Three years ago, real estate brokers could not hold on to a listing long enough to put a for sale sign in the ground. During that hot market period, the property for sale often was purchased before the ink was dry on the listing agreement.
It is not a surprise to know that is not happening in today’s real estate market. For sale signs are seen in just about every neighborhood. If you like to check out floorplans and decorator touches that others use, as well as get a feel for the types of homes that are available, there are multiple open houses held every weekend, something that was an anomaly even two years ago.
People are still purchasing single family homes and condominiums. It is just taking about twice as long for that to happen. Compared to 2023 when the sale of a property closed about 52 days after it was listed, it now takes 101 days.
Generally, there are more properties to choose from, but in the Estes Park area, prices are not showing much of a decrease. Recent price reductions from when a property is initially listed hover around 2%.
According to statistics gleaned from Information Real Estate Services, 105 single family homes – or about 7% more – were sold during the first six months of 2024 than in 2023. On average, those homes cost $842,184. The median cost (half of all homes sold cost less; half of all homes sold cost more) of a single-family home was $750,000.
While only one more condominium was sold in the first six months of 2024 than in 2023 – 55 – those units cost considerably more than in the past. On average, during the first six months of this year a condo cost $518,261. From January through June in 2023 the average price was $447,273. The median price in the first six months of this year was $545,000; in 2023 the median price was $444,750.
There are no single-family homes in the 80517 ZIP code listed for less than $500,000.