2008 Estes Park Real Estate Report
The media tells us that the best ways to describe the real estate market in 2008 would be uncertainty and turmoil. However, the Estes Park market isn’t bad compared to many locations across the nation. Let’s take a look so you can see for yourself.
The overall financial health of property sellers are keeping our prices from falling. We are seeing “patience” as the predominant attitude of those who are not willing to lower their prices. Even though they would like to sell their home, the vast majority of sellers are not being foreclosed on or are not in a time crunch. They are willing to wait for their price. Of course, there are a few exceptions to that rule, so contact me if you are looking for the inside scoop.
I am always open to discussions if you have any comments or questions regarding these statistics.
Overall Estes Park Market
Yes, these numbers are correct - we saw an increase in single family Average and Median Sale Prices in 2008 vs. 2007. Though the Number of Sales is down, prices are still going up. Even though the Numbers of Sales for Condos are down slightly, their prices are still holding fairly steady. There were a large number of lower-priced listings sold this year in the condo market which is bringing the average and median prices down.
Single Family Homes
This section will break down the numbers to differentiate between large and expensive luxury homes and smaller less expensive homes. Of note here is the lower end small homes (those under 1500 sq ft and those with 1-2 bedrooms), which increased significantly in Average and Median Sale prices even though the Number of Sales dropped more than average.
So What Homes Are Selling?
This chart compares what sold in 2008 and 2007 with what is currently on the market. As you can see, we have a much healthier market in the lower price ranges than we do the upper ranges as far as number of sales are concerned. Also interesting is that there are several categories where more homes were sold or roughly the same number of homes sold in 2008 vs. 2007. I sure didn’t expect that to be true.
Condominiums
The highlights of the condo market are the huge gains in Average and Median Sale prices for newer condos. However, demand for these newer condos has fallen more drastically than other segments. Please also keep in mind that 2007 was the best year ever for condos in the history of the Estes Park real estate market.
So what Condos are Selling?
This chart compares what sold in 2008 with what is currently on the market. As echoed in the Single Family Homes category above, the lower price ranges are stronger than the upper ranges in the number of sales, though they are still heavily trailing 2007 numbers. Condos between $250,000 and $300,000 were the most popular among Buyers.
Summary
The real estate market in Estes Park is an interesting animal to say the least. By following basic economic principals, you would expect prices to fall given the amount of inventory available and the reduced amount of sales happening. However, the market has bucked similar trends in the past and surprised many in the process.
Given the recent activity and the presence of extremely low interest rates, I would expect 2009 activity to match the activity in 2008. With the presence of interest rates available under 5%, I don’t see how people can ignore the availability of financing to qualified buyers.
Personally, I am happy to report that, while the number of sales in the Estes Park market decreased significantly, I was able to close the same number of transactions in 2008 as in 2007. With my new web site and blog generating steam and a recent surge in the number of properties I have listed for sale, I am expecting 2009 to be a great year.
Please give me a call or email if you would like a more detailed report containing any of the segments mentioned above. I can customize your report to include days on the market, closed price to list price ratio, and just about anything else you can think of.
***All stats pertain to the immediate Estes Park area determined by zip code and do not include the surrounding areas. All stats have been obtained via the IRES Multiple Listing Service.
2008 Estes Park Real Estate Report
The media tells us that the best ways to describe the real estate market in 2008 would be uncertainty and turmoil. However, the Estes Park market isn’t bad compared to many locations across the nation. Let’s take a look so you can see for yourself.
The overall financial health of property sellers are keeping our prices from falling. We are seeing “patience” as the predominant attitude of those who are not willing to lower their prices. Even though they would like to sell their home, the vast majority of sellers are not being foreclosed on or are not in a time crunch. They are willing to wait for their price. Of course, there are a few exceptions to that rule, so contact me if you are looking for the inside scoop.
I am always open to discussions if you have any comments or questions regarding these statistics.
Overall Estes Park Market
Yes, these numbers are correct - we saw an increase in single family Average and Median Sale Prices in 2008 vs. 2007. Though the Number of Sales is down, prices are still going up. Even though the Numbers of Sales for Condos are down slightly, their prices are still holding fairly steady. There were a large number of lower-priced listings sold this year in the condo market which is bringing the average and median prices down.
Single Family Homes
This section will break down the numbers to differentiate between large and expensive luxury homes and smaller less expensive homes. Of note here is the lower end small homes (those under 1500 sq ft and those with 1-2 bedrooms), which increased significantly in Average and Median Sale prices even though the Number of Sales dropped more than average.
So What Homes Are Selling?
This chart compares what sold in 2008 and 2007 with what is currently on the market. As you can see, we have a much healthier market in the lower price ranges than we do the upper ranges as far as number of sales are concerned. Also interesting is that there are several categories where more homes were sold or roughly the same number of homes sold in 2008 vs. 2007. I sure didn’t expect that to be true.
Condominiums
The highlights of the condo market are the huge gains in Average and Median Sale prices for newer condos. However, demand for these newer condos has fallen more drastically than other segments. Please also keep in mind that 2007 was the best year ever for condos in the history of the Estes Park real estate market.
So what Condos are Selling?
This chart compares what sold in 2008 with what is currently on the market. As echoed in the Single Family Homes category above, the lower price ranges are stronger than the upper ranges in the number of sales, though they are still heavily trailing 2007 numbers. Condos between $250,000 and $300,000 were the most popular among Buyers.
Summary
The real estate market in Estes Park is an interesting animal to say the least. By following basic economic principals, you would expect prices to fall given the amount of inventory available and the reduced amount of sales happening. However, the market has bucked similar trends in the past and surprised many in the process.
Given the recent activity and the presence of extremely low interest rates, I would expect 2009 activity to match the activity in 2008. With the presence of interest rates available under 5%, I don’t see how people can ignore the availability of financing to qualified buyers.
Personally, I am happy to report that, while the number of sales in the Estes Park market decreased significantly, I was able to close the same number of transactions in 2008 as in 2007. With my new web site and blog generating steam and a recent surge in the number of properties I have listed for sale, I am expecting 2009 to be a great year.
Please give me a call or email if you would like a more detailed report containing any of the segments mentioned above. I can customize your report to include days on the market, closed price to list price ratio, and just about anything else you can think of.
***All stats pertain to the immediate Estes Park area determined by zip code and do not include the surrounding areas. All stats have been obtained via the IRES Multiple Listing Service.