Spring is an amazing time to be in Estes Park. While the weather may be a bit unpredictable, the end result is always spectacular. Snowy peaks, plentiful sunshine and the scent of flowers in the air help make this time of year a favorite among locals.

May is also a great time to be thinking about buying real estate. Many locals know that the peak selling season for real estate is in the peak of the summer so you’ll find the biggest selection of new listings coming on the market right about now. As we get fresh properties on the market, it is important to keep an eye on how our numbers are playing out.

• We are selling more real estate in Estes Park this year than last year. Condo sales and land sales are way up but single family are down a little. More buyers in the market place is a very good sign.
• Median prices of all three categories are all on an increasing trend at the moment. This means we are getting more sales in the upper price ranges than we have in recent years.
• Million dollar homes are getting some great activity lately. One million dollar home sold in April and there are 5 more currently pending. If all 5 of these close this year, it will be the best year for million dollar home sales since 2007.

Advice for Real Estate Buyers

We are in the middle of our annual flood of new listings coming on the market. There are plenty of fresh listings and I expect several more by the end of May. If you are sitting on the sidelines waiting for that perfect property to show up on the MLS, realize that you are not the only one doing the same thing. For the best priced properties in the best condition, expect competition. With competition, remember you will need to be aggressive to get the property. By being aggressive, I mean getting your offer in first and making sure your offer is solid.

Advice for Real Estate Sellers

As I mentioned above in my advice to buyers, there are plenty of great new listings coming on the market right now and there are buyers waiting for “the right one” to come on the market. Competition is fierce for the right listings. However, for every well priced aggressive property, there are 3-4 others that are matching the market and expecting to be sold just because they are coming on the market right before the summer. Don’t forget you will need to stay aggressive in order to get sold in a reasonable amount of time. Make sure it is abundantly clear your home provides the best value at your price point. Contact your real estate agent (if you are looking for suggestions, I know a guy…) for tips and strategies to get potential buyers to like your home best.

Single Family Homes

194 – Active on the market (9 more than last month and 19 less than this time last year)
7 – Sold in April (3 less than last month and 2 less than April 2011)
17 – Currently Pending (2 less than last month and 1 less than this time last year)
$339,500 – Median Price of trailing 12 months of sales
$1,100,000 – Most expensive home sold in April
$225,000 – Least expensive home sold in April
15.5 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

120 – Active on the market (16 more than a month ago and 1 more than this time last year)
8 – Sold in April (5 less than last month and 4 more than April 2011)
7 – Currently Pending (5 less than last month and 3 more than this time last year)
$247,500 – Median Price of trailing 12 months of sales
$480,000 – Most expensive condo sold in April
$168,500 – Least expensive condo sold in April
16.2 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

119 – Active on the market (4 more than a month ago and 2 more than this time last year)
0 – Sold in April (1 less than last month and 2 less than April 2011)
2 – Currently Pending (1 more than a month ago and 1 more than this time last year)
$175,000 – Median Price of trailing 12 months of sales

With the abnormally warm temps across the nation, spring has sprung early in the real estate market as well. I am seeing reports almost daily from locations all over the nation of increased sales and decreased inventory. While Estes Park isn’t exactly “taking off” like some of these other locations, there are plenty of bright spots in our real estate statistics that are worth showcasing:

1. The median price of single family homes has finally bounced off its $325,000 mark and is up to almost $340,000. It has remained at $325,000 since January of 2011. Hopefully this trend will continue as more higher end sales occur in our marketplace.
2. More condos are selling this year than last year and less single family homes. However, the sum total of both are about equal to last year’s production.
3. The median value of land sales over the past 12 months continues to rise and is now up to $175,000. The number of vacant land sales is also much more than we’ve seen in the past 4 years.
4. For single family homes, the number of available homes on the market continues to remain lower than the year before. We are going on 11 months in a row where we’ve had less inventory than the same time in the previous year.

