I have to say that this summer has been absolutely amazing so far in regards to the weather and how green everything is. I can’t remember a summer where the grass has grown as much as it has this year and stayed green as late into the season as it has this year. The wildflowers all over town and especially in the park have been especially spectacular. If you haven’t been in town enjoying this summer so far, you are definitely missing out.
Enough about the weather. We all know how great Estes Park is…otherwise you probably wouldn’t be reading this blog post!
Home sales are up 37.5% in first half of the year compared to last year. Condominium sales are up 95% in the same comparison. In addition, we have 34% less homes on the market at this time compared to exactly one year ago and 51% less condominiums available for sale. This is a tremendous amount of pressure on prices which should continue to rise in the lower price ranges and should also be putting some upward pressure on the mid range homes and condos as well.
The puzzle still remains as to why our luxury home market has not kept up with the pace. We still have only sold 1 Million Dollar home this year and a total of 2 sales in this price range in the past 12 months. At some point I’m predicting this price range will break loose into several sales all at once, but I’m on the edge of my seat to see whether it is the homeowners reducing their price to meet demand or if it will be the buyers deciding to make offers to make something happen. Stay tuned and we’ll keep a close eye on things for you.
Advice for buyers
Here is a 4 step check list to consider if you are thinking about buying a home in the area:
- Get pre-approved with a mortgage broker (if you are buying with cash, figure out what your budget is).
- Decide what your priorities are in your wants/needs list. In this market, you most likely will need to compromise somehow in order to land a home.
- Get a Buyer’s agent working on your side of the transaction who will be watching the market daily for properties that match your criteria. Not only will the agent help you find your property, but will help you figure out ways to structure the offer to save you money in the process.
- Take decisive action when you see something you like. Great properties at great prices don’t last long in this market anymore.
Advice for Sellers
With the high demand for homes and condominiums and low amounts of inventory, you may be shocked to hear that the average time on the market for homes that are currently for sale is over 200 days. This tells me as plain as day that there are a lot of home sellers that are overpriced. If you know someone who has their property on the market and they have been on the market more than 6 months, be sure to break it to them gently that their property is probably overpriced.
Single Family Homes
111 – Active on the market (9 more than last month and 56 less than this time last year)
23 – Sold in June (3 more than month and 5 more than June 2014)
34 – Currently Pending (the same as last month and 8 less than this time last year)
$355,000 – Median Price of trailing 12 months of sales
$787,500 – Most expensive home sold in June
$158,000 – Least expensive home sold in June
6.3 Months Supply of Inventory (Also called Absorption Rate)
Condominiums and Townhouses
49 – Active on the market (1 less than last month ago and 51 less than this time last year)
19 – Sold in June (7 more than last month and 12 more than June 2014)
19 – Currently Pending (4 less than last month and 12 more than this time last year)
$260,000 – Median Price of trailing 12 months of sales
$400,000 – Most expensive condo sold in June
$110,000 – Least expensive condo sold in June
4.0 Months Supply of Inventory (Also called Absorption Rate)
99 – Active on the market (2 less than last month and 24 less than this time last year)
0 – Sold in June (7 less than last month and 4 less than June 2014)
9 – Currently Pending (1 more than last month and 15 less than this time last year)
$160,000 – Median Price of trailing 12 months of sales