Making real estate decisions based on how the national real estate statistics are performing is like listening to a nation-wide weather forecast to decide whether you should put on a jacket on your way to work in the morning. Real estate is local and always has been. If you are going to be making real estate decisions in Estes Park, you need to follow local real estate statistics to see what course of action will keep the most amount of money in your pockets.
Right now, we have both great news and not so great news to report in our market. For instance, our median price will continue to fall in near future as a result of the majority of sales coming from the low end of the real estate market. However, available inventory for sale among single family homes is down 25% from this time last year which is a HUGE difference.
There currently is a huge discrepancy between homes in the higher price level versus homes in the lower priced level. The lower priced properties are seeing excellent activity among those that are priced well and in good condition. Higher priced properties are still very difficult to sell because of the lack of demand compared to how many properties are available.
Advice for Buyers:
Typically we see a large influx of properties this time of year, but properties have been slow to come available. When a great property under $400,000 has hit the market recently, it has been met with immediate demand from buyers. To be sure you get the property you want, be sure to pay attention and be ready to act immediately when the right one comes along.
If you are considering a purchase in the upper price ranges, there are some amazing deals available. Typically, the higher the price range you are looking in, the bigger the discount you will be looking at compared to the last few years. For example, properties priced over $1,000,000 have seen major price reductions recently increasing the value of what you can buy significantly. With interest rates as low as they are (even on jumbo rates), if you have been considering a high-end home, your timing couldn’t be better if you act soon.
Advice for Sellers:
There are buyers currently in the market place waiting for a home to come on the market that fits their criteria. Your home may be exactly what they are looking for. Currently, there are very few properties on the market in good shape under $400,000.
The unfortunate news for anyone who has a home to sell over $500,000 is that your home will most likely take longer and will sell for less than you hoped. There simply aren’t enough buyers in the market to generate the demand necessary to keep prices stable. If you need to sell, you’ll need to be aggressive in your asking price, advertise with great pictures, and make sure there are no glaring defects that will turn buyers off from making an offer.
Estes Park Real Estate Market Statistics
Single Family Homes
139 – Active on the market (13 less than last month and 46 less than this time last year)
17 – Sold in March (5 more than last month and 7 more than March 2012)
33 – Currently Pending (2 more than last month and 16 more than this time last year)
$339,950 – Median Price of trailing 12 months of sales
$800,000 – Most expensive home sold in March
$148,000 – Least expensive home sold in March
9.8 Months Supply of Inventory (Also called Absorption Rate)
Condominiums and Townhouses
95 – Active on the market (1 less than a month ago and 9 less than this time last year)
10 – Sold in March (5 more than last month and 3 less than March 2012)
25 – Currently Pending (10 more than last month and 18 more than this time last year)
$249,000 – Median Price of trailing 12 months of sales
$445,000 – Most expensive condo sold in March
$159,900 – Least expensive condo sold in March
11.3 Months Supply of Inventory (Also called Absorption Rate)
120 – Active on the market (10 more than a month ago and 5 more than this time last year)
4 – Sold in March (2 more than last month and 3 more than March 2012)
5 – Currently Pending (the same as last month and 3 more than this time last year)
$160,000 – Median Price of trailing 12 months of sales
$165,000 – Most expensive land sold in March
$125,000 – Least expensive land sold in March
Do keep in mind that statistics and advice like what I have shared above are very broad and focuses on the big picture. For information and statistics specific to your property, I highly recommend consulting a local real estate professional that specializes in Estes Park real estate. There is no substitute for local knowledge and experience!