Year End 2016
The numbers are in....
I am a self-admitted numbers geek. After all, I did accounting work for 30 years before moving to paradise nine years ago and becoming a Real Estate Advisor. I like to use the numbers from the Estes Park Board of Realtors to track the real estate market indicators. They encompass the entire Estes Valley and if you drilled down into them further, the indicators would vary widely by price range and location, but they are a good overall indicator of the entire market. Contact me if you want to know the numbers in your price range or in your market.
Single Family Homes reversed their 2015 trend of over a 22% increase in the number of homes sold over 2014 and had a 7.6% decrease in 2016. The number of homes available for sale as of December 31st, was up by 9.5% over December 2015. The median price of single-family homes sold in 2015 was up by 9.8% over 2014 and up by 6% over 2016 and settled at $375,000. There were 28.5 sales per month in 2015 and 26.3 sales per month in 2016 equaling a 3.95 month supply of homes available for sale.
It is widely acknowledged that a six-month supply of homes available for sale is a balanced market and that anything less is a seller’s market and anything more is a buyer’s market. This trend is supported by fewer sales in 2016 and more homes available for sale. The back-to-back trend in increased value is in direct opposition to the other indicators and tells me that the economy in Estes Park and all over Colorado is doing well and people can afford higher priced homes.
Condo sales in Estes Park decreased 7.3% in 2016 after increasing 36.4% in 2015. The number of condos available for sale was down 37.8% as of December 31, 2016, after being down by 26.2% in 2015. The median price of condos sold in 2016 was $267,000 which was up 1.5% from 2015 after being up 5.2% from 2014. There were 28 condos available for sale in Estes Park as of December 31st, and a 2.4 month supply of condos available for sale.
With only 28 condos available for sale as of the end of 2016, the market should remain strong. The decrease in sales can be accounted for by the lack of condos available for sale. It is slightly surprising to see that the median price of condos sold has not increased in value at a similar rate to single-family homes.
The Colorado Association of Realtors has isolated the numbers just for Estes Park. Most of the trends mimic those of the Estes Valley, except for the median price of single-family homes sold in 2016 reaching $425,000! They also revealed that sellers are getting 97.5% of their asking price and it takes an average of 106 days for a home to sell once it has been put on the market.
What happens in the Estes Valley real estate market in 2017 can be predicted based on these trends. I have the year-end reports from both organizations available that show the trends by month. Give me a call (970-590-9941) or drop me an email (Scott@EstesParkRealEstate.com) if you want copies mailed or emailed to you. I also offer an annual, free, no-obligation real estate review of your home. I will compute these trends for your home and prepare a Comparative Market Analysis that shows your home’s value.
I appreciate your past support and look forward to serving you in 2017.