Helping People Make Wise Real Estate Decisions

After a dismal May, the Estes Park real estate market rebounded with more encouraging numbers in June. Contrary to many people’s perceptions, there are many people buying and selling homes in Estes Park.

Regarding single family homes, the number of homes sold, median price, and pending sales all reversed 2-month skids since April. Unfortunately, inventory (available properties for sale) is still increasing which means we are not in the clear by any means. Condominiums and Vacant Land seem to be tracking along well with Last year in most categories.

If you are considering selling your home, I am recommending you take a hard look at your motivation for selling. If you absolutely have to sell and sell quickly, you will need to be very aggressive with your offer price. If you are considering selling, and are fishing for that one perfect buyer to pay your price, please don’t list your home. The amount of inventory we already have far outweighs the amount of people looking to buy a home in Estes Park. Additional inventory will only decrease prices and increase the time it takes to sell a home.

Buyers, on the other hand, are in a very good position right now to negotiate and find some pretty amazing deals. In addition, mortgage rates are staying extremely low creating a huge buying opportunity for those ready to buy.

I am anticipating July numbers to be more similar to June than May as we are seeing some solid buyer activity in the Estes Park real estate market once again.

If you would like to see a more visual representation of how the market is doing, check out my Estes Park Real Estate Statistics page. Also, I would be happy to generate a more focused statistical analysis on the types of property you are interested in. Contact me here.

Single Family Homes

261 – Active on the market (15 more than last month and 32 more than this time last year)
13 – Sold in June (5 more than last month and same as June 2009)
21 – Currently Pending (4 more than last month and 8 more than this time last year)
$341,000 – Median Price of trailing 12 months of sales
$825,000 – Most expensive home sold in June
$108,000 – Least expensive home sold in June

Condominiums and Townhouses

128 – Active on the market (same as a month ago and 5 less than this time last year)
8 – Sold in June (1 more than last month and 1 less than June 2009)
8 – Currently Pending (same as last month and 1 more than this time last year)
$215,000 – Median Price of trailing 12 months of sales
$535,000 – Most expensive condo sold in June
$120,000 – Least expensive condo sold in June

Vacant Land

110 – Active on the market (1 more than a month ago and 5 more than this time last year)
3 – Sold in June (1 more than last month and 3 more than June 2009)
1 – Currently Pending (same as a month ago and 1 less than this time last year)
$123,375 – Median Price of trailing 12 months of sales
$310,000 – Most expensive Lot sold in June
$12,000 – Least expensive Lot sold in June

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After an absolutely awesome April, May was quite a disappointment as far as statistics are concerned. May was the first month this year so far that we sold less homes than we did last year and we sold less than half as many as we did in April. The real confusing thing is that home sales had previously been on a general upwards trend over the last 6 months. These numbers seem way out in left field.

The most troubling aspect about the statistics this month is the amount of inventory we now have on the market after our typical pre-summer “new listing” spree. Our balance of supply and demand is extremely skewed in favor of the supply side creating a very favorable situation for buyers, but a terrible situation for sellers.

With the interest rates still way below 5% and inventory way up, buyers should be ecstatic about the selection and value they are getting in the market these days.

Sellers, on the other hand, are going to need an extra dose of patience as well as an aggressive pricing and marketing strategy in order to stay competitive. With a lack of buyers in the marketplace and a glut of inventory, competition will be fierce.

If you would like to see a more graphical representation of how the market is doing, check out my Estes Park Real Estate Statistics page. Also, I would be happy to generate a more focused statistical analysis on the types of property you are interested in. Contact me here.

Single Family Homes

246 – Active on the market (37 more than last month and 48 more than this time last year)
8 – Sold in May (12 less than last month and 3 less than May 2009)
17 – Currently Pending (2 less than last month and 2 more than this time last year)
$330,000 – Median Price of trailing 12 months of sales
$800,000 – Most expensive home sold in May
$268,000 – Least expensive home sold in May

Condominiums and Townhouses

128 – Active on the market (8 more than a month ago and 3 more than this time last year)
7 – Sold in May (1 less than last month and 2 more than May 2009)
8 – Currently Pending (2 less than last month and 6 less than this time last year)
$210,000 – Median Price of trailing 12 months of sales
$349,000 – Most expensive condo sold in May
$134,000 – Least expensive condo sold in May

Vacant Land

109 – Active on the market (7 more than a month ago and 11 more than this time last year)
2 – Sold in May (3 less than last month and same as May 2009)
1 – Currently Pending (1 less than a month ago and same as this time last year)
$123,375 – Median Price of trailing 12 months of sales
$138,000 – Most expensive Lot sold in May
$105,000 – Least expensive Lot sold in May

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