There is a lot to be excited about regarding real estate statistics in Estes Park…that is as long as you get excited about stuff like this…I know I do! As we head into our slowest season, I’m impressed with how things are shaping up for the end of the year.
The absorption rate (relationship between supply and demand) for single family homes is as low as I’ve ever seen it mostly because the number of homes available on the market is extremely low. Lower absorption rate means more favorable to price appreciation and more favorable to sellers. Digging into the numbers a little further, this optimism is really only shared by homes under $500,000. Unfortunately, there is still far too much inventory in the upper price ranges to match the slow demand.
Median prices of homes sold are inching up as well with a slight increase over last year at this time. Vacant land is seeing a huge jump up in median prices to go along with the drastic jump in popularity of vacant land sales. Single family sales are tracking even with last year and we are slightly behind in condominiums. What we are lacking in number of sales we are making up for in a severe lack of inventory in the lower price ranges.
Advice for Buyers
Keep an eye on the market through the Holidays, but don’t expect a lot of listings. If anyone is making moves, you know they are motivated. The Holidays can be an excellent time to find a good deal with a motivated seller. Typically, not much activity goes on the last half of December, which could work to your advantage.
Advice for Sellers
There are always people looking for properties especially in the lower price ranges. As I mentioned above, buyers are savvy and know that if you see a seller making moves during hte holiday season, they are typically more motivated. Putting your home on now will beat the new years listing push and especially as we head into spring.
Secondarily, if you have a home to sell in good shape and under $500,000, you should have no problem selling very quickly. Speaking of selling quickly, we have several buyers waiting on the sidelines right now for the right property to come available. Give our office a call if you have something to offer!
Single Family Homes
122 – Active on the market (23 less than last month and 14 less than this time last year)
13 – Sold in November (7 less than month and 1 more than November 2013)
25 – Currently Pending (1 less than last month and 1 more than this time last year)
$365,000 – Median Price of trailing 12 months of sales
$890,000 – Most expensive home sold in November
$174,150,000 – Least expensive home sold in November
7.8 Months Supply of Inventory (Also called Absorption Rate)
Condominiums and Townhouses
74 – Active on the market (9 less than last month ago and the same as this time last year)
5 – Sold in November (6 less than last month and 4 less than November 2013)
14 – Currently Pending (2 more than last month and 4 more than this time last year)
$240,000 – Median Price of trailing 12 months of sales
$335,713 – Most expensive condo sold in November
$162,500 – Least expensive condo sold in November
8.9 Months Supply of Inventory (Also called Absorption Rate)
107 – Active on the market (12 less than last month and 14 less than this time last year)
3 – Sold in November (same as last month and 3 more than November 2013)
16 – Currently Pending (same as last month and 14 more than this time last year)
$164,500 – Median Price of trailing 12 months of sales
$300,000 – Most expensive land sold in November
$100,000 – Least expensive land sold in November