Now that we’ve officially closed the books on 2016, the statistic geeks at REWP have been busy reviewing the sales data of the past 12 months. It was a rollercoaster year in many ways but the supply and demand was extremely askew. We are feeling a bit like our urban neighbors over the hill, thru the woods and down I-70 and along I-25, who’ve been dealing with a shortage of inventory for several years.
Let’s first review the greater Winter Park area market. The number of residential sales is stronger than flat which had been the trend for the previous 2 years (or since 2014). Unit sales were up 10% and overall dollar volume was up 11% over 2015. The average sale price had a negligible change: $584K in 2015 and $589K in 2016. Bronze metal for the single family home market.
Condos attained silver status with an increase of 16% in units sold and 25% in overall sales volume. The dollar increase totals over 15 million in additional revenue in 2016 which is an impressive increase. The not-so-impressive number is that the average sales price shifted from $234K in 2015 to $252K in 2016. Some of you likeminded stats junkies know that this reveals the price point that has been the highest in demand for condos: units under $300K. (And they are still not staying on the market a week in this range).
Townhomes won the gold with a 23% increase in units sold and a 41% increase in dollar volume! That equates to 13M more in townhome dollars sold in 2016 vs 2015 and we thought 2015 was a stellar year for townhome sales. The average sales price also jumped considerably from $368K to $424K. Trust us…we would have sold even more townhomes had we had more inventory. The numbers don’t show this but we have waiting lists for condos and townhomes and we have to stay on our toes when new units hit the market. Again, the demand is largely between the 300K and 600K price range.
Here are some other interesting highlights in the Grand County market:
The greater Granby market improved in the single family, condo, vacant land and townhome sectors. These numbers were up 9% in units sold in the single family market but the average price didn’t adjust much. There was a lot of sales activity between 200K and 600K which kept average sales numbers stagnant around $380K. The condo market was most interesting in that units sold were down 4% but overall sales volume was up 20%. If you are reading this before having your morning coffee, this indicates that the overall sales prices must have been up..right? Right….by 26% to 158K average.
Hot Sulphur Springs, aka the Banana Belt of Grand County, is back on the map experiencing multiple offers on properties, an 85% increase in homes sold and 66% increase in sales dollars! Wowza….they are going to have to stock up on ice cream and burgers at a favorite ice cream take-out joint!
We tend to talk quietly about land sales (and have since about 2005) as the numbers haven’t been all that awesome for sellers of land in the GC. And while we don’t want to get everyone’s hopes up, here’s some positive news for those who own a piece of dirt here. Sales dollar volume: WPA up 23%, Granby up 17%, Grand Lake area up 82%, Hot Sulphur Springs up 36% and Kremmling up 115%.
If you’re still reading this, it must mean, like us, you appreciate and see the value in numbers and stats and what they mean to our local real estate. We can obviously delve into more detail with you anytime. Call, email, text, twitter, stop by and we’re happy to share our insight and experience. We love it when you connect with us.