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Estes Park Real Estate Statistics November 2015

As we begin the new year in 2016, we have a lot to be excited about in the real estate market in Estes Park. December was an incredible record-breaking month and we are eager to see what trends continue into the new year.

The month of December was the best month of the entire year for single family home sales in 2015. There were 25 single family sales which was the highest monthly total since May of 2013. For those who think Estes Park sells all our real estate in the summer time, haven’t looked at the data. Seasonality is less and less of a factor in the Estes Park real estate market.

Drilling into the data a little further, a significant portion of the sales in December were in the higher price ranges. There were 2 properties that sold over $1,000,000 and 4 more between $700,000 and $1,000,000. It is too early to tell if this is the beginning of a trend showing increased activity in the higher priced ranges, but it is a very good step in the right direction!

Overall, Median prices of sold single family homes is the highest it has ever been at $388,000. This is for all homes sold in the past 12 months and shows a 7% increase over this same time last year.

Condominiums continued to remain hot commodities in the real estate market. While we roughly matched the number of sales in 2014, the year to date totals were about 40% higher than last year. Median prices are also steadily rising for condominiums as well.

One statistic that is starting to be a bit alarming is the severe lack of available homes and condominiums for sale in the lower half of the market. This presents a huge opportunity for anyone selling because there simply isn’t any competition and buyers are waiting in the wings for properties to come available. However, if there aren’t enough available properties for buyers to purchase, these buyers will simply move on and not buy anything.

Advice for Buyers

Preparation goes a long way in this market. Anyone who is watching the market for available properties knows that the good ones disappear very quickly. It is definitely in your best interest to do these three things first:

  • 1. Get your finances in order. Prequalify with a local mortgage broker or be sure how you are going to have access to your cash. Some sellers will require a letter from your financial institution at the time of offer.
  • 2. Be clear what the differences are between your needs and wants. Compromise may be necessary because of the shortage of available properties.
  • 3. Hire a buyer’s agent working for you so you don’t miss out on a property that fits your needs. Sometimes agents will know about properties before they ever hit the open market.

Advice for Sellers

Now is a perfect time to sell your property in Estes Park. I’m sure it sounds slightly biased coming from a real estate agency web site, but let me give you a few points to ponder:

  • 1. Median and Average prices are up significantly over recent years.
  • 2. There is a severe inventory shortage of available homes for sale so you are going to have immediate interest no matter what time of year it is.
  • 3. Interest rates are still very low (4% or better last I checked) and predicted to rise. Therefore, there is extra urgency for anyone looking to buy.

Single Family Homes

62 – Active on the market (16 less than last month and 53 less than this time last year)
25 – Sold in December (8 more than month and 11 more than December 2014)
22 – Currently Pending (14 less than last month and 8 more than this time last year)
$388,000 – Median Price of trailing 12 months of sales
$1,157,500 – Most expensive home sold in December
$180,000 – Least expensive home sold in December
3.4 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

39 – Active on the market (1 more than last month ago and 21 less than this time last year)
10 – Sold in December (3 more than last month and 1 less than December 2014)
5 – Currently Pending (9 less than last month and 11 less than this time last year)
$259,900 – Median Price of trailing 12 months of sales
$524,000 – Most expensive condo sold in December
$128,000 – Least expensive condo sold in December
3.1 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

83 – Active on the market (7 less than last month and 10 less than this time last year)
2 – Sold in December (2 less than last month and 1 more than December 2014)
4 – Currently Pending (2 more than last month and 11 less than this time last year)
$131,000 – Median Price of trailing 12 months of sales
$159,328 – Most expensive land sold in December
$50,000 – Least expensive land sold in December

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Estes Park Real Estate Statistics November 2015

As we come into the holiday season, it is common to see less activity in the market place. Foul weather usually slows things down as well. This year, we are definitely seeing less activity as far as new properties coming to the market, however we are still seeing strong buyer demand. We are even turning buyers away because there simply isn’t anything to show them that fits their criteria. We have a severe need for single family homes in great shape priced under $400,000.

Here are a few statistics showing indicators of what our real estate market is like right now:

  • Available Inventory of properties for sale continues to shrink. We have 30% less available single family homes for sale right now than we did at this time last year. If you consider only single family homes under $500,000, we have 58% fewer properties available for people to see. This also tells you our inventory shortage doesn’t really apply to the upper price ranges.
  • So far in 2015, we have already eclipsed the number of single family homes sold in 2014 by 7% and we still have another month of sales to report. Condominiums are doing even better; we have sold 31% more condos this year than in 2014.
  • Median Prices are sitting at or near all time highs for single family and condominiums and we are fully expecting that to rise in the next year. The lack of inventory and high demand in the lower price ranges will allow sellers to ask more then they have ever asked before.
  • The only negative statistics we are seeing in the Estes Park market is in the upper price ranges. There is a distinct difference between properties under $500,000 and those over $700,000. The market over $700,000 is much more favorable for buyers and the market under $500,000 is much more favorable for sellers. The price range between $500,000 and $700,000 is actually quite balanced.

