Spring is an amazing time to be in Estes Park. While the weather may be a bit unpredictable, the end result is always spectacular. Snowy peaks, plentiful sunshine and the scent of flowers in the air help make this time of year a favorite among locals.

May is also a great time to be thinking about buying real estate. Many locals know that the peak selling season for real estate is in the peak of the summer so you’ll find the biggest selection of new listings coming on the market right about now. As we get fresh properties on the market, it is important to keep an eye on how our numbers are playing out.

• We are selling more real estate in Estes Park this year than last year. Condo sales and land sales are way up but single family are down a little. More buyers in the market place is a very good sign.
• Median prices of all three categories are all on an increasing trend at the moment. This means we are getting more sales in the upper price ranges than we have in recent years.
• Million dollar homes are getting some great activity lately. One million dollar home sold in April and there are 5 more currently pending. If all 5 of these close this year, it will be the best year for million dollar home sales since 2007.

Advice for Real Estate Buyers

We are in the middle of our annual flood of new listings coming on the market. There are plenty of fresh listings and I expect several more by the end of May. If you are sitting on the sidelines waiting for that perfect property to show up on the MLS, realize that you are not the only one doing the same thing. For the best priced properties in the best condition, expect competition. With competition, remember you will need to be aggressive to get the property. By being aggressive, I mean getting your offer in first and making sure your offer is solid.

Advice for Real Estate Sellers

As I mentioned above in my advice to buyers, there are plenty of great new listings coming on the market right now and there are buyers waiting for “the right one” to come on the market. Competition is fierce for the right listings. However, for every well priced aggressive property, there are 3-4 others that are matching the market and expecting to be sold just because they are coming on the market right before the summer. Don’t forget you will need to stay aggressive in order to get sold in a reasonable amount of time. Make sure it is abundantly clear your home provides the best value at your price point. Contact your real estate agent (if you are looking for suggestions, I know a guy…) for tips and strategies to get potential buyers to like your home best.

Single Family Homes

194 – Active on the market (9 more than last month and 19 less than this time last year)
7 – Sold in April (3 less than last month and 2 less than April 2011)
17 – Currently Pending (2 less than last month and 1 less than this time last year)
$339,500 – Median Price of trailing 12 months of sales
$1,100,000 – Most expensive home sold in April
$225,000 – Least expensive home sold in April
15.5 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

120 – Active on the market (16 more than a month ago and 1 more than this time last year)
8 – Sold in April (5 less than last month and 4 more than April 2011)
7 – Currently Pending (5 less than last month and 3 more than this time last year)
$247,500 – Median Price of trailing 12 months of sales
$480,000 – Most expensive condo sold in April
$168,500 – Least expensive condo sold in April
16.2 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

119 – Active on the market (4 more than a month ago and 2 more than this time last year)
0 – Sold in April (1 less than last month and 2 less than April 2011)
2 – Currently Pending (1 more than a month ago and 1 more than this time last year)
$175,000 – Median Price of trailing 12 months of sales

Cute Gingerbread Ranch Home for Sale

Cute 2-bedroom gingerbread ranch home sits on over 2 acres of land at the entrance to The Retreat. The house is nestled against a ridge of rocks and the river is right across the street.There is easy access to Crosier Mountain trailhead and the National Forest. The open floor plan feels warm and cozy with a wood burning fireplace and new knotty maple kitchen cabinets. Level yard space and a patio make it easy to entertain outside. A separate workshop and storage shed are also on the property. Second buildable lot is included with property.

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Bank Owned Property on 10 acres in The Retreat of Glen Haven

Custom-built home with lots of potential. A 2-story wall of windows in the living room takes in the views. Large master bedroom suite with luxury master bath including a cedar wood sauna. Property includes a greenhouse, lower level garage with workshop, pole barn and carport. No permanent water source, boiler system broken.

Buyer to verify all information. Buyer’s closing costs paid by the seller (3%). Call for special financing and incentives.