So what does all this mean? It means our market is continuing to strengthen. There are buyers out there competing for the best deals and are active in the marketplace. Property values are not expected to fall much more if at all. Cautious optimism best describes our market.

Advice for Real Estate Buyers

Rates are remaining lower than anticipated which means the cost of borrowing money is still incredibly cheap. Sellers are starting to get the idea that they need to be aggressive in order to get their property sold. Therefore, keep a watchful eye on the market for a well priced property (I have a few in mind and would be happy to make some suggestions). When you do find one you like, don’t delay. I’ve been involved in several multi-offer scenarios in the past 6 months and that is not always beneficial to the buyer.

Advice for Real Estate Sellers

Aggression remains the key word for sellers. As I have been trumpeting for several months, now is the time to get your home on the market. Focus on condition and price. Start preparing your property to sell by focusing on first impressions. De-clutter your home and create more open spaces as much as possible. Get your real estate broker involved early and often to provide suggestions on how to make your home as attractive as possible and then price your property aggressively. Remember what does and does not influence the value of your home.

Single Family Homes

185 – Active on the market (15 more than last month and 6 less than this time last year)
10 – Sold in March (4 more than last month and 8 less than March 2011)
19 – Currently Pending (same as last month and 9 less than this time last year)
$339,500 – Median Price of trailing 12 months of sales
$875,000 – Most expensive home sold in March
$115,000 – Least expensive home sold in March
14.6 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

104 – Active on the market (4 more than a month ago and 1 less than this time last year)
13 – Sold in March (5 less than last month and the same as March 2011)
12 – Currently Pending (7 less than last month and 3 more than this time last year)
$247,750 – Median Price of trailing 12 months of sales
$402,000 – Most expensive condo sold in March
$125,000 – Least expensive condo sold in March
14.8 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

115 – Active on the market (3 more than a month ago and 7 more than this time last year)
1 – Sold in March (2 less than last month and 1 more than March 2011)
1 – Currently Pending (same as a month ago and same as this time last year)
$175,000 – Median Price of trailing 12 months of sales
$250,000 – Most expensive Lot sold in March
$250,000 – Least expensive Lot sold in March

With more sunny skies and less wind, March is turning into a pretty amazing month weather wise! There is still plenty of snow in the higher elevations and there will still be plenty of snow in the forecast for Estes Park, but it sure is nice to enjoy 50 to 60 degree temperatures again!

With sunny weather and more people coming into town, we are starting to see more activity in the real estate market as well. Over the next month or two, expect to see a huge influx of new listings coming on the market to be ready for the big summer push.

Looking at the statistics, I’m excited to report that the number of single family homes currently on the market is continuing to be far lower than previous years at the same time of year. In addition, the absorption rate (the relationship between supply and demand) is also as low as it has been during March since I have been keeping track. Both of these key statistics prove the fact that Estes Park’s real estate market is starting to show solid signs of improvement.

Advice for Real Estate Buyers

As I’ve been mentioning for several months now, there will be plenty of new listings and big price reductions hitting the real estate market this spring. Buyers need to be aggressive and make offers when they find the right one because there are other buyers in the market waiting for that perfect property to come available.

Secondly, buyers need to keep a close eye on mortgage interest rates. In recent weeks, rates have been inching up and they are anticipated to continue to rise. In summary, the longer you wait, the more expensive it will be for your monthly mortgage payment.

Advice for Real Estate Sellers

As more properties come on the market in the spring, it is absolutely critical to showcase your home in the best light possible (great pictures, as low of a price as you can stomach, and a Real Estate agent with an aggressive market plan). Otherwise, you run the risk of becoming another statistic wondering why you haven’t sold your home 12 months later.

