Sales are staying strong even though the fires have taken some of the excitement out of the real estate market. I have had several clients decide not to buy in Estes Park or the surrounding areas because of the high fire danger this year. The good news is there are plenty of other people that realize this is only a season of life in the Rocky Mountains and the vast majority of properties are unaffected by the fires.
The great thing about Estes Park is that we have extremely few natural disasters that affect our area. Estes Park has never had any threat of tornadoes, earthquakes, or hurricanes. We don’t even get large hail! There have been a few floods in our history, however, you can avoid flooding by living higher on a mountain. The noticeable lack of natural disasters make buying real estate in Estes Park a safer option than most other places across the country.
Here are 4 reasons why I am still very optimistic about Estes Park real estate:
- Mortgage rates continue to be extremely low. I have clients getting 30 year mortgages in the mid 3% range and 15 year mortgages under 3%. Money is cheap.
- Million dollar homes are selling. We have already sold 4 luxury homes for over a million dollars already this year when we only sold 3 last year. Usually, the people buying who have money make really good financial decisions. If they are buying property, it might be time for you to consider buying as well.
- The number sales in both single family homes and condominiums are staying even with last year. However, available inventory of properties for sale is almost 20% lower than last year at this same for single family homes. This translates into a decreasing absorption rate which is a very good thing for our market.
- Pending sales are trending much higher than last year at this same time. The number of homes under contract is 20% higher than last year and there are twice as many condos under contract right now than there was last year. These trends should result in a much better 2nd half of the year than last year. (By the way, you won’t find pending sales statistics anywhere else online.)
Advice for Real Estate Buyers
While the big push for new listings for the summer is over, keep your eye out for other new listings. In addition, as we get closer to the end of summer and into the fall, properties that have been on the market for a long time are going to get more anxious about selling before the peak season is over. Rates are still extremely low so this could be the perfect time to get a great deal on a home.
Advice for Real Estate Sellers
There is still time left in the summer to get your house on the market and generate some activity, but I wouldn’t dilly dally. I have buyers sitting on the sidelines waiting for “the one” and your home could be it. As I said last month, properties in great shape with great pictures and that are priced well are in high demand.
Single Family Homes
203 – Active on the market (10 more than last month and 46 less than this time last year)
17 – Sold in June (5 more than last month and one more than June 2011)
28 – Currently Pending (3 less than last month and 4 more than this time last year)
$339,000 – Median Price of trailing 12 months of sales
$1,125,000 – Most expensive home sold in June
$150,000 – Least expensive home sold in June
17 Months Supply of Inventory (Also called Absorption Rate)
Condominiums and Townhouses
132 – Active on the market (14 more than a month ago and 1 less than this time last year)
4 – Sold in June (1 less than last month and the same as June 2011)
14 – Currently Pending (2 more than last month and 7 more than this time last year)
$248,000 – Median Price of trailing 12 months of sales
$590,000 – Most expensive condo sold in June
$137,000 – Least expensive condo sold in June
18.1 Months Supply of Inventory (Also called Absorption Rate)
131 – Active on the market (4 more than a month ago and 2 less than this time last year)
0 – Sold in June (2 less than last month and the same as June 2011)
4 – Currently Pending (2 more than last month and 4 more than this time last year)
$172,500 – Median Price of trailing 12 months of sales