January 2009
How's the Market?
Sold Data |
2007 |
2008 |
Percentage of Change |
Residential - Units Sold |
262 |
188 |
-28.24% |
Average Price |
$375,861 |
$391,446 |
4.15% |
Median Price |
$315,000 |
$339,000 |
7.62% |
Condos - Units Sold |
122 |
99 |
-18.85% |
Average Price |
$279,963 |
$271,142 |
-3.15% |
Median Price |
$265,000 |
$264,500 |
-0.19% |
Vacant Land - Units Sold |
55 |
41 |
-25.45% |
Average Price |
$164,706 |
$167,063 |
1.43% |
Median Price |
$130,000 |
$140,000 |
7.69% |
This table reflects what I have been saying in the last three issues of this newsletter for 2008: Prices of single family homes remain strong with slight increases in both the average and median prices and the total volume is off by just over 25 percent. Condominium prices are down about 3 percent, but this could be due to a number of units that were sold in 2008 priced in the $140,000 price range.
The "doom and gloom" of drastically falling real estate prices being presented by the national and regional media do not hold true for the Estes Park market. I will go back to what I have said before -- all real estate markets are local and are affected by local conditions.
What has been affected locally is the volume of sales and the change in the lending industry. Should the volume of sales continue to decline and the number of new listings continue to increase then it will eventually be reflected in our market prices, but that has not happened yet. What has occured is that sellers and brokers are pricing properties at a more realistic level for market conditions and buyers have more to choose from. This is a buyers' market in that there are many choices, but sellers are still seeing values hold. Selling prices are within about 4.5 to 5 percent of list prices for single family homes, 3 to 3.5 percent for condominiums and 7 percent for vacant land.
Currently there are 213 active listings for single family homes and 97 listings for condominiums. This is about a year’s supply in both categories and I expect more listings to be added as the year progresses. This is a bit higher than normal, but we have seen this before.
It is my opinion that our real estate market is holding up quite well given the national news and the mortgage market. There is still money out there for financing and re-financing of mortgages. It may be a bit more difficult to get than it was several years ago, but money is still there. Check with our local banks, credit unions and mortgage brokers if you have a need in this area, or if you would like some contact names and numbers, give me a call.
Odds and Ends:
***IRS business mileage allowance for 2009 will adjust downward to 55 cents. Medical or moving rate is 24 cents and the rate for charitable purposes is 14 cents.
***Did you know that you can put a "security freeze" on your account through the major credit bureaus? It is not right for everyone, but adds another level of protection against identity theft. Go to the web sites for the major credit agencies of Experian, TransUnion or Equifax for complete information.
***The town mainatins 14.652 million square feet of roadway surfaces.
***Americans today live to be, on average, 78. In 1900 that age was 47.3 years.
***Estes Park’s budgeted general fund expenditures for 2009 is $ 11.096 million. This is down from $12.073 million in 2007. About $7.2 million in revenue is generated through sales tax another $300,000 comes from property taxes.For complete 2009 budget information go to http://www.estesnet.com/Finance/General%20FUnd.pdf.
***You may have received a flyer from the Town titled “Lead in Drinking Water”. This does not mean that the town has excessive lead in its drinking water. What is does mean is that homes built prior to 1986 may have lead supply-line pipes or lead solder used to connect joints. Sometimes treated water will cause the lead to disolve and increase the amount of lead in the drinking water. If you have concerns or need more information contact the Town of Estes Park Water Department at (970) 577-3619.
***There are a variety of “first time home buyer” programs that are offered by the county, state and federal governments. These range from low-interest loans to income tax incentives. Of course, owning your own home also has major tax advantages.
***263,520 people used the Estes Park Visitors Center in 2008.
When you or anyone you know has real estate needs or questions, please contact me. This can be for consultation, selling, buying or leasing of residential, commercial or investment properties.
It is through your goodwill and continued support that my business has been successful.
When experience matters - it really matters.
Selling Estes Park Real Estate since 1986!!
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