Single Family Homes

170 – Active on the market (2 less than last month and 15 less than this time last year)
6 – Sold in February (2 less than last month and 1 less than February 2011)
19 – Currently Pending (10 more than last month and 1 less than this time last year)
$326,448 – Median Price of trailing 12 months of sales
$845,000 – Most expensive home sold in February
$125,000 – Least expensive home sold in February
12.5 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

100 – Active on the market (1 more than a month ago and 7 more than this time last year)
2 – Sold in February (5 less than last month and the same as February 2011)
19 – Currently Pending (2 more than last month and 14 more than this time last year)
$245,000 – Median Price of trailing 12 months of sales
$219,000 – Most expensive condo sold in February
$185,900 – Least expensive condo sold in February
15 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

112 – Active on the market (1 less than a month ago and 12 more than this time last year)
3 – Sold in February (1 more than last month and 2 more than February 2011)
1 – Currently Pending (2 more than a month ago and 2 more than this time last year)
$170,000 – Median Price of trailing 12 months of sales
$250,000 – Most expensive Lot sold in February
$84,500 – Least expensive Lot sold in February

Across the nation, February is typically a month where people start to anticipate the end of the winter season. In Estes Park, conditions couldn’t be better for a multitude of winter activities like snowshoeing, cross country skiing, hiking, and more. The fun thing about Estes Park is that if there isn’t any snow near town, you can always head up to the National Park to find snow all the way up until May and June!

As the first month of 2012 is behind us, it sure seems as if we are starting off the year on the right foot. Our previous trends with single family homes showing more sales and less inventory compared to the same time last year are continuing. Condos are showing solid improvement in the number of sales as well as the number of properties we have pending.

As we make our way into Spring, expect inventory to rise over the next few months as the market gets ready for the summer season.

Advice for Real Estate Buyers

As I mentioned in last month’s market update, buyers need to expect price reductions and lots of new properties over the next couple of months. Expect competition among buyers to be high among the best deals. When a good deal shows up, don’t dilly dally.

Secondly, if you are an investor looking for an income property, now is the time to buy. The vast majority of cash flow comes from the summer months so if you buy before summer, your first few months will be flush with cash. If you were to buy in the fall/winter, you would be faced with negative cash flow for several months until the big income summer months hit. Take a look around, there are several investment condos ready for offers.

Advice for Real Estate Sellers

If you or someone you know are thinking about selling your home, now is the time to do it. The most sales happen in Estes Park in the summer time and acting now will ensure you are properly positioned to capture the most amount of value out of your home. The first tip is to take a fresh look at your home from a buyer’s perspective. Focus on the first impressions both from the street and as you walk in the front door. I would be more than happy to meet with you to discuss what else can be done to generate the most amount of interest and therefore the highest sale price for your home. I have plenty of ideas so give me a call or contact me here.

Single Family Homes

172 – Active on the market (8 more than last month and 19 less than this time last year)
8 – Sold in January (1 more than last month and 3 more than January 2011)
9 – Currently Pending (4 less than last month and the same as this time last year)
$325,724 – Median Price of trailing 12 months of sales
$937,500 – Most expensive home sold in January
$225,000 – Least expensive home sold in January
12.6 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

99 – Active on the market (1 more than a month ago and 8 more than this time last year)
7 – Sold in January (same as last month and 3 more than January 2011)
17 – Currently Pending (5 more than last month and 11 more than this time last year)
$245,000 – Median Price of trailing 12 months of sales
$302,000 – Most expensive condo sold in January
$129,000 – Least expensive condo sold in January
14.8 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

113 – Active on the market (1 less than a month ago and 13 more than this time last year)
2 – Sold in January (same as last month and 2 more than January 2011)
3 – Currently Pending (the same as a month ago and 2 more than this time last year)
$170,000 – Median Price of trailing 12 months of sales
$228,500 – Most expensive Lot sold in January
$225,000 – Least expensive Lot sold in January

Welcome to 2012! Happy New Year!

As I mentioned in last month’s market report, you never know how the real estate market is going to react to the holiday season. As far as closings are concerned, single family home sales were down for December in comparison with last year, but condominium sales were up slightly. The amount of buyers in town seemed to be up in comparison with recent months so I am optimistic that we’ll have a great start to 2012!

