Estes Park had its first major snow storm of the season officially marking the end to the fall season. Typically, the end of our beautiful fall weather coincides with a significant slow down in real estate activity. While single family home activity definitely followed that trend, condos have seen a recent increase in activity. In all, I am still very pleased with how our market is faring in comparison with many other resort communities across the nation. Here are a few highlights of what is going on in the Estes Park real estate market:

• Single family absorption rate is the lowest it’s been since February 2009. Absorption rate can be explained by the relationship between how many properties are available for sale and how many have sold within the last 12 months. Condos are lagging behind but have been seeing a huge increase in demand in the last couple of months.
• The number of single family home sales took a dip in October. Both stock market and uncertainty surrounding the national debt have caused some people to remain on the sidelines in the single family home market. This could also explain the recent increase in condo sales from buyers fed up with the volatility of the stock market in favor of more tangible assets with income.
• The number of single family homes for sale continues to fall at a faster rate than normal this time of year. We are going on 6 months in a row having less inventory than the same month in the previous year. We are currently at 78% of the number of homes we had on the market at this time last year.
• The number of contracts pending remains high. We have 40% more single family homes under contract now than at this time last year and 75% more condos now vs last year.

Advice for Real Estate Buyers

First, don’t forget that there are other buyers keeping an eye on the Estes Park real estate market just like you. In the past couple of weeks, I have represented buyers in a multiple offer scenario and have had a buyer ready to make an offer only to find out it had just been put under contract. If you see a property you like, don’t delay thinking you have plenty of time. Do your research, ask your questions, but don’t miss out because you waited too long.

Also, if you are thinking about buying a home for investment income or about buying a business, buying now gives you plenty of time to market the property and have it ready for next summer’s peak season.

Advice for Real Estate Sellers

If you haven’t noticed, the peak selling season for 2011 is over. We have entered into the time of year when there are far less people looking to buy property in Estes Park. If you are fortunate enough to be able to wait until next spring, there will be more demand at that time in which case you may have a better chance at getting a higher offer.

I’ve recently performed some intense research on properties who price their home right to start vs homes that sat on the market long enough to need a price reduction. The homes that priced their property correctly resulted in an average of only 100 days on the market. Those who missed the mark, had to drop their price an average of 23% and faced over 400 days on the market. Keep in mind that these numbers came only from properties that SOLD. Properties that have been on the market were not included in these numbers.

If you need to sell now, you absolutely need to be aggressive with your price and provide more value than any of your competition. I can not stress this point enough.

Single Family Homes

186 – Active on the market (34 less than last month and 50 less than this time last year)
9 – Sold in October (6 less than last month and 8 less than October 2010)
28 – Currently Pending (3 more than last month and 8 more than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$710,000 – Most expensive home sold in October
$120,000 – Least expensive home sold in October
14 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

115 – Active on the market (3 less than a month ago and 2 more than this time last year)
9 – Sold in October (same as last month and 2 more than October 2010)
14 – Currently Pending (8 less than last month and 6 more than this time last year)
$247,500 – Median Price of trailing 12 months of sales
$460,000 – Most expensive condo sold in October
$157,000 – Least expensive condo sold in October
19.4 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

126 – Active on the market (10 less than a month ago and 6 more than this time last year)
1 – Sold in October (1 less than last month and same as October 2010)
4 – Currently Pending (1 more than a month ago and 3 more than this time last year)
$179,500 – Median Price of trailing 12 months of sales
$179,500 – Most expensive Lot sold in October
$149,500 – Least expensive Lot sold in October

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