Mortgage rates are creaping up and are now above 4.5% in most instances, however, I don’t see interest rates being a problem for our local market until they get well over 5%. There is still a huge deficit in the number of available homes and a large number of people waiting for homes to come available. The relative strenth in the stock market recently is only going to increase the amount of buyers looking for a property especially in the high end of the market.
Very low inventory, very short lengths of time on the market before selling, and increasing prices all point to a very robust real estate market in Estes Park. It is a very different real estate market than what it was like in Estes Park 5-10 years ago. If you have questions about the market, please don’t hesitate to ask!
Advice for Buyers
If you haven’t noticed yet, there are very few properties to choose from on the market right now. If you are not on our Neighborhood Radar service yet, you run the risk of missing out on a property that fits your needs but someone else beats you to it. Our Neighborhood Radar will automatically notify you immediately when a property hits a market which basically gets you notifications before most local real estate agents even know it is available. Go to our web site here to sign up.
Advice for Sellers
There is a high probability that your home increased in value in this past year. If you have had any thoughts about selling, I would be happy to help you walk through the process. While prices have appreciated a lot in many price ranges, it still will take a well-thought out marketing plan with specific steps to make sure you keep as many dollars in your pocket as possible. If you or anyone else you know are thinking of selling in the new year, we can help. Give us a call.
One more thing, the Neighborhood Radar service I mentioned in my advice to buyers is also great for homeowners keeping track of comparable sold properties or that are in a specific location. Getting notifications of comparable properties will help you understand the market for when you are ready to sell. Sign up on our web site or send us an email with your preferred set of parameters and we’ll get you set up right away.
Single Family Homes
62 – Active on the market (4 less than last month and 16 less than this time last year)
15 – Sold in November (4 less than last month and 2 less than November 2015)
32 – Currently Pending (1 less than last month and 4 less than this time last year)
$425,000 – Median Price of trailing 12 months of sales
$729,000 – Most expensive home sold in November
$270,000 – Least expensive home sold in November
3.6 Months Supply of Inventory (Also called Absorption Rate)
Condominiums and Townhouses
18 – Active on the market (3 less than last month and 20 less than this time last year)
10 – Sold in November (4 less than last month and 3 more than November 2015)
17 – Currently Pending (7 less than last month and 3 more than this time last year)
$259,000 – Median Price of trailing 12 months of sales
$630,000 – Most expensive condo sold in November
$164,900 – Least expensive condo sold in November
1.6 Months Supply of Inventory (Also called Absorption Rate)
70 – Active on the market (3 less than last month and 20 less than this time last year)
4 – Sold in November (5 less than last month and the same as November 2015)
6 – Currently Pending (2 less than last month and 3 more than this time last year)
$135,000 – Median Price of trailing 12 months of sales
$590,000 – Most expensive land sold in November
$115,000 – Least expensive land sold in November