Advice for Real Estate Buyers

Over the next 3 months, you’ll see 2 things. First, there will be price reductions from the homes that have been on the market for a while. Second, there will be new homes coming on the market in the spring to be ready for the summer surge of buyers. In both cases, when you see something you like, jump on it. Don’t talk yourself out of making an offer by guessing how the seller will react. I have seen several multiple offer scenarios within the last month or two where buyers lost out on a great property because they did not offer enough or act quick enough. The only way to be sure you get the property you want is to act quickly and decisively. While mortgage rates are low and depreciation seems to be leveling out, now is the time to buy.

Advice for Real Estate Sellers

The first 3 months of the year are typically slow months for real estate sales, but I would be careful not to ignore them completely. With the activity I’ve seen in the trenches, I can attest to the fact that there are buyers out there right now in all price ranges waiting for the right property. If you are already on the market, consider a price reduction to get back in front of buyers once again. If you are thinking about waiting to time the market by placing your home on the market in late spring, you may miss out on an opportunity to snag a buyer before more competition hits the market. Whatever you do, be sure to be aggressive.

Single Family Homes

164 – Active on the market (11 less than last month and 35 less than this time last year)
7 – Sold in December (13 less than last month and 3 less than December 2010)
13 – Currently Pending (15 less than last month and 5 less than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$569,000 – Most expensive home sold in December
$194,902 – Least expensive home sold in December
12.2 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

98 – Active on the market (28 less than a month ago and 5 more than this time last year)
7 – Sold in December (same as last month and 1 more than December 2010)
12 – Currently Pending (2 less than last month and 4 less than this time last year)
$248,750 – Median Price of trailing 12 months of sales
$435,000 – Most expensive condo sold in December
$140,000 – Least expensive condo sold in December
15.6 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

114 – Active on the market (14 less than a month ago and 9 more than this time last year)
2 – Sold in December (same as last month and the same as December 2010)
3 – Currently Pending (1 less than a month ago and 1 more than this time last year)
$162,450 – Median Price of trailing 12 months of sales
$180,000 – Most expensive Lot sold in December
$34,000 – Least expensive Lot sold in December

As we pass Thanksgiving and head into December, we have a lot to be thankful for in Estes Park. The Holiday season is finally here and the end of the year is just around the corner. The end of the year can be a strange time in the real estate market. As a real estate agent, I never know if there will be lots of activity or plenty of time to spend with family and friends. This year, I’m hoping for a good balance between the two.

November continued the trend of an improving market for single family homes in Estes Park. The two big factors proving this point are that we are seeing more sales happen than ever before at this time of year and we are seeing the amount of available inventory continuing to drop faster than normal. In addition, we are seeing action in the million dollar plus range with a property selling for $1,045,000 as well as a property listed for $1,150,000 go under contract within 10 days of being on the market. If these trends continue, we are going to start seeing appreciation in our market instead of depreciation.

Condos are doing well, but not quite as well as single family homes. We are still seeing increasing inventory and sales are staying consistent. Median price is continuing to rise and has risen significantly since the beginning of the year. This means more high end condos have been selling well recently.

Advice for Real Estate Buyers

As I mentioned last month, keep in mind there are other buyers in the marketplace waiting (just like you) for the right deal to come along. Over the past month, I have been involved in multiple offer scenarios with two different properties. When you see a property that is “just right,” you need to act quickly. Waiting 48 hours or more may be too late.

Advice for Real Estate Sellers

If you don’t have a price that is compelling enough for a buyer to see your home in person, you might as well wait until next spring or longer before thinking about selling your home. Traditionally, there are less buyers in the market during the first few months of the year, but those buyers are usually much more motivated. In order to grab their attention (and therefore get your property sold), you need to be painfully obvious that your property carries more value than your competition.

