And now we welcome the new year. Full of things that have never been. – Rainer Maria Rilke
Starting off the year in sub zero temperatures has given us some indoor time at desks to reflect on the whirlwind of events in 2015. Most urban and rural markets across the US have fully recovered from the glut of foreclosures, short sales and depressed real estate values. We are feeling warm and fuzzy about this rebound in Grand County. Here is a snap shot of 2015:
Total sales dollars spent on real estate in Grand County were up 17% in 2015 vs 2014. Some notable statistics show that the historically strong 4th Quarter was bustling!! 38% of all Winter Park area condos and townhomes sold in the last three months of 2015. This left many scrambling for property before year-end holidays and the 2016 ski season. Winter Park area home sales were strong but flat….they were strong in 2014 as well. Vacant land continues to be the slowest moving sector of our market but the number of units sold were up in all of Grand County.
Grand Lake home sales boomed in 2015 as the number of home sold was up 48% vs 2014 and the overall sales volume was up 74%! The Kremmling home market was up 118% for sales dollars!! Those are crazy big jumps in sales!
In 2016, we predict rapid condo and townhome building as developers are trying “catch up” to provide new inventory in a market that hasn’t seen much, if any, new building since 2007. We expect the “face” of Highway 40 to morph with new residential and commercial building to go with the new traffic lights. We hope to ride on new municipal public transportation in the next twelve to twenty four months.
We at REWP support smart and thoughtful growth. Cheers to another exciting year in our mountain paradise!