Estes Park continues to impress anyone who is watching the critical statistics showcasing the relative health of our local real estate market. The summer season is in full swing in Estes Park as evidenced by the number of people buying real estate and the numbers look a little ridiculous. For example:
- The number of single family homes available for sale on the market are down 33% over last year at this time. If you look strictly at homes under $500,000, that number is 57% less than last year.
- The number of single family sales to date is up 40% vs this time last year and condos are up 80%.
- Condominiums that offer full time living options (not short term rental or income condos) are in very short supply on the lower end of the price spectrum.
What do all these stats mean? I’m confident that prices will continue to increase significantly over the next 6 months for single family homes under $500,000 and condominiums under $400,000.
We are seeing multiple offers on many properties that come on the market. As a result, both buyers and sellers are in a greater need professional representation to help them keep as many dollars in their pockets. With increased excitement and pressures among buying and selling real estate, the possibility of buyer’s paying too much and sellers not asking enough raises exponentially (granted, both aren’t going to happen in the same transaction, but you know what I mean).
Advice for Buyers
With multiple offers on most affordable properties, the strategy for finding a home shifts drastically the types of real estate market Estes Park has been in for the past few years. Speed is definitely a major factor, however, there are many other ways to structure an offer to make your offer more attractive than other buyer’s who competing with you. Having a trusted buyer’s agent working only on your side of the transaction increases your chances of winning in a multiple offer situation.
Advice for Sellers
There is huge demand for properties under $500,000. With this huge demand comes more pressure to position your property just right to generate the highest offers possible while not overpricing your property and driving buyers away. We can help you with suggestions on how to land right in the sweet spot and meet your goals of selling on your schedule. While pricing is a major part of this equation, there are many other factors we can help with as well.
Single Family Homes
102 – Active on the market (5 less than last month and 57 less than this time last year)
20 – Sold in May (7 more than month and 4 more than May 2014)
34 – Currently Pending (3 more than last month and 3 less than this time last year)
$345,750 – Median Price of trailing 12 months of sales
$509,250 – Most expensive home sold in May
$219,000 – Least expensive home sold in May
5.9 Months Supply of Inventory (Also called Absorption Rate)
Condominiums and Townhouses
50 – Active on the market (3 more than last month ago and 43 less than this time last year)
12 – Sold in May (11 less than last month and 3 less than May 2014)
23 – Currently Pending (1 less than last month and 13 more than this time last year)
$262,000 – Median Price of trailing 12 months of sales
$455,000 – Most expensive condo sold in May
$155,000 – Least expensive condo sold in May
4.4 Months Supply of Inventory (Also called Absorption Rate)
101 – Active on the market (3 more than last month and 19 less than this time last year)
7 – Sold in May (7 more than last month and 5 more than May 2014)
8 – Currently Pending (4 less than last month and 5 less than this time last year)
$157,500 – Median Price of trailing 12 months of sales
$296,000 – Most expensive land sold in May
$75,900 – Least expensive land sold in May