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Best deal on vacant land in the Estes Park area!
Fantastic views of the Mummy Range are available from this level building spot among million dollar homes in the Kiowa Ridge Subdivision. The open meadow is a hot spot for wild flowers and wildlife. Adjacent to 8 acres of open space. All city utilities and no above ground power lines. Sold for $240,000 in 2007. Attractive financing with a local bank is available. Call for terms.

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With the abnormally warm temps across the nation, spring has sprung early in the real estate market as well. I am seeing reports almost daily from locations all over the nation of increased sales and decreased inventory. While Estes Park isn’t exactly “taking off” like some of these other locations, there are plenty of bright spots in our real estate statistics that are worth showcasing:

1. The median price of single family homes has finally bounced off its $325,000 mark and is up to almost $340,000. It has remained at $325,000 since January of 2011. Hopefully this trend will continue as more higher end sales occur in our marketplace.
2. More condos are selling this year than last year and less single family homes. However, the sum total of both are about equal to last year’s production.
3. The median value of land sales over the past 12 months continues to rise and is now up to $175,000. The number of vacant land sales is also much more than we’ve seen in the past 4 years.
4. For single family homes, the number of available homes on the market continues to remain lower than the year before. We are going on 11 months in a row where we’ve had less inventory than the same time in the previous year.

So what does all this mean? It means our market is continuing to strengthen. There are buyers out there competing for the best deals and are active in the marketplace. Property values are not expected to fall much more if at all. Cautious optimism best describes our market.

Advice for Real Estate Buyers

Rates are remaining lower than anticipated which means the cost of borrowing money is still incredibly cheap. Sellers are starting to get the idea that they need to be aggressive in order to get their property sold. Therefore, keep a watchful eye on the market for a well priced property (I have a few in mind and would be happy to make some suggestions). When you do find one you like, don’t delay. I’ve been involved in several multi-offer scenarios in the past 6 months and that is not always beneficial to the buyer.

Advice for Real Estate Sellers

Aggression remains the key word for sellers. As I have been trumpeting for several months, now is the time to get your home on the market. Focus on condition and price. Start preparing your property to sell by focusing on first impressions. De-clutter your home and create more open spaces as much as possible. Get your real estate broker involved early and often to provide suggestions on how to make your home as attractive as possible and then price your property aggressively. Remember what does and does not influence the value of your home.

Single Family Homes

185 – Active on the market (15 more than last month and 6 less than this time last year)
10 – Sold in March (4 more than last month and 8 less than March 2011)
19 – Currently Pending (same as last month and 9 less than this time last year)
$339,500 – Median Price of trailing 12 months of sales
$875,000 – Most expensive home sold in March
$115,000 – Least expensive home sold in March
14.6 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

104 – Active on the market (4 more than a month ago and 1 less than this time last year)
13 – Sold in March (5 less than last month and the same as March 2011)
12 – Currently Pending (7 less than last month and 3 more than this time last year)
$247,750 – Median Price of trailing 12 months of sales
$402,000 – Most expensive condo sold in March
$125,000 – Least expensive condo sold in March
14.8 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

115 – Active on the market (3 more than a month ago and 7 more than this time last year)
1 – Sold in March (2 less than last month and 1 more than March 2011)
1 – Currently Pending (same as a month ago and same as this time last year)
$175,000 – Median Price of trailing 12 months of sales
$250,000 – Most expensive Lot sold in March
$250,000 – Least expensive Lot sold in March

This affordable mountain home in tip-top shape has 3 bedrooms, 2 baths, and excellent outdoor spaces. Fully remodeled interiors include a brand new kitchen, new roof, new windows, new paint, new flooring, and much more. The spacious living spaces and a great corner location with mature trees make this a home you need to consider! Private master suite includes a full bath. The living room, dining and kitchen are anchored by a large fireplace. Large windows in the family room bring in lots of natural light. Don’t miss the spacious patio for grilling, enjoying the shade, or your morning coffee. You won’t find another home in this great of condition on this large of a lot and with trees like these. Come take a look and see for yourself! Total square footage as quoted from Larimer County includes the basement which is only accessible from exterior.

