After an absolutely awesome April, May was quite a disappointment as far as statistics are concerned. May was the first month this year so far that we sold less homes than we did last year and we sold less than half as many as we did in April. The real confusing thing is that home sales had previously been on a general upwards trend over the last 6 months. These numbers seem way out in left field.
The most troubling aspect about the statistics this month is the amount of inventory we now have on the market after our typical pre-summer “new listing” spree. Our balance of supply and demand is extremely skewed in favor of the supply side creating a very favorable situation for buyers, but a terrible situation for sellers.
With the interest rates still way below 5% and inventory way up, buyers should be ecstatic about the selection and value they are getting in the market these days.
Sellers, on the other hand, are going to need an extra dose of patience as well as an aggressive pricing and marketing strategy in order to stay competitive. With a lack of buyers in the marketplace and a glut of inventory, competition will be fierce.
If you would like to see a more graphical 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
246 – Active on the market (37 more than last month and 48 more than this time last year)
8 – Sold in May (12 less than last month and 3 less than May 2009)
17 – Currently Pending (2 less than last month and 2 more than this time last year)
$330,000 – Median Price of trailing 12 months of sales
$800,000 – Most expensive home sold in May
$268,000 – Least expensive home sold in May
Condominiums and Townhouses
128 – Active on the market (8 more than a month ago and 3 more than this time last year)
7 – Sold in May (1 less than last month and 2 more than May 2009)
8 – Currently Pending (2 less than last month and 6 less than this time last year)
$210,000 – Median Price of trailing 12 months of sales
$349,000 – Most expensive condo sold in May
$134,000 – Least expensive condo sold in May
Vacant Land
109 – Active on the market (7 more than a month ago and 11 more than this time last year)
2 – Sold in May (3 less than last month and same as May 2009)
1 – Currently Pending (1 less than a month ago and same as this time last year)
$123,375 – Median Price of trailing 12 months of sales
$138,000 – Most expensive Lot sold in May
$105,000 – Least expensive Lot sold in May