Single Family Homes

175 – Active on the market (11 less than last month and 41 less than this time last year)
20 – Sold in November (11 more than last month and 6 more than November 2010)
13 – Currently Pending (15 less than last month and 5 less than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$1,045,000 – Most expensive home sold in November
$125,000 – Least expensive home sold in November
13 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

126 – Active on the market (11 more than a month ago and 25 more than this time last year)
7 – Sold in November (2 less than last month and the same as November 2010)
12 – Currently Pending (2 less than last month and 4 less than this time last year)
$250,000 – Median Price of trailing 12 months of sales
$330,000 – Most expensive condo sold in November
$158,000 – Least expensive condo sold in November
20.3 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

128 – Active on the market (2 more than a month ago and 16 more than this time last year)
2 – Sold in November (1 more than last month and 1 more than November 2010)
3 – Currently Pending (1 less than a month ago and 1 more than this time last year)
$157,450 – Median Price of trailing 12 months of sales
$280,000 – Most expensive Lot sold in November
$200,000 – Least expensive Lot sold in November

Estes Park had its first major snow storm of the season officially marking the end to the fall season. Typically, the end of our beautiful fall weather coincides with a significant slow down in real estate activity. While single family home activity definitely followed that trend, condos have seen a recent increase in activity. In all, I am still very pleased with how our market is faring in comparison with many other resort communities across the nation. Here are a few highlights of what is going on in the Estes Park real estate market:

• Single family absorption rate is the lowest it’s been since February 2009. Absorption rate can be explained by the relationship between how many properties are available for sale and how many have sold within the last 12 months. Condos are lagging behind but have been seeing a huge increase in demand in the last couple of months.
• The number of single family home sales took a dip in October. Both stock market and uncertainty surrounding the national debt have caused some people to remain on the sidelines in the single family home market. This could also explain the recent increase in condo sales from buyers fed up with the volatility of the stock market in favor of more tangible assets with income.
• The number of single family homes for sale continues to fall at a faster rate than normal this time of year. We are going on 6 months in a row having less inventory than the same month in the previous year. We are currently at 78% of the number of homes we had on the market at this time last year.
• The number of contracts pending remains high. We have 40% more single family homes under contract now than at this time last year and 75% more condos now vs last year.

Advice for Real Estate Buyers

First, don’t forget that there are other buyers keeping an eye on the Estes Park real estate market just like you. In the past couple of weeks, I have represented buyers in a multiple offer scenario and have had a buyer ready to make an offer only to find out it had just been put under contract. If you see a property you like, don’t delay thinking you have plenty of time. Do your research, ask your questions, but don’t miss out because you waited too long.

Also, if you are thinking about buying a home for investment income or about buying a business, buying now gives you plenty of time to market the property and have it ready for next summer’s peak season.

Advice for Real Estate Sellers

If you haven’t noticed, the peak selling season for 2011 is over. We have entered into the time of year when there are far less people looking to buy property in Estes Park. If you are fortunate enough to be able to wait until next spring, there will be more demand at that time in which case you may have a better chance at getting a higher offer.

I’ve recently performed some intense research on properties who price their home right to start vs homes that sat on the market long enough to need a price reduction. The homes that priced their property correctly resulted in an average of only 100 days on the market. Those who missed the mark, had to drop their price an average of 23% and faced over 400 days on the market. Keep in mind that these numbers came only from properties that SOLD. Properties that have been on the market were not included in these numbers.

If you need to sell now, you absolutely need to be aggressive with your price and provide more value than any of your competition. I can not stress this point enough.

Single Family Homes

186 – Active on the market (34 less than last month and 50 less than this time last year)
9 – Sold in October (6 less than last month and 8 less than October 2010)
28 – Currently Pending (3 more than last month and 8 more than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$710,000 – Most expensive home sold in October
$120,000 – Least expensive home sold in October
14 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

115 – Active on the market (3 less than a month ago and 2 more than this time last year)
9 – Sold in October (same as last month and 2 more than October 2010)
14 – Currently Pending (8 less than last month and 6 more than this time last year)
$247,500 – Median Price of trailing 12 months of sales
$460,000 – Most expensive condo sold in October
$157,000 – Least expensive condo sold in October
19.4 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

126 – Active on the market (10 less than a month ago and 6 more than this time last year)
1 – Sold in October (1 less than last month and same as October 2010)
4 – Currently Pending (1 more than a month ago and 3 more than this time last year)
$179,500 – Median Price of trailing 12 months of sales
$179,500 – Most expensive Lot sold in October
$149,500 – Least expensive Lot sold in October

The snow is flying in Estes Park this weekend. While it may seem early to the rest of the nation, those familiar with Estes Park know full well that there is plenty of beautiful fall weather yet to come.

