Often times upon initially speaking with potential buyers, they are a year out from purchasing. If this is your situation, you may want to reconsider your plans to sit back and watch the market. Sales in the Winter Park area are off to a heated start this summer! The entry-level price point of <$275,000 primarily for condos is moving fast with the average sales price up 7% from this time last year. However, if you are looking to buy a townhome between the $290,000 and $550,000+ price range you are in a good spot. This market currently has quite a few great options available. With the average townhome sales price down 19%, this may be the perfect opportunity to purchase a spacious 3 to 4 bedroom unit with garage at possibly the lowest price point that we will see for some time.
Moving on to the single-family home market, properties priced below $400,000 are quickly selling. If a 3-bedroom home under $400,000 hits the market and you are interested, you should view it as quickly as possible, as well as make an offer if it is the right fit. The average sales price for single-family homes in the Winter Park area has increased 19% with both the inventory decreasing 8% and days on market 28%. If you prefer the Granby area and your budget is under $450,000 there are some great homes in Innsbruck-Val Moritz near Granby Ranch, as well as throughout Granby. The average sales price in the Granby area has decreased 5% with the days on market decreasing 39%. Particularly in the Winter Park area, the high-end market saw a decent sales increase year-end for properties listed between $600,000 and $1,000,000. However, there are still some great options in both the Winter Park and Granby areas in this price range, as well as new inventory in the million+ market. If you are considering a property in this price range, we encourage you to come take a look.
Vacant land, oh that vacant land. We are finally seeing an uptick in vacant land sales. A year over year analysis thus far for 2015 shows a 20% increase in Winter Park area vacant land sales. During this same time period from 2013 to 2014, the vacant land sales were flat. Then, when you compare all vacant lands sales from 2013 to 2014 we saw a 17% increase. Vacant land sales in 2015 have already exceeded the first half of 2014! Also, the cost to buy land and build is getting a bit closer to the cost of existing home prices. This has motivated single-family home buyers to instead purchase vacant land and build their dream mountain home. The town of Winter Park still has a great inventory of vacant land with the $150,000 and under price point dwindling. There are a handful of gorgeous 2+ acre land options in Fraser at what we feel is below market pricing. Or, if you’d like to spend a day looking in Tabernash, WOW, there are fabulous vacant land options here. If your budget is a bit more modest, then check out Val Moritz Village, Granby Ranch or Grand Elk. Pricing is still down in these areas and there is a wonderful inventory to choose from.
As realtors, buyers look for our advice as to when is the right time to buy. As you can see, the statistics support our response, “the time is now”! The sun is out and the mountains are calling your name, give your agent a call and get shopping!