We are in the middle of our busy summer sales season. Hence, we’re going to give you a quick synopsis of the market so we can get back to selling! We are a little behind on some of our numbers – hopefully next month we’ll have our mid-year update for you.
Per our Land Title office here in Winter Park, the number of Transactions was up 25% in March with 105 deeds recorded and Gross Volume was up almost 23% with $26,379,366 in Sales. Year to date Number of Transactions was also up by 19% with 221 deeds recorded and Gross Volume was up 44% with $70,129,556 in Sales. Average prices remain mixed: Single Family was up at +4%; Multi Family was up at +6%, Vacant Land continued to slide at -44%. Here is a detailed sales report from Land Title.
We continue to have more activity in terms of showings, under contracts and sales but we’re still in somewhat of an ebb and flow cycle. Inventory continues to trend downward compared to previous years. In the past 24 months inventory was at its lowest point in March with only 391 listings on the market county wide. This is down from a high inventory in August 2011 of 591 listings. Inventory has climbed back up to 509 active listings – which is typical for time of year. As we get into late fall our inventory should start to fall again. The tightened inventory MAY swing the market to more of a sellers’ market but things are still tenuous with national and global economics. Another possible bright light on the horizon for sellers is a strong Denver/Front Range market. Colorado Resort markets tend to lag the Denver market by 12 to 24 months. According to Zillow, the average Denver home price has exceeded prices at the height of the market in 2006. Combine that with an expected population growth of over 200,000 new residents by 2015 (on the Front Range and Northern Colorado) and Winter Park sellers could be looking at some positive price growth in the next 24 months.
In the last few months we have seen multiple offers on various properties which hasn’t happened since 2006. Here’s a link to all the properties that have sold in Grand County, Colorado in the first six months of 2013.
As always, we are soooo thankful to be living in one of the most beautiful recreational spots on the planet and we are optimistic that the market will continue to improve for the high-quality-of-life-seekers and investors.
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