The Estes Park Real Estate market is seeing a flurry of activity lately as well (yes, the pun is intended). Specifically, I have seen much more buyer activity in the last few weeks than I saw in August and early September. There is more real estate activity right now than people think.

September was another strong month statistically. We matched the number of homes sold from last year and exceeded last year in condominiums. The number of properties available continues to dwindle not only because of the time of year, but also compared to this time last year which is a good thing.

Average days on the market for active properties is continuing to climb yet the average days on the market for sold properties is declining. This combination tells me that new properties that are priced well are getting the most attention. Properties that have been on the market a long time are continuing to sit with no offers.

So what does this compilation of statistics mean for buyers and sellers?

Buyers should be ready to take advantage when the price drops significantly on that property you have been watching. In addition, properties that have been on the market a long time may simply be waiting for someone to make an offer. In either scenario when you see a deal, you need to take advantage of it. You should always assume that there are other buyers considering the same property or you run the risk of losing out even when it doesn’t seem like there are any other buyers.

Sellers need to be aggressive with their marketing and your price. Even though our available inventory is decreasing, the number of properties being sold is not keeping up with the amount of homes available for sale. Therefore, expect to sell your property for less than you anticipate. If you match the price of what your competition is offering, you run a high risk of sitting on the market for a long time.

Single Family Homes

220 – Active on the market (12 less than last month and 25 less than this time last year)
15 – Sold in September (1 less than last month and same as September 2010)
25 – Currently Pending (4 less than last month and 6 more than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$825,000 – Most expensive home sold in September
$70,000 – Least expensive home sold in September
16.2 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

118 – Active on the market (14 less than a month ago and 3 less than this time last year)
9 – Sold in September (1 more than last month and 3 more than September 2010)
22 – Currently Pending (3 more than last month and 13 more than this time last year)
$247,750 – Median Price of trailing 12 months of sales

$270,000 – Most expensive condo sold in September
$180,000 – Least expensive condo sold in September
20.1 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

136 – Active on the market (9 less than a month ago and 15 more than this time last year)
2 – Sold in September (same as last month and same as September 2010)
3 – Currently Pending (1 less than a month ago and 3 more than this time last year)
$155,000 – Median Price of trailing 12 months of sales
$155,000 – Most expensive Lot sold in September
$149,500 – Least expensive Lot sold in September

September is here and with it begins a fantastic season of festivals and beautiful weather in Estes Park. Be sure to check out the Scottish-Irish Highland Festival as well as the Autumn Gold Festival and Elk Fest all coming up this month. Fall is an excellent time to explore Estes Park as there are typically less people in town (especially during the week) and the weather is still outstanding.

The Estes Park real estate market is usually very busy as well. Fall is typically known to have more luxury buyers coming through the doors. It is a great time to be looking for real estate as there are usually anxious sellers who missed selling their home during the peak of the summer season and decide to lower their price to avoid holding it over the slow winter months.

Regarding the market as a whole, our real estate statistics are continuing to get more and more healthy each month. Here are some highlights:

• August is the 4th straight month showing more homes sold this year vs the same month last year.
• Pending sales have been consistently higher than previous years.
• We have less single family homes for sale now than last year.
• The length of time properties are on the market before selling is getting smaller and smaller.
• The ratio of the sale price to the list price is higher than it has been traditionally.

The last two stats on this list tell the story that the properties that are selling are coming on the market with an aggressive price in order to sell. Once they get an offer, these same properties are negotiating strongly and sticking to their price as well. This is a very good sign for the market as a whole, but it also tells sellers that you need to be aggressive from the beginning.

