Welcome to Summer in Estes Park! There is a lot of activity in the market which is typical this time of year, however, this month’s stats are starting to show a mixed bag of indicators…some positive and some negative.
One of the most exciting stats to report is that our single family median price is up considerably compared to recent years passed. We are also within $2,000 of our highest ever median price which in statistical terms is extremely insignificant.
For the first time since may 2011, we have more single family inventory available on the market compared to exactly one year previous. This can be good news showing some sellers who have been on the sidelines are finally comfortable enough with our market to put their properties available for sale. However, it could also mean that there is more inventory than the demand can keep up with. In any case, more inventory tends to stall out price appreciation. Decreasing inventory shows a market poised for appreciation.
Also troubling is the climbing absorption rate. We are not selling as many homes as last year and there is more inventory available which put us further in the realm of stagnant real estate prices.
Advice for Sellers
The summer selling season is upon us! This is the time of year everyone wants to try to sell their homes. If you are thinking about selling, don’t miss this opportunity. However, don’t forget to be realistic. There are still more homes available than there are buyers. Properties that aren’t priced correctly are lingering on the market.
Advice for Buyers
If you haven’t noticed, there has been an extreme influx of new listings lately which is perfectly normal this time of year. There are also plenty of buyers hunting for that “best deal” so if you see a fresh one you like, be aggressive. If you wait, there is a high probability that someone else will recognize the value and submit an offer before you get to it. Though multiple offers are not common, I have seen it fairly frequently in the last month or so.
Single Family Homes
159 – Active on the market (19 more than last month and 12 more than this time last year)
16 – Sold in May (3 more than last month and 10 less than May 2013)
37 – Currently Pending (5 more than last month and 1 less than this time last year)
$375,000 – Median Price of trailing 12 months of sales
$1,975,000 – Most expensive home sold in May
$175,000 – Least expensive home sold in May
11.5 Months Supply of Inventory (Also called Absorption Rate)
Condominiums and Townhouses
93 – Active on the market (16 more than last month ago and 5 less than this time last year)
15 – Sold in May (7 more than last month and the same as May 2013)
10 – Currently Pending (9 less than last month and 11 less than this time last year)
$240,000 – Median Price of trailing 12 months of sales
$700,000 – Most expensive condo sold in May
$136,900 – Least expensive condo sold in May
11.7 Months Supply of Inventory (Also called Absorption Rate)
120 – Active on the market (1 less than last month and 4 less than this time last year)
2 – Sold in May (1 more than last month and 2 more than May 2013)
13 – Currently Pending (6 more than last month and 9 more than this time last year)
$143,000 – Median Price of trailing 12 months of sales
$146,000 – Most expensive land sold in May
$140,000 – Least expensive land sold in May