While the statistics regarding the real estate market don’t contain much to write home about, we are seeing a huge surge in activity with new buyers raising their hand saying “I might be interested.” Once the mortgage market settles down a bit and obtaining financing becomes easier than running a marathon with a monkey on your back, I would anticipate this activity to translate into a healthy amount of sales in the next 2-3 months.
We are also seeing a substantial increase in inventory in anticipation for the upcoming tourist season. With demand and inventory increasing, we’ll see how that effects the median prices in the near future.
Another interesting note is that we had a million dollar home sell last week. Last year we only had 3 homes over $1,000,000 sell in comparison to 9 homes over a $1 million that sold in 2007. Anything that sells over $1,000,000 is a big deal.
Please take a look at the stats page on my web site for more graphical representations of this information. I’d be happy to discuss your personal situation and provide advice if you are considering buying or selling a property in the Estes Park area.
Single Family Homes
160 – Active on the market (6 more than last month)
4 – Sold in (same as last month and 7 less than February 2008)
8 – Currently Pending (4 less than last month)
$364,750 – Median Price of trailing 12 months of sales
$1,225,000 – Most expensive home sold in February
$270,000 – Least expensive home sold in February
Condominiums and Townhouses
101 – Active on the market (18 more than a month ago)
6 – Sold in February (4 more than last month and same as February 2008)
10 – Currently Pending (4 less than last month)
$250,000 – Median Price of trailing 12 months of sales
$139,000 – Most expensive condo sold in February
$295,000 – Least expensive condo sold in February
Vacant Land
77 – Active on the market (3 more than a month ago)
0 – Sold in February (same as last month and 5 less than February 2008)
2 – Currently Pending (1 less than a month ago)
$165,000 – Median Price of trailing 12 months of sales
$0 – Most expensive lot sold in February
$0 – Least expensive lot sold in February
