It’s hard to believe we are towards the end of February already! The new year is flying by already. With the crazy swing in weather patterns from the bitter cold and snowy weather we had in January to the record warm temps we enjoyed in February, it’s hard to think of a couple more months of potential snowfall. On the other hand, the variation in weather patterns is one of the reasons people love living in the Mountains!
Now is the time…
With spring just around the corner, there is always an influx of new listings and a flurry of sales that take place in Estes Park in March and April. If you are a buyer, get your affairs in order and talk to a bank because we expect there to be plenty of competition among buyers watching for a limited amount of homes for sale. If you are a homeowner thinking of selling, it is time to get those last minute projects completed to prepare for the open market. With the large amount of buyers waiting for properties to come available, having everything perfect from the start increases the chance of multiple offers and a better net sale price.
The trends of low inventory and increased sales have been continuing into 2017. The number of pending sales in single family homes and condominiums is ahead of last years pace as we start off the new year. Median sold prices for single family homes are 11% higher and condominiums are up almost 6% over what they were at this time last year for the market as a whole. We don’t anticipate these trend lines will change any time soon.
Advice for Buyers
Time is of the essence when dealing with a property you like. In many cases, the early bird is definitely getting the worm! To be more specific, when you are the first offer in on a new property, your chance of success of getting the property is exponentially higher. So if you find something you like, don’t think about it overnight because it has a high probability of being gone the next day. We’ve had several people recently that lost out on properties that if they had acted immediately, they would have avoided a multiple offer scenario and most likely would have had an accepted offer.
Advice for Sellers
Every year in March and April, we see a bunch of new properties coming on the market. This year, if you have your property ready to sell, getting on the market before everyone else will be a good move because of the pent-up demand. With less competition comes a higher probability of multiple offers and a higher net sale price. In this market, the sooner you are ready, the better.
Single Family Homes
50 – Active on the market (10 less than last month and 8 less than this time last year)
11 – Sold in January (12 less than last month and 2 less than January 2016)
22 – Currently Pending (4 more than last month and 2 less than this time last year)
$429,000 – Median Price of trailing 12 months of sales
$1,052,000 – Most expensive home sold in January
$245,000 – Least expensive home sold in January
3.0 Months Supply of Inventory (Also called Absorption Rate)
Condominiums and Townhouses
17 – Active on the market (1 more than last month and 15 less than this time last year)
5 – Sold in January (4 less than last month and the same as January 2016)
15 – Currently Pending (5 more than last month and 1 less than this time last year)
$275,000 – Median Price of trailing 12 months of sales
$420,000 – Most expensive condo sold in January
$183,500 – Least expensive condo sold in January
1.5 Months Supply of Inventory (Also called Absorption Rate)
47 – Active on the market (22 less than last month and 31 less than this time last year)
1 – Sold in January (the same as last month and the same as January 2016)
14 – Currently Pending (6 more than last month and 6 more than this time last year)
$137,000 – Median Price of trailing 12 months of sales
$182,000 – Most expensive land sold in January
$182,000 – Least expensive land sold in January