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List of Improvements:

- New roof and gutters – July 2011
- Insulation in the attic – 2007
- Upgraded kitchen – new stove & refrigerator 2007
- New carpet – 2007
- Doors – Interior and two exterior – 2010
- Paint – Interior – ongoing since 2008
- Furnace serviced – 2011
- Updated baths – toilet, vanity, tile & plumbing – 2010
- Some new electrical outlets – ongoing since 2008
- Drywall in dining room and family room
- New ceiling light fixtures and ceiling fan in master bedroom
- Program thermostat in living room
- Heat lamp, new vent, light fixtures in both baths
- Sun Tunnel in the kitchen – 2011

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Elite Colorado mountain home at a price you can afford! Compared to other homes in the same price range, this home is in a class all its own. The custom wood finishings throughout the home create a warm atmosphere including Australian Cypress wood floors, Alder trim, Alder Cabinetry, and Knotty Pine Tongue and groove ceilings. Well placed large windows welcome the great outdoors into your living spaces. Crocker Ranch designated open space fills the windows – and won’t ever change! Functional main level floor plan with a multi zoned forced air heat system allows flexibility to close off space in lower level when your guests are not visiting (yes, you’ll have plenty of visitors if you own this home!). With over 1.5 Acres of privacy, this home begs you to kick back, relax and get away from it all. If you like a little more outdoor action, Hermit Park open space is just up the road. Whatever your desire, this home is perfect for the weekend or a lifetime!

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Additional Features:

- South facing window exposure
- Family room pre-wired with HDMI cable and surround sound for a Home Theatre System
- Full size wet bar in the family room
- Recirculating hot water system available
- Forced air heat with multiple zones
- Programmable thermostat
- Well produces 1.25 GPM
- Extra storage tank in place (but not hooked up)
- Water saving low volume flush toilets

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With more sunny skies and less wind, March is turning into a pretty amazing month weather wise! There is still plenty of snow in the higher elevations and there will still be plenty of snow in the forecast for Estes Park, but it sure is nice to enjoy 50 to 60 degree temperatures again!

With sunny weather and more people coming into town, we are starting to see more activity in the real estate market as well. Over the next month or two, expect to see a huge influx of new listings coming on the market to be ready for the big summer push.

Looking at the statistics, I’m excited to report that the number of single family homes currently on the market is continuing to be far lower than previous years at the same time of year. In addition, the absorption rate (the relationship between supply and demand) is also as low as it has been during March since I have been keeping track. Both of these key statistics prove the fact that Estes Park’s real estate market is starting to show solid signs of improvement.

Advice for Real Estate Buyers

As I’ve been mentioning for several months now, there will be plenty of new listings and big price reductions hitting the real estate market this spring. Buyers need to be aggressive and make offers when they find the right one because there are other buyers in the market waiting for that perfect property to come available.

Secondly, buyers need to keep a close eye on mortgage interest rates. In recent weeks, rates have been inching up and they are anticipated to continue to rise. In summary, the longer you wait, the more expensive it will be for your monthly mortgage payment.

Advice for Real Estate Sellers

As more properties come on the market in the spring, it is absolutely critical to showcase your home in the best light possible (great pictures, as low of a price as you can stomach, and a Real Estate agent with an aggressive market plan). Otherwise, you run the risk of becoming another statistic wondering why you haven’t sold your home 12 months later.

