As we get in the swing of fall our real estate market is following its typical fall slow down. However, we are seeing indications that our overall market may be shifting away from its excessive growth pattern. Nationally and locally we are seeing an increase of homes on the market and a gradual decrease in appreciation. We are just starting to see these indications and it is pointing to our market doing a ‘correction’. We are not concerned about a dreadful “crash”, but a gentle braking to slow momentum. Our market has been on an unprecedented ramp up for over 6 years and a correction is due.
So, what does that mean for us? Real estate is cyclical and annually appreciation rates have historically been 3% a year. In the Estes Valley we have been around 9-11% for a while now. In 2018 there has been an increase in the number of single-family homes available for sale compared to 2017, in 5 of the 8 months to date. If the current trend continues we will see more homes for sale which creates more supply and home prices will slowly decrease.
If you are curious about the value of your home, give me a call so we can meet for a no obligation, no pressure assessment of your property. I have lived, worked and volunteered in Estes Park for over 10 years, and I am a Certified Mountain Area Specialist.
