Holy smokes! The real estate market is on fire! I suppose I shouldn’t joke about fire references heading into the summer season in Estes Park. If you have heard about the fire in Rocky Mountain National Park, it is not affecting or threatening Estes Park, but we have had a bit of smoke because of wind patterns and the fire’s location on the west side of the park. There are no closures, evacuations, helicopters, airplanes or firetrucks in Estes Park like there were last year around this time and for that we are all thankful!
However, the real estate market in Estes Park is rocking and rolling as we kick off the summer. May saw more homes sold than in any single month since August 2008. The absorption rate (relationship between supply and demand) is better than it has ever been since I started keeping track in 2008. Time on the market is falling the the difference between the average list price to sale price ratio continues to shrink. These are all great signs of a market continuing to improve.
Advice for Buyers:
Under $500,000, properties are showing signs of appreciation. If you were waiting for the bottom of the market, it has most certainly passed. Couple that fact with rising interest rates and it is now more expensive to buy than it was a couple months ago. However, I do expect prices to continue to rise as long as the economy continues to improve, even though interest rates most likely won’t return to their all-time lows. Above $500,000, there are still some amazing deals in the luxury home market. Prices are still falling and will continue to fall until demand returns and inventories fall.
Advice for Sellers:
If you haven’t noticed, the buyers have returned to our market in force!! There are buyers looking now for properties in great shape and priced right. I currently have 12 listings and 8 of them are under contract. All but 1 of these sold in 30 days or less. I can’t guarantee your house will sell fast, but it does show that with the right marketing and the right price, your home could sell just as fast.
Estes Park Real Estate Market Statistics
Single Family Homes
147 – Active on the market (4 more than last month and 46 less than this time last year)
26 – Sold in May (17 more than last month and 14 more than May 2012)
38 – Currently Pending (6 less than last month and 10 more than this time last year)
$350,000 – Median Price of trailing 12 months of sales
$1,250,000 – Most expensive home sold in May
$232,000 – Least expensive home sold in May
9.5 Months Supply of Inventory (Also called Absorption Rate)
Condominiums and Townhouses
98 – Active on the market (7 more than a month ago and 20 less than this time last year)
15 – Sold in May (7 more than last month and 10 more than May 2012)
28 – Currently Pending (3 more than last month and 16 more than this time last year)
$238,500 – Median Price of trailing 12 months of sales
$315,000 – Most expensive condo sold in May
$135,000 – Least expensive condo sold in May
10.6 Months Supply of Inventory (Also called Absorption Rate)
124 – Active on the market (2 more than a month ago and 3 less than this time last year)
4 – Sold in May (1 less than last month and 2 more than May 2012)
4 – Currently Pending (1 less than last month and the same as this time last year)
$127,000 – Median Price of trailing 12 months of sales
$119,900 – Most expensive land sold in May
$85,000 – Least expensive land sold in May