Advice for Buyers

With the reduced amount of inventory, I would recommend starting your search earlier than
you anticipated to be sure you find something that works for you. For example, if you were
hoping to purchase something next summer, I would recommend being ready early spring so
that if something comes available that fits, you don’t miss out. I would hate for nothing
to be available when you are ready to buy. What does it take to be ready? Prequalify with a
mortgage broker, get clarity between your wants and your needs because compromise will be
necessary, and be sure to communicate often with your agent.

Taking a step back to look at the bigger picture, our market is shaping up to be an outstanding place to be investing as with the low inventory, you know property values are going to continue to rise for the near future. By purchasing now, the chances are extremely high that property values are going to be higher in a year (and beyond) which will provide extra equity (and everyone loves extra equity).

Advice for Sellers

Inventory is at an all time low. This means that you no longer need to wait for a certain
season in order to get the best offer for your property. We are turning buyers away because
we simply don’t have anything that fits what they are looking for. It would be very easy to assume you can get more than what your property is worth if you are willing to wait for it. Overpricing your property is a sure-fire way to guarantee you end up selling at a lower price than if you had priced it right from the start. An experienced agent with a solid marketing plan will be able to help you find that sweet spot in the asking price that will maximize your profit without having to wait too long. Keep in mind extra mortgage payments, taxes, insurance, and utility bills can quickly overcome any extra money you may get by waiting for that one perfect buyer to come along.

Single Family Homes

78 – Active on the market (7 less than last month and 34 less than this time last year)
17 – Sold in November (5 less than month and 5 more than November 2014)
36 – Currently Pending (4 less than last month and 9 less than this time last year)
$380,000 – Median Price of trailing 12 months of sales
$820,000 – Most expensive home sold in November
$275,000 – Least expensive home sold in November
4.5 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

38 – Active on the market (6 more than last month ago and 36 less than this time last year)
7 – Sold in November (4 less than last month and the same as November 2014)
14 – Currently Pending (same as last month and same as this time last year)
$268,000 – Median Price of trailing 12 months of sales
$550,000 – Most expensive condo sold in November
$184,000 – Least expensive condo sold in November
3.0 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

90 – Active on the market (5 less than last month and 17 less than this time last year)
4 – Sold in November (1 less than last month and 1 more than November 2014)
3- Currently Pending (6 less than last month and 13 less than this time last year)
$128,000 – Median Price of trailing 12 months of sales
$370,000 – Most expensive land sold in November
$97,500 – Least expensive land sold in November

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Vogels

Happy First Time Home Buyers, Zach and Margaux Vogel, who completed their first home purchase in October 2015.

We have come up with several tips to help those of you who may be thinking of purchasing your first home in Estes Park in the next year.

Prequalify, prequalify, prequalify

We recommend that before you even look at a single property online or in person, you need to know exactly how much you can afford. This can help you set expectations and get a good idea of what your monthly expenses will be with a mortgage. We have several local lenders that we recommend to help you get pre-approved for a home that you can afford. These lenders will go over all of the options and loans available to you as a first time home buyer.

Work With A Buyer’s Agent

A buyer’s agent is an agent who is on your side and is someone who will spend time navigating you through the process to help you make wise decisions. A buyer’s agent in the state of Colorado is different than a transaction broker. A transaction broker must perform the duties of a real estate broker and facilitate purchase transactions without being an advocate or agent for either party. A buyer’s agent has a legal obligation to work in YOUR best interest only. In our office we have one of the only exclusive buyer’s agents in town and so we would love to talk to you more about this process. Bottom line, before you start working with a broker, find out if they are willing to work with you as a transaction broker or as your buyer’s agent.

Patience

In the Estes Park real estate market, finding homes that are within a first-time home buyers budget can be challenging. You must go into the process expecting that you could be competing with other buyers for the same property. You must be prepared to act fast, but also expect disappointment if someone else has a better offer than yours. It is possible that this process might require several attempts at offers before you connect with the right one. Again, hiring a buyer’s agent to work on your behalf to stay on top of new properties is essential. By staying patient, it is possible to find the home you desire, but it might take some time.

Do you know someone who is considering purchasing their first home in Estes Park? We would love your referral! Please give them our web site and contact info so we can connect! We would be honored to help them find their home in Estes.

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IMG_10423

This home was made for enjoying the great outdoors among wonderful outdoor spaces including a huge partially covered wraparound deck with log posts and outdoor lighting, a waterfall feature in the rock outcroppings, firepit, and small landscape pond. Views across the valley to Hermit Park open space. Inside, cozy up to the wood-burning fireplace in the huge living room or escape to the master suite with walk-in closet and soaking tub in the corner.

You’ll find a long list of recently remodeled features including new bathrooms, new roof, new boiler, new hot water heater, new dishwasher, and a new well pump. Downstairs is a second large bedroom with private bath. The detached garage has an extra workshop/hobby room with lots of built-in storage. Easy access but far enough away from the main highways.

View more details on this property

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