Are you ready for warmer weather yet? Any Estes Park local who has been around awhile knows better than to get too excited about warm weather in March. April and March are our two biggest snow months of the year so we always plan on at least one more big snow as the rest of the country gets spring fever.
Speaking of planning, as our local real estate market continues to accelerate in the lower price ranges, planning ahead will pay big dividends when the perfect property comes along. Be sure you know how the process works, get qualified for a loan, and make any arrangements necessary to be ready when the time comes.
The real estate market is continuing its early run on the number of sales. In both condominiums and single family homes, we’ve sold almost twice as many homes this year as last year in January and February. It’s an incredible amount of activity for this time of year and it is causing some definite upward pressure on prices on any properties valued under $400,000.
On the flip side, the story you don’t see publicized anywhere is the extreme lack of buyers purchasing properties in the over $700,000 range. We have many homes that have been languishing on the market waiting for someone to make an offer. If you are buyer, we can show you several outstanding deals that would have been much more expensive just a few short years ago. If you are a seller, you may consider waiting before bringing your home on the market unless you are ready to be aggressive enough on your price to generate some buzz among buyers.
Advice for Buyers
Inventory continues to tighten in the lower price ranges. Stories of multiple offers and extremely quick turnaround times before an offer is presented are getting more and more frequent. If you are even remotely considering buying a house in Estes Park this spring, take that first step of contacting a mortgage broker to be sure you are ready to pull the trigger when the right property comes along. Not only will you be more confident in your offer, but so will the seller when they are deciding between your offer and another one. If you need a recommendation for a bank or mortgage broker, we have several great options both local and elsewhere in Colorado.
Advice for Sellers
If you have great views from your property, the next month or two are the best times of the year to capture pictures of your property. As the grass and trees get more and more green, the snow is still very thick on the peaks creating a great opportunity for really impressive looking pictures. Impressive pictures online are the best way to get people into your property no matter what price range you are in.
Single Family Homes
97 – Active on the market (8 less than last month and 27 less than this time last year)
10 – Sold in February (3 less than month and 4 more than February 2014)
25 – Currently Pending (2 more than last month and 3 more than this time last year)
$360,000 – Median Price of trailing 12 months of sales
$520,000 – Most expensive home sold in February
$202,000 – Least expensive home sold in February
5.9 Months Supply of Inventory (Also called Absorption Rate)
Condominiums and Townhouses
55 – Active on the market (6 more than last month ago and 19 less than this time last year)
8 – Sold in February (2 less than last month and 1 more than February 2014)
14 – Currently Pending (3 less than last month and 7 more than this time last year)
$250,000 – Median Price of trailing 12 months of sales
$347,000 – Most expensive condo sold in February
$106,099 – Least expensive condo sold in February
5.7 Months Supply of Inventory (Also called Absorption Rate)
97 – Active on the market (2 less than last month and 3 less than this time last year)
2 – Sold in February (same as last month and same as February 2014)
11 – Currently Pending (7 less than last month and 8 more than this time last year)
$160,000 – Median Price of trailing 12 months of sales
$280,000 – Most expensive land sold in February
$125,000 – Least expensive land sold in February