Over the last week, the amount of inventory (real estate available for sale in Estes Park, Colorado) has been brought up in conversation several times. Each time, the common feeling with people I talk to is that available homes and condos for sale seem to be climbing at an alarming rate.
I would recommend caution in saying that inventory is up across the board especially at this time of year. During the spring of the year, Estes Park typically sees many properties come available for sale in anticipation of the busy summer tourism season.
The best thing we can do is test the level of inventory is look at the stats. Unfortunately, our local Multiple Listing Service does not allow us to look back at a certain date and calculate how many properties were “active” on the market at that time. Personally I have been tracking Actives for almost 2 years now. Therefore, I am finally able to compare the amount of active inventory from one year to another and from month to month.
Currently, in the 80517 zip code, we have 196 homes, 105 condos, and 103 pieces of vacant land available for sale. At this time last year, we had 180 homes available, 116 condos, and 93 vacant land available. In summary, there are 404 active listings in Estes Park compared with 389 at this time last year. This translates into a 3.9% increase in inventory. In my opinion, a 3.9% deviation in a real estate market as small as Estes Park is hardly a reason to be worried.
For those of you who follow this blog regularly, you already know that I post all sorts of statistics each month on my real estate blog. You can check out my real estate market statistics page (best viewed in Firefox) for all sorts of graphs and charts or you can view an archive of my monthly statistics blog posts for additional commentary each month.
For those of you are more visual, above is a chart showing the inventory levels of real estate in Estes Park over the past 2 years.