Single Family Homes

170 – Active on the market (2 less than last month and 15 less than this time last year)
6 – Sold in February (2 less than last month and 1 less than February 2011)
19 – Currently Pending (10 more than last month and 1 less than this time last year)
$326,448 – Median Price of trailing 12 months of sales
$845,000 – Most expensive home sold in February
$125,000 – Least expensive home sold in February
12.5 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

100 – Active on the market (1 more than a month ago and 7 more than this time last year)
2 – Sold in February (5 less than last month and the same as February 2011)
19 – Currently Pending (2 more than last month and 14 more than this time last year)
$245,000 – Median Price of trailing 12 months of sales
$219,000 – Most expensive condo sold in February
$185,900 – Least expensive condo sold in February
15 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

112 – Active on the market (1 less than a month ago and 12 more than this time last year)
3 – Sold in February (1 more than last month and 2 more than February 2011)
1 – Currently Pending (2 more than a month ago and 2 more than this time last year)
$170,000 – Median Price of trailing 12 months of sales
$250,000 – Most expensive Lot sold in February
$84,500 – Least expensive Lot sold in February

Across the nation, February is typically a month where people start to anticipate the end of the winter season. In Estes Park, conditions couldn’t be better for a multitude of winter activities like snowshoeing, cross country skiing, hiking, and more. The fun thing about Estes Park is that if there isn’t any snow near town, you can always head up to the National Park to find snow all the way up until May and June!

As the first month of 2012 is behind us, it sure seems as if we are starting off the year on the right foot. Our previous trends with single family homes showing more sales and less inventory compared to the same time last year are continuing. Condos are showing solid improvement in the number of sales as well as the number of properties we have pending.

As we make our way into Spring, expect inventory to rise over the next few months as the market gets ready for the summer season.

Advice for Real Estate Buyers

As I mentioned in last month’s market update, buyers need to expect price reductions and lots of new properties over the next couple of months. Expect competition among buyers to be high among the best deals. When a good deal shows up, don’t dilly dally.

Secondly, if you are an investor looking for an income property, now is the time to buy. The vast majority of cash flow comes from the summer months so if you buy before summer, your first few months will be flush with cash. If you were to buy in the fall/winter, you would be faced with negative cash flow for several months until the big income summer months hit. Take a look around, there are several investment condos ready for offers.

Advice for Real Estate Sellers

If you or someone you know are thinking about selling your home, now is the time to do it. The most sales happen in Estes Park in the summer time and acting now will ensure you are properly positioned to capture the most amount of value out of your home. The first tip is to take a fresh look at your home from a buyer’s perspective. Focus on the first impressions both from the street and as you walk in the front door. I would be more than happy to meet with you to discuss what else can be done to generate the most amount of interest and therefore the highest sale price for your home. I have plenty of ideas so give me a call or contact me here.

Single Family Homes

172 – Active on the market (8 more than last month and 19 less than this time last year)
8 – Sold in January (1 more than last month and 3 more than January 2011)
9 – Currently Pending (4 less than last month and the same as this time last year)
$325,724 – Median Price of trailing 12 months of sales
$937,500 – Most expensive home sold in January
$225,000 – Least expensive home sold in January
12.6 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

99 – Active on the market (1 more than a month ago and 8 more than this time last year)
7 – Sold in January (same as last month and 3 more than January 2011)
17 – Currently Pending (5 more than last month and 11 more than this time last year)
$245,000 – Median Price of trailing 12 months of sales
$302,000 – Most expensive condo sold in January
$129,000 – Least expensive condo sold in January
14.8 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

113 – Active on the market (1 less than a month ago and 13 more than this time last year)
2 – Sold in January (same as last month and 2 more than January 2011)
3 – Currently Pending (the same as a month ago and 2 more than this time last year)
$170,000 – Median Price of trailing 12 months of sales
$228,500 – Most expensive Lot sold in January
$225,000 – Least expensive Lot sold in January

The Sundae Saloon – 125 Moraine Avenue D – Estes Park, CO

Productive and profitable downtown Ice Cream shop for sale! Completely turn-key operation creates a great opportunity to get up and running long before the summer season hits downtown Estes Park. Owner willing to provide 2 weeks training, all recipes, procedures and details to help make the transition to new ownership as easy as possible. Lease is not transferable but is negotiable with the landlord. Building is not included. Business opportunity only. Complete inventory of assets included in the sale is available upon request. Price does not include inventory of goods for sale which can be purchased separately.

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