Estes Park Real Estate Market Statistics for March 2014

Sam Basel April 13, 2014

Statistics-icon-smallThe Estes Park Real Estate Market is in an interesting state of flux right now. The stats and recent activity seem to show a general indecisiveness that makes things hard to predict how things are going to shake out. Perhaps the inconclusive evidence could be caused by the volatility in the stock market recently or the political turmoil overseas with Russia and Ukraine.

On one hand, median prices of properties sold continues to rise and is now approximately 10% higher than this time last year. The median price is also approximately as high as it was at it’s peak before the real estate bubble burst a few years ago. In addition, million dollar homes have been selling well lately. In the last six months, we’ve had 6 million dollar home sales which is way above normal for any six month period in recent years.

On the other hand, so far this year, we are down 30% in the number of single family sales compared to last year. Available inventory for sale is still significantly lower than where we were at this time last year, but I expect that number to level out and match last years numbers before summer hits as long as the current trends continue.

I have been involved in several multiple offer scenarios lately which shows we still have solid demand among buyers. However, I am also seeing a common trend among buyers being very selective and not finding exactly what they want within their price range. They have grown tired of seeing the same old properties languishing on the market waiting for the perfect buyer to come along. We are seeing time on the market actually increasing in the market as a whole.

I will be keeping a close eye on how the market demand changes as we get closer to the summer months. Stay tuned – I’ll keep you informed as we go along!

Advice for Buyers

Feel free to make offers on properties that have been on the market a long time. While the probability is low that the seller will bend much in their price, you never know until you try. On the other hand, if you see a property come available that you have interest in at a good price, don’t delay. You never know how many other people are looking for the same thing! One quick tip is to make sure you have your financing in order before you start looking for a home. That way, you know what you can afford, your offer will be stronger, and the process will be much smoother.

Advice for Sellers

Now is the best time of the year to be considering selling your home. The summer selling season is when the most amount of real estate sales happen in our calendar year is right around the corner. In order to take advantage of this market, schedule a time with me to chat about your situation so I can help you determine what the best real estate move is for you. It may be selling now as is, but it may also be renting your property out long term.

Single Family Homes

132 – Active on the market (8 more than last month and 7 less than this time last year)
13 – Sold in March (7 more than last month and 5 less than March 2013)
29 – Currently Pending (7 more than last month and 4 less than this time last year)
$372,500 – Median Price of trailing 12 months of sales
$1,057,410 – Most expensive home sold in March
$177,000 – Least expensive home sold in March
9.3 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

74 – Active on the market (same as a month ago and 21 less than this time last year)
2 – Sold in March (5 less than last month and 8 less than March 2013)
13 – Currently Pending (6 more than last month and 12 less than this time last year)
$239,950 – Median Price of trailing 12 months of sales
$515,000 – Most expensive condo sold in March
$295,000 – Least expensive condo sold in March
9.3 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

112 – Active on the market (12 more than a month ago and 8 less than this time last year)
1 – Sold in March (1 less than last month and 2 less than March 2013)
8 – Currently Pending (5 more than last month and 3 more than this time last year)
$114,000 – Median Price of trailing 12 months of sales
$129,900 – Most expensive land sold in March
$129,900 – Least expensive land sold in March

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