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
