Can you believe that 2012 is half over! Yikes. Now the fun really begins. We have Olympics and a Presidential Election ahead… should be an interesting six months! We were extremely worried about the fire danger a few weeks ago but recent rain has helped alleviate our fears. Phew! Onto the Grand County Market Report…
We now have 6 month market statistics for January thru June 2012 compared to the 2011 half year figures, providing us with a good Grand County Market Report. There are some encouraging thing to note. Residential unit sales in the Winter Park Area (WP, Fraser and Tabernash) has increased 60%! 43 homes sold in the first half of 2011 compared to 69 sold in 2012. The average price has also increased from $468,243 in 2011 and $522,719 in 2012. Don’t get too excited over the increase in average price, there were 5 homes over a 1M dollars that sold and one home sold at $2.5 million that have skewed the stats. The good news is that there is more activity, especially in homes ranging from 600K to 1M. Another interesting thing is that the residential inventory has decreased about 13% from last year.
Condos inventory in the Winter Park area remains flat. The average sold price has dropped 33% – $276,230 in 2011 to $183,127 in 2012. This is a little troubling since real estate markets typically rebound from the entry level homes first (which are condos in our market). However, we are largely a second home market and as much as we try to anticipate trends, it’s a difficult thing to do. We speculate that as we get closer to ski season, the condo market will improve. We are confident we’ll have a better snow winter than last season.
One thing that may be driving buyers is that interest rates are still at 40 year lows. We’re still seeing a great number of cash transactions as we have over the past few years.
Please call us if you want to chat about the dynamic market and changes we’re seeing on a weekly basis. Enjoy the best part of summer.
See the Mid Year Market Report for more details on the Granby and Grand Lake Areas.