The Ken Caryl real estate market saw a nice little boost in May, at least in the Plains. Certainly not unexpected for this time of year. The Valley actually saw a decline in price and sales year over year, while prices in the Plains were stable, sales doubled. When I look at Ken Caryl real estate, I divide the neighborhood up into three distinct markets: Ken Caryl Valley (homes on the west side of C470), homes in the Ken Caryl Plains (east of C470, often referred to as “The Ranch Side” by residents, though the whole neighborhood is the Ken Caryl Ranch), and condos/townhomes in the Plains.
Ken Caryl Valley Real Estate
- 14 homes for sale in the Ken Caryl Valley
- There are 10 homes currently pending sale
- 12 homes sold in the Ken Caryl Valley in May (25% fewer than May 2016)
- The 14 homes for sale average $1,013,027 (!!) and have been on the market for an avg of 120 days
- The 10 homes pending sale average $817,090 and have been on the market 29 days
- The 12 homes that sold in May averaged $731,083 (97% of asking) and were on for 40 days
Ken Caryl Plains Real Estate
- 6 homes are currently for sale in the Ken Caryl Plains
- 10 homes currently pending sale
- 10 homes sold in the Ken Caryl Plains in May (2x more than sold in May 2016)
- 6 homes for sale average $467,500 and have been on the market an average of 81 days
- 10 homes pending sale average $431,280 and were on the market 5 days
- 10 homes that sold in May averaged $456,950 (102% of asking!) and were on the market 6 days (only 2 were over 1 week).
Ken Caryl Condos
- 3 condos currently for sale in Ken Caryl
- 9 condos currently pending sale
- 9 condos sold in Ken Caryl in May (80% more than May 2016)
- 3 condos for sale average $236,317 and have been on the market for 8 days
- 9 condos currently pending average $263,322 and were on the market for 12 days
- 9 condos that sold averaged $267,667 (102% of asking) and were on the market 4 days (none lasted a week)
As we look at the Ken Caryl market as a whole, a few things really stand out. Condos are still the hot market, with sales nearly doubling and prices increasing 13.7% over last May. The prices of homes in the Plains stayed steady, but we saw 2x more sales. The Valley appears to be a bit sluggish, and that is more of a factor of the $1M+ homes. 60% of the homes pending sale are listed above $800k, but only 33% of the homes that sold in May are over $800k. Every home in the Valley between $600k-$800k that sold in May sold for over asking price!
The current real estate market continues to be defined by a lack of inventory. While many people are choosing to remodel versus relocate, there are still some options you have to take advantage of this real estate market. Consider the following. If you purchased your home more than 3 years ago, you most likely have more than 30% equity in your home. In most cases, that money would provide a great down payment on an income producing property nearby or a vacation home in the mountains! If you’d like to know what your home is worth, you can get a free online valuation on my website.