As mentioned in the previous market update, it has been an interesting year in the Grand County real estate market! Grand County does tend to lag behind the Denver metro market by a good 18 to 24 months and that holds true still. Grand County encompasses a few different and very distinct areas. For the purposes of this update, I’m going to give information on only the Granby, Grand Lake and Winter Park areas. The Winter Park area will describe property from the Winter Park Resort all the way up to the top of Red Dirt Hill, which is just before the entrance to YMCA Snow Mountain Ranch. The Granby Area starts right at the YMCA and goes through the Town of Granby and up Highway 34 to most southern point of Lake Granby. The Grand Lake Area starts at this point and goes up to Rocky Mountain National Park. Following is a quick summary on what the real estate market has done in these distinct areas for residential property (single family homes), condomininiums, townhomes/duplexes and vacant land.
In the residential market, all areas in Grand County have seen significant changes in the first 10 months of this year over last year. In Winter Park, new listings of residential property have decreased by 7%, the total volume of sales has increased by 4% and the average sales price has increased by 18%. In the Granby area, new listings have decreased by 7%, total sales volume has increased by 7% and the average sales price has remained even. Grand Lake saw no increase in new listings, an increase in total sales volume by a whopping 67% and an increase in average sales price by 19%.
In the condominium market, there have been substantial changes also. In the Winter Park condominium market, there was an increase in new listings by 19%, the total sold volume increased by 33% and the average sales price increased by 13%. For Granby, new listings decreased by 6%, the total sales volume increased by 75% and the average sales price increased by 1%. In Grand Lake, new listings increased by 29%, sales volume increased by 117% and the average sales price decreased by 3%. It must be said that Grand Lake has a much lower percentage of condominiums in their market versus both Granby and Winter Park. This fact makes their numbers swing because there are fewer properties.
The townhome/duplex market in Winter Park is by far the most active market out of these three locations. Winter Park saw a 34% decrease in new listings, an 11% increase in the total sold volume and a decrease in average sales price of 9%. In Granby, there was an 11% increase in new listings, a 186% increase in sold volume and an 18% decrease in the average sales price. Grand Lake had a 50% decrease in new listings, a 44% increase in total sold volume and a 3% decrease in average sales price.
Vacant land sales have continued to lag a bit throughout most areas. In Winter Park, new listings increased by 29%, total sold volume decreased by 37% and average sales price decreased by 45%. In Granby, new listings increased by 33%, total sold volume increased by 37% and the average sales price decreased by 20%. In Grand Lake, new listings increased by 83%, total sold volume increased by 82% and the average sales price decreased by 8%.
These numbers come directly from the Grand County Board of Realtors MLS, reporting new listings and sales from January 1, 2015 through October 31, 2015 as compared to January 1, 2014 through October 31, 2014.