How’s The Market?
“How’s the real estate market?” is a question I frequently get asked. The best answer is “it depends.” Variables like location, condition of the home, the competition, price and current market conditions come into play. Most of the time the question is referring to current market conditions. There may be that little voice in the back of your head that wants to know “How’s the real estate market for my home?”
Let’s look at the current market conditions that paint a broad stroke of the market in the Estes Valley. The numbers that I track to determine the current condition of the real estate market are number of homes sold, number of home available for sale, months’ supply of inventory and the median price of homes sold.
Single Family Homes
There were 72 single family homes available for sale in the Estes Valley as of the end of December which is down by 30.8% from 2016. This is a positive trend as the fewer homes available for sale the higher the price. This also impacts the number of homes sold as there were 288 homes sold in 2017 compared to 316 which is usually a negative trend, however the fewer homes on the market equates to fewer home sales. The median price of homes sold in 2017 increased 16% or $60,000 over 2016 and ended at $435,000 indicating a strong market. Reports published by the Colorado Association of Realtors that narrows the market down to the zip code 80517 shows a median price of $470,000! There was a 3-month supply of homes available for sale at the end of 2017 and almost 4 months supply at the end of 2016. Industry standards indicate a 6-month supply of homes available for sale is a balanced market with a higher supply being a “buyers” market and a lower supply being a “sellers” market. These trends viewed together all point to a sellers’ market and a strong broad real estate market.
Condominiums/Townhomes
Similar trends prevailed for condominiums is 2017 with only 23 available for sale as the end of 2017 which is down 17.9% from 2016. What is really amazing is that this number includes those condos that are under contract but have not closed yet. When we remove those condos, there is close to only a dozen condos available for sale that are not under contract! The number of condos sold was also down by 2.9% at 135 for the year and there is only a 2-month supply compared to 2.4-month supply as of December 2016. This is definitely a strong sellers’ market and the median price for condos sold in 2017 is up by $43,000 to $310,000.
I have crunched the numbers for vacant land and commercial sales as well and will share those if you give me a call. It would be a privilege to meet with you to discuss the real estate market for your home. Contact me and we can set up an appointment for your free, no obligation Comparable Market Analysis (CMA). In this report we will look at sales of homes that have recently sold, county records, square footage, number of bedrooms and bathrooms and the condition of your home. My team can also make suggestions to make your home appeal to a broader market. With a short 30-minute meeting and tour of your home, the full report can generally be completed in 24 hours. Call me on my cell phone at 970-590-9941 or email at Scott@EstesParkRealEstate.com today to make your appointment.