Single Family Homes

232 – Active on the market (16 less than last month and 14 less than this time last year)
16 – Sold in August (1 less than last month and 1 more than August 2010)
29 – Currently Pending (6 more than last month and 3 more than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$710,000 – Most expensive home sold in August
$259,000 – Least expensive home sold in August
17.1 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

132 – Active on the market (7 less than a month ago and 1 less than this time last year)
8 – Sold in August (3 more than last month and 4 more than August 2010)
19 – Currently Pending (2 more than last month and 9 more than this time last year)
$251,000 – Median Price of trailing 12 months of sales
$630,000 – Most expensive condo sold in August
$113,500 – Least expensive condo sold in August
23.3 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

145 – Active on the market (3 more than a month ago and 27 more than this time last year)
2 – Sold in August (2 less than last month and 1 more than August 2010)
4 – Currently Pending (same as a month ago and 2 more than this time last year)
$159,900 – Median Price of trailing 12 months of sales
$260,000 – Most expensive Lot sold in August
$248,000 – Least expensive Lot sold in August

Click here for even more Estes Park real estate statistics.

Contact me here if you would like more specific research on a specific price range or specific area in Estes Park. I love statistics so I don’t mind one bit!

Turmoil in the stock market and uncertainty in the national debt situation has everyone wondering how the future will turn out. There are many tough decisions to be made in Washington to decide what is best for our nation. The results of the decisions made will affect every part of this nation including resort communities such as Estes Park, Colorado.

I’m not even going to pretend to know what will happen in the future. However, I can point you to two key indicators that will have a huge impact on the health of our local real estate community.

1. Available properties for sale. Right now, we have less single family inventory than we had last year at this time. Condos and land inventory levels are still growing. Until inventory levels drop down to meet demand, competition among available properties for sale will continue to drive prices down. For price levels to flatten out and strengthen, sellers need to either reduce their prices to meet demand or remove their home from the market and wait for everyone else to do so. I can not stress enough that there is no middle ground here.
2. Properties sold. The number of sales need to increase from month to month. Right now, there are more buyers in the market than there have been in recent years. Ten out of the previous 12 months had increases in the number sales than the same month in the previous year. The reasons for this consistent increase in sales is due to pent up demand and due to the recent health in the stock market over the last couple of years (obviously excluding the past couple of weeks). My advice to buyers is to keep watch on the available deals as they are definitely available if you are looking for them. As long as our inventory is high, sellers will need to be compete heavily which will be a huge advantage in the next 6 months or so. A great place to start is my distressed list.

If you would like to see a more visual representation of how the market is doing, check out my Estes Park Real Estate Statistics page. Also, I would be happy to generate a more focused statistical analysis on the types of property you are interested in. Contact me here.

Single Family Homes

248 – Active on the market (1 less than last month and 17 less than this time last year)
17 – Sold in July (1 more than last month and 3 more than July 2010)
23 – Currently Pending (5 less than last month and 1 more than this time last year)
$325,000 – Median Price of trailing 12 months of sales
$780,000 – Most expensive home sold in July
$141,100 – Least expensive home sold in July
18.2 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

139 – Active on the market (6 more than a month ago and 6 more than this time last year)
5 – Sold in July (1 more than last month and 1 more than July 2010)
17 – Currently Pending (5 more than last month and 9 more than this time last year)
$245,000 – Median Price of trailing 12 months of sales
$417,500 – Most expensive condo sold in July
$165,000 – Least expensive condo sold in July
26.6 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

142 – Active on the market (9 more than a month ago and 21 more than this time last year)
4 – Sold in July (4 more than last month and 3 more than July 2010)
4 – Currently Pending (2 more than a month ago and 3 more than this time last year)
$135,500 – Median Price of trailing 12 months of sales
$159,900 – Most expensive Lot sold in July
$86,000 – Least expensive Lot sold in July