mean).

Advice for Buyers

With multiple offers on most affordable properties, the strategy for finding a home shifts drastically the types of real estate market Estes Park has been in for the past few years. Speed is definitely a major factor, however, there are many other ways to structure an offer to make your offer more attractive than other buyer’s who competing with you. Having a trusted buyer’s agent working only on your side of the transaction increases your chances of winning in a multiple offer situation.

Advice for Sellers

There is huge demand for properties under $500,000. With this huge demand comes more pressure to position your property just right to generate the highest offers possible while not overpricing your property and driving buyers away. We can help you with suggestions on how to land right in the sweet spot and meet your goals of selling on your schedule. While pricing is a major part of this equation, there are many other factors we can help with as well.

Single Family Homes

102 – Active on the market (5 less than last month and 57 less than this time last year)
20 – Sold in May (7 more than month and 4 more than May 2014)
34 – Currently Pending (3 more than last month and 3 less than this time last year)
$345,750 – Median Price of trailing 12 months of sales
$509,250 – Most expensive home sold in May
$219,000 – Least expensive home sold in May
5.9 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

50 – Active on the market (3 more than last month ago and 43 less than this time last year)
12 – Sold in May (11 less than last month and 3 less than May 2014)
23 – Currently Pending (1 less than last month and 13 more than this time last year)
$262,000 – Median Price of trailing 12 months of sales
$455,000 – Most expensive condo sold in May
$155,000 – Least expensive condo sold in May
4.4 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

101 – Active on the market (3 more than last month and 19 less than this time last year)
7 – Sold in May (7 more than last month and 5 more than May 2014)
8 – Currently Pending (4 less than last month and 5 less than this time last year)
$157,500 – Median Price of trailing 12 months of sales
$296,000 – Most expensive land sold in May
$75,900 – Least expensive land sold in May

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IMG_9547

Fantastic riverfront vacation condominium just minutes from the less-traveled Fall River entrance to the National Park and many restaurants and walking trails nearby. Vaulted ceilings and lots of windows look out on the banks of Fall River. On-site management handles all marketing, cleaning, maintenance, and HOA responsibilities making this a very easy property to own and generate income. This unit was untouched by the 2013 floods. Excellent management and fantastic revenue compared to other properties in the same price range. All furniture included.

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Estes Park Real Estate Statistics April 2015

The Estes Park real estate market is firing on all cylinders as we break into the Summer peak season. We have seen almost 50% more sales of single family homes this year compared to the same time period last year and the number of condominium sales this year has more than doubled.

The amount of pending sales is continuing to remain strong and the average time on the market is shrinking as well.

As we head into Summer, I am very curious to see how the inventory shortage of available properties for sale impact the number of sales that take place.

Advice for Buyers

With the competitive environment for buyers in most price ranges, it is as important as ever to come to Estes Park as prepared as possible. Be sure to talk to a local lender if you are getting a loan so that your financing is in order before you start looking. Secondly, make a priority list of your top 3 must-have features of your future home and be ready to compromise on the rest.

Advice for Sellers

Properties in most price ranges are in high demand. Sellers who are getting the most success in generating offers in a short amount of time are in top shape, have excellent photos, and are staged really well. Be sure to build in time for yourself to get any major projects on your house completed and decorate your home as well as possible. We would happy to provide a free consultation on what projects to prioritize and which projects can be left for a buyer to customize to their liking.

Single Family Homes

107 – Active on the market (8 more than last month and 33 less than this time last year)
13 – Sold in April (7 less than month and the same as April 2014)
31 – Currently Pending (5 more than last month and 1 less than this time last year)
$355,000 – Median Price of trailing 12 months of sales
$540,000 – Most expensive home sold in April
$162,000 – Least expensive home sold in April
6.3 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

47 – Active on the market (5 less than last month ago and 30 less than this time last year)
23 – Sold in April (13 more than last month and 15 more than April 2014)
24 – Currently Pending (1 less than last month and 5 more than this time last year)
$255,000 – Median Price of trailing 12 months of sales
$535,000 – Most expensive condo sold in April
$115,000 – Least expensive condo sold in April
4.1 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

98 – Active on the market (7 more than last month and 23 less than this time last year)
0 – Sold in April (4 less than last month and 1 less than April 2014)
10 – Currently Pending (1 less than last month and 2 less than this time last year)
$155,000 – Median Price of trailing 12 months of sales

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IMG_9487

This 4 bedroom home needs no work to be done and is priced at only $320,000! Homes In this price range in this condition have been flying off the shelves lately so don’t delay!

This home has a great floor plan with plenty of storage, a large family room downstairs plus living room, efficient baseboard heating, and a private fenced in yard. Workshop plus oversized 2 car garage is excellent for storage and/or hobby space. Walking distance to the Hospital and downtown Estes Park. Don’t miss out!

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Custom Built Home for Sale

This custom built home on almost an acre of land has a lot of great features you won’t find anywhere else in this price range! Massive great room with open floor plan from kitchen to the living room plus three bedrooms all on the main level. Corian countertops, pergo flooring, procelain tile, cedar siding, and […]

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High Drive Cabin for Sale

High drive cabins are in high demand recently so act quick on this great cabin with the character you hope for and the space you desire. This home has what many are looking for including an open floor plan, spacious master suite, multiple decks, lots of windows, wood floors, and an oversized living room. The […]

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Estes Park Real Estate Market Statistics for March 2015

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Monthly real estate statistics report for Estes Park, Colorado detailing what is going on in the local real estate market for March 2015

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Riverfront Home with Two Bedrooms for Sale

Riverfront single family home with 2 bedrooms situated in a quiet and private location. Oversized eat-in kitchen has a slider to the deck plus an attached laundry room. Large living room has a wood-burning stove for supplemental heat. Huge attached 2 car garage features lots of great built-in cabinetry and a work bench. Corner of […]

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Efficient and Comfortable One-Level Home for Sale

Efficient and comfortable, this one-level home will surprise you at the level of detail and thought that went into the design and construction. Featuring outstanding views from the covered front deck including Twin Sisters, Meeker, and Lily Mountain, you can sit back, relax and enjoy living in Estes Park. The spacious great room with vaulted […]

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Estes Park Real Estate Market Statistics for February 2015

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Monthly real estate statistics report for Estes Park, Colorado detailing what is going on in the local real estate market for February 2015

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