For the first time since the recession started we have seen an increase in the average sales price of condos in the Winter Park Area (includes Fraser). For 2010, the average sales price of condos finished down by 9%. The first quarter of 2011 is up by 44% over the first quarter of 2010. This increase is probably the result of a few higher priced condos in the Base Village that have sold. Available inventory is continuing to drop. Currently there are 286 condos on the market which is slightly higher than the same period in 2007 – this was also prior to Intrawest releasing their base village condos. To most of us condo prices still seem a little soft but hopefully we’ll see some stabilization in the condo market as the year progresses.
Condo sales in the Granby area continue to see increases in the number of overall sales and sales volume. This is primarily due to approximately 70 bank-owned condos at the Inn at Silver Creek that were put on the market around the first of the year. There are currently 34 units still unsold, 14 under contract and 26 closed since the 1st of the year. Additionally, prices have continued to slightly trend down in the Aspen Meadows condo complex and Base Camp One, at the base of Sol Vista ski area, has been successful at selling some of their inventory.
At the end of 2010 it appeared that single-family homes and townhomes in the Winter Park Area had bottomed out in terms of average sales price, finishing the year even with 2009. For the first quarter of 2011 the average sales price was up 10% over the first quarter of 2009. Keep in mind this is an average and some price ranges are doing better than others. Overall a good sign but we still have a long way to go to get back to our high average sales price in 2008.
Vacant land sales are still struggling to gain a foothold. On the positive side inventory is down about 18% in the Winter Park, Fraser, Tabernash area. On the negative side, at the current sales pace, we have 6.85 years worth of vacant land on the market.
If you would like more detailed information our 16-page Annual Sales Report is hot off the presses. Be sure to also check our our 1st Quarter Sales Comparison 2005 to 2011. Please give us a call and we would be happy to drop both in the mail to you.