Welcome to 2012! Happy New Year!

As I mentioned in last month’s market report, you never know how the real estate market is going to react to the holiday season. As far as closings are concerned, single family home sales were down in comparison with last year, but condominium sales were up slightly. The amount of buyers in town seemed to be up in comparison with recent months so I am optimistic that we’ll have a great start to 2012!

Advice for Real Estate Buyers

Over the next 3 months, you’ll see 2 things. First, there will be price reductions from the homes that have been on the market for a while. Second, there will be new homes coming on the market in the spring to be ready for the summer surge of buyers. In both cases, when you see something you like, jump on it. Don’t talk yourself out of making an offer by guessing how the seller will react. I have seen several multiple offer scenarios within the last month or two where buyers lost out on a great property because they did not offer enough or act quick enough. The only way to be sure you get the property you want is to act quickly and decisively. While mortgage rates are low and depreciation seems to be leveling out, now is the time to buy.

Advice for Real Estate Sellers

The first 3 months of the year are typically slow months for real estate sales, but I would be careful not to ignore them completely. With the activity I’ve seen in the trenches, I can attest to the fact that there are buyers out there right now in all price ranges waiting for the right property. If you are already on the market, consider a price reduction to get back in front of buyers once again. If you are thinking about waiting to time the market by placing your home on the market in late spring, you may miss out on an opportunity to snag a buyer before more competition hits the market. Whatever you do, be sure to be aggressive.

Single Family Homes

164 – Active on the market (11 less than last month and 35 less than this time last year)
7 – Sold in December (13 less than last month and 3 less than December 2010)
13 – Currently Pending (15 less than last month and 5 less than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$569,000 – Most expensive home sold in December
$194,902 – Least expensive home sold in December
12.2 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

98 – Active on the market (28 less than a month ago and 5 more than this time last year)
7 – Sold in December (same as last month and 1 more than December 2010)
12 – Currently Pending (2 less than last month and 4 less than this time last year)
$248,750 – Median Price of trailing 12 months of sales
$435,000 – Most expensive condo sold in December
$140,000 – Least expensive condo sold in December
15.6 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

114 – Active on the market (14 less than a month ago and 9 more than this time last year)
2 – Sold in December (same as last month and the same as December 2010)
3 – Currently Pending (1 less than a month ago and 1 more than this time last year)
$162,450 – Median Price of trailing 12 months of sales
$180,000 – Most expensive Lot sold in December
$34,000 – Least expensive Lot sold in December

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As we pass Thanksgiving and head into December, we have a lot to be thankful for in Estes Park. The Holiday season is finally here and the end of the year is just around the corner. The end of the year can be a strange time in the real estate market. As a real estate agent, I never know if there will be lots of activity or plenty of time to spend with family and friends. This year, I’m hoping for a good balance between the two.

November continued the trend of an improving market for single family homes in Estes Park. The two big factors proving this point are that we are seeing more sales happen than ever before at this time of year and we are seeing the amount of available inventory continuing to drop faster than normal. In addition, we are seeing action in the million dollar plus range with a property selling for $1,045,000 as well as a property listed for $1,150,000 go under contract within 10 days of being on the market. If these trends continue, we are going to start seeing appreciation in our market instead of depreciation.

Condos are doing well, but not quite as well as single family homes. We are still seeing increasing inventory and sales are staying consistent. Median price is continuing to rise and has risen significantly since the beginning of the year. This means more high end condos have been selling well recently.

Advice for Real Estate Buyers

As I mentioned last month, keep in mind there are other buyers in the marketplace waiting (just like you) for the right deal to come along. Over the past month, I have been involved in multiple offer scenarios with two different properties. When you see a property that is “just right,” you need to act quickly. Waiting 48 hours or more may be too late.

Advice for Real Estate Sellers

If you don’t have a price that is compelling enough for a buyer to see your home in person, you might as well wait until next spring or longer before thinking about selling your home. Traditionally, there are less buyers in the market during the first few months of the year, but those buyers are usually much more motivated. In order to grab their attention (and therefore get your property sold), you need to be painfully obvious that your property carries more value than your competition.

Single Family Homes

175 – Active on the market (11 less than last month and 41 less than this time last year)
20 – Sold in November (11 more than last month and 6 more than November 2010)
13 – Currently Pending (15 less than last month and 5 less than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$1,045,000 – Most expensive home sold in November
$125,000 – Least expensive home sold in November
13 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

126 – Active on the market (11 more than a month ago and 25 more than this time last year)
7 – Sold in November (2 less than last month and the same as November 2010)
12 – Currently Pending (2 less than last month and 4 less than this time last year)
$250,000 – Median Price of trailing 12 months of sales
$330,000 – Most expensive condo sold in November
$158,000 – Least expensive condo sold in November
20.3 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

128 – Active on the market (2 more than a month ago and 16 more than this time last year)
2 – Sold in November (1 more than last month and 1 more than November 2010)
3 – Currently Pending (1 less than a month ago and 1 more than this time last year)
$157,450 – Median Price of trailing 12 months of sales
$280,000 – Most expensive Lot sold in November
$200,000 – Least expensive Lot sold in November

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