Similar to Single Family homes, the number of sales of condominiums was a significant part of the story when comparing 2023 to 2022 with fewer sales in every category of condominiums sold. However, what was not expected was the increases in median and average sales of condos in almost all categories.
Statistics about Condos in Estes Park
One of the biggest impacts on the statistics for Condominiums in Estes Park was the completion and sale of a large number of condominiums at the Wildfire development on the north end of Estes Park. While these numbers did skew higher because of this, the demand was still strong enough to close sales even with the higher interest rates and slower market. Because the nature of this Wildfire project was to keep the cost lower for workforce housing, you’ll see some of the data for newer homes trending lower for the sale prices.
What is great to see is that the price per square foot for all categories has gone up in the last year compared to the year prior. In addition, the time on the market tells a unique story as well. The larger, older condominiums struggled significantly to find a buyer compared to the smaller, newer condos. The contrast is extremely significant in the changes we saw between the two categories and styles of condominiums. Again, the Wildfire development played a significant part of these statistics, but it is worth noting that the demand is solid and consistent for condominiums in Estes Park even in a more difficult real estate environment.
I am looking forward to seeing how the numbers play out in 2024 to see how the Wildfire condos impact the overall statistics in the marketplace. However, even without the Wildfire units, values and demand are staying strong enough for me to believe that 2024 will be a good year for all categories of condominiums in Estes Park.
The shift to a higher price is clearly evident in this graph of condominiums sold in 2022 and 2023 in each price range. The noticeable difference in the $300-$399k category made a big impact on the total median price of the entire market. In addition, we saw significantly more sales in the condos sold over $500,000 which also helps our appreciation and median sales numbers.
Comparing which months carried the most sales in 2022 vs 2023 shows two very different years. For 2022, the first half of the year saw much more activity than the second half. In contrast, 2023 saw the majority of its activity happen in the last half of the year.
