Estes Park Real Estate Market Statistics for October 2016

Sam Basel November 14, 2016

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Traditionally, November through February is the slowest part of the year in the real estate market. However, because our inventory is at record low numbers and continuing to shrink, our market is still very active. I suspect we’ll see continued seller’s market allowing price increases and short times on the market all the way through the winter season and it will be interesting to see what transpires.

Number of sales is way down compared to last year. Last year was an incredible year of increasing demand and still enough supply to service that demand. This year, buyers are simply not buying because there is nothing available that fits their wants and needs. Many buyers are giving up even before they start working with an agent because they don’t see anything online that works for them.

Advice for Buyers

One of the biggest advantages of working with a dedicated buyers agent is finding out about properties as soon as they come on the market and sometimes even before it is released to the general public. We also have lots of experience in how to structure your offer to be chosen if you are competing against others. This market is difficult for buyers to be successful but not impossible so be sure to connect with us so we can help make the process as easy as possible for you.

Advice for Sellers

If you are ready to sell your house, do not take the first offer unless you know for sure it is the best offer you can get. Expose it to the open market and get the highest offer you can because there are lots of buyers looking right now. This may seem counter-intuitive, but even if you have a full price offer before it goes on the market, there is a chance another buyer may offer you better terms along with a full price offer or even offer over asking price. Far too many sales have been represented by other agents in town where I see avenues where the seller could have pocketed more money in the sale.

Single Family Homes

66 – Active on the market (6 less than last month and 19 less than this time last year)
19 – Sold in October (7 more than last month and 3 less than October 2015)
33 – Currently Pending (1 more than last month and 7 less than this time last year)
$415,000 – Median Price of trailing 12 months of sales
$950,000 – Most expensive home sold in October
$210,000 – Least expensive home sold in October
3.8 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

21 – Active on the market (6 less than last month and 11 less than this time last year)
14 – Sold in October (2 more than last month and 3 more than October 2015)
24 – Currently Pending (the same as last month and 10 more than this time last year)
$255,000 – Median Price of trailing 12 months of sales
$356,000 – Most expensive condo sold in October
$145,000 – Least expensive condo sold in October
1.9 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

73 – Active on the market (4 less than last month and 22 less than this time last year)
9 – Sold in October (6 more than last month and 4 more than October 2015)
8 – Currently Pending (9 less than last month and 1 more than this time last year)
$139,000 – Median Price of trailing 12 months of sales
$270,000 – Most expensive land sold in October
$75,000 – Least expensive land sold in October

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