Single family home
statistics in Estes Park
We had a huge increase in smaller homes being sold this last year as designated by the bedroom and the square footage categories. We saw a large increase in number of sales as well as the total dollar amount closed in 2023 in both of these categories. While it would be natural to think the large decrease in the number of sales would naturally lead to lower median and average prices, that wasn’t necessarily the case. In fact, there were just as many categories that increased in value as those that fell.
Looking further at the stats for smaller vs larger homes, you can see the dollar volume of closed transactions only increased in the smallest categories. The overall cost per square foot increased significantly in the smaller homes but not in the larger ones. In addition, our time on the market is increasing in most categories as expected since the previous few years has been ridiculously and unsustainably low. The stat I didn’t expect to see was the speed at which the larger homes over 3000 square feet and containing 4 bedrooms continue to be selling.
In a nutshell, I am very pleased with the numbers I am seeing for single family homes in all of the above categories. It essentially follows the narrative I have been expecting for the last 12-18 months. As the market has quieted down, our time on the market has increased, but our average and median prices have not fallen as severely as the headlines would lead us to believe!
The fascinating part of this graph is that in many categories, we are seeing almost equal or the same number of single family homes sold in 2023 as we did in 2022 EXCEPT in the $500,000 to $600,000 range and the $800,000 to $1m range. In addition, future editions of this graph will need to break down the $1m to $2m price range to show more details there. While it is exciting to see the number of sales reaching the 7 figure price point, there are more details to be gleaned by more specific data.
The other fascinating part of this graph is seeing the red active inventory creeping up where inventory was practically non-existent over the last few years. Essentially, buyers who come into town now have a few properties to choose from instead of waiting for that one perfect option to come available on the market. This will help reduce stress levels for buyers and increase confidence in what they are purchasing.
It is a common misperception to believe that our Estes Park market is completely seasonal. Yes, there is far more traffic and more people in town during the summer and fall months in Estes Park. However, if you look at the last two years of data for single family homes, you are just as likely to sell in March as you would in July in both 2022 and 2023. Excluding the dips in both February and April, this graph shows that if you have a home to sell, there are buyers looking for real estate in Estes Park all year long. Likewise, as buyers, there is no reason to shut off your email property alerts in the “off-season” because there might just be the perfect home that comes available. We'd love to Help You Make a Wise Real Estate Decision with your home today.
