If you are following the Colorado market you know our the market continues to heat up in 2017. Recent stats show Colorado added 101,000 people to its population between 2014 and 2015, making it the second-fastest growing state in the U.S. according to recent estimates from the Census Bureau. During this time only 25,000 homes were built instead of the 45,000 required to satisfy the housing needs of our populations surge. The housing shortage continues to compound from 2015 through now as we enter 2017. Locally in Estes Park, it is estimated that through 2020 between 1400 to 1600 housing units are needed, see the full report here.
Impact of Low Inventory
Our historic low inventory contributes to escalating home prices and a fiercely competitive sellers market. We are seeing multiple offer situations and offers over asking price. Properties around the median price range $400K and under are under contract within a week. Statewide trends are the same in Estes Park, CO. Colorado has much to offer, the Rocky Mountains with all the recreational opportunities that go along with that, the best downhill skiing, a robust economy, our great weather-over 300 days of sunshine per year, Denver and of course recreational marijuana. I don’t see the appeal lessening in the future with these attractive amenities.
Here is snapshot of the 1st Quarter Estes Park Residential Homes Sales in 2017 versus the same quarter in 2016. In 2016 the residential median home value was $376,000 and this year it is $478,000. This is an increase of 27%!! I think the numbers speak for themselves, these Estes Park market trends show it is a great time for sellers. If you are considering a move please give me a call. I would be happy to complete a complimentary market analysis for your property.