Estes Park Real Estate Market Statistics for July 2010

The end of July brought a conflicting real estate market in Estes Park depending on which side of the coin you land on.

On one side, the real estate landscape has never been more favorable to buy a home. There are some amazing deals that are being found by buyers who are ready to take advantage of the ridiculously low mortgage rates and astronomically high inventory available for sale. Buyers are able to negotiate heavily in all stages of the contract and sellers are afraid of losing whatever interest they may have. As I have been saying for several months in a row now, it is a fantastic time to be buying Estes Park real estate.

On the flip side, home owners are seeing heavy competition across every price range. The higher the price range, the longer it is taking to sell. The only properties that are being looked at are properties that have rock bottom prices and are in perfect condition (or are too good of a deal to pass up). If you are thinking of selling your home, you need to be aggressive or you will sit on the market with little activity.

Digging into the stats, it was a fairly mediocre month falling in line with previous months. Condos are showing positive numbers in median price. While the number of sales is low, the median price seems to have bounced in the past few months much like single family homes bounced in November/December of 2009.

I would expect August to be a solid month in comparison with the rest of the year because of the high number of pending sales. Until we are able to get rid some of our excess inventory, I think our numbers are going to continue to stay flat without much improvement.

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

265 – Active on the market (4 more than last month and 43 more than this time last year)
14 – Sold in July (1 more than last month and 2 less than July 2009)
22 – Currently Pending (1 more than last month and 7 more than this time last year)
$337,500 – Median Price of trailing 12 months of sales
$805,000 – Most expensive home sold in July
$195,000 – Least expensive home sold in July

Condominiums and Townhouses

133 – Active on the market (5 more than a month ago and 4 more than this time last year)
4 – Sold in July (4 less than last month and same as July 2009)
8 – Currently Pending (same as last month and 8 less than this time last year)
$221,000 – Median Price of trailing 12 months of sales
$392,500 – Most expensive condo sold in July
$228,000 – Least expensive condo sold in July

Vacant Land

121 – Active on the market (11 more than a month ago and 18 more than this time last year)
1 – Sold in July (2 less than last month and 1 more than July 2009)
1 – Currently Pending (same as a month ago and 1 less than this time last year)
$125,000 – Median Price of trailing 12 months of sales
$390,000 – Most expensive Lot sold in July
$390,000 – Least expensive Lot sold in July