As we continue down this road to the unknown, we still like to compare numbers for those of you who like to follow the statistics of the Grand County real estate market. In this newsletter, we want to share a comparison of the month of April versus a year to date (YTD) as we hope it better illustrates what is going on. Scroll through the e-newsletter to see the specific statistics broken down for each area.
In the early weeks of April, Governor Polis declared that there would be no more in-person property showings, but that virtual tours, Facetiming, etc were acceptable. Fast forward less than a week and that order was modiﬁed to “no property showings/visits of any kind, virtual or otherwise.” This amended order also prohibited any marketing until April 28.
There were some minor loopholes in this order, but for the most part, our hands were tied and the only real estate activities that could occur were lending, appraisals and inspections of properties that were already under contract. This backstory, for those who turned off all media last month, explains a bit of why the statistics look the way they do. A few things to note:
- The Winter Park Area market saw 41 closings in April 2019, compared to 23 closings this past April.
- Interestingly 5 of those 23 closings were over $1Million and the average purchase price increased in all property types.
- The current average sold price for a single family home in the WP area is $1,106,864. That is a 48% increase from 2019.
- New listings were down over 50% in every sector of the market.
The Granby Area market saw similar dips in inventory except in the condo market where numbers are up slightly and an equal number of sales occurred in 2020 as in 2019. The average sold prices in the Granby Area are up signiﬁcantly in every sector as well including condos, single family homes, vacant land and townhomes.
The Grand Lake Area is historically pretty quiet in the late winter/early spring months, so the numbers are pretty equivalent Year over Year. Keep in mind, however, that the numbers are small. There was just 1condo sale in both timeframes and 6 sales of single family homes in 2019 vs 5 in 2020. In keeping with its neighbors, the average sold price for a single family home in Grand Lake is up 18% from $491,833 in 2019 to $582,600 in 2020.
During this Pandemic, everyone would like to armchair quarterback the “what if’s” and “what will be’s” on just about everything relating to our world. In lieu of presenting any false positives of an up (Seller) or down (Buyer) market, here are a few more tidbits from our real estate market place:
• We lost a lot of visitors and revenue in mid March, arguably the busiest time for the towns and the ski area
• Mid April until Mid June is our typical shoulder season
• The bulk of new listings typically come on the market later than most urban environments (i.e.June-Sept)
• Most of our sales occur in the last two quarters of the year…every year.
• We are experiencing some longer days on market, BUT we are also experiencing many multiple offer situations. RIGHT NOW.
• Many folks have a lot of equity in their property, whether a primary home or second home.
Most real estate transactions take at least 30 days to complete if there is a loan involved. We are experiencing delays with appraisals (AGAIN) and this will likely continue as rates stay low. Stay tuned for a May update coming early June but keep these things in mind.
Sending peace, love, strength, patience and compassion from our beautiful mountain community.
We will always be here for you.