Looking back on 2017, there are a few buzz words that come to mind in the real estate world in Grand County: no inventory, bidding wars, new construction and short term rental crackdown. The latter is interesting but very snooze-worthy at the same time. For a resort market that has thrived on short term rental availability and income since the 1970s, it’s peculiar that it took 40+ years for the County to adopt stringent regulations governing the bread and butter for so many property owners in our destination location. If you are curious about the who, what, why and how of this, check out the governance at http://www.co.grand.co.us/849/Short-Term-Rentals Welcome to the era of VRBO, Air BnB and house swapping!
Now on to more exciting data…real estate statistics!
2017 was a growth year in sales volume and average sale price in just about every sector of the market and every town/area in Grand County. Some of the highlights are as follows:
- The Winter Park Area (WPA) encompasses the WP ski area to the top of Red Dirt Hill (think YMCA of the Rockies) according to our MLS delineation. The single family home market saw an average price jump from $589,015 in 2016 to $729,580 in 2017! This is a 23% increase in average sales price. This is largely due to newer construction closings in 2017 and sales of homes over $1 million. In 2016 there were 14 homes sold over 999K in the WP area with the high sale at 1.8M vs 26 homes sold in 2017 over 999K with the 5 sales over 1.8M. One of those was a REWP spec home sale for $4M in Rendezvous which was a new record for the area and subdivision. These strong sales also contributed to a 51% increase in overall sales volume over 2016.
- WPA condos, townhomes and land average sale prices were also up with 14%, 20% and 17% respectively. If you’ve followed our stats over the years, the condo and townhome numbers are consistent with recent years but the land sales demand some further discussion. The overall land sales volume (again- WPA only) was up 78%!! We moved some pricey dirt in 2017 but all in all it was the land priced under $150K that saw the bulk of the sales.
- Granby sales were stellar in the single family home sector overall with volume up 76% and the average sales price jumped from $379,668 to $487,327 for a 28% increase. Granby land sales volume was up by 64% but the average sale price only rose from 68K to 76K.
- Grand Lake area sales were up as well but not as significantly as WPA, Granby area or soon to be discussed Hot Sulphur Springs. Overall volume was up 29% but average pricing eeked out only 6% from $419,999 to $445,332. Land sales took home the gold in the GL area with a 93% increase in volume and 68% increase in sales price! There was more haggling tolerated in the greater GL area however with land averaging 87% of list price and homes averaging 95% of list price.
- Our county seat of Hot Sulphur Springs made the headlines not only as the most misspelled town in Grand County (second would be Frasier..I mean Fraizer) but with a jump in average sales price of 46%!! This sleepy town’s average home sold for just over 200K in 2016 to almost 300K in 2017.
So that’s a wrap on 2017 folks. Its hard to say what 2018 will bring as we still use the same buzz words today of low inventory, “can’t build ’em fast enough” and increased demand. Are we worried…heck no! There’s lots going on and lots to be bullish about in this fine area we call home. Just call us and ask why we think so!