With summer fast approaching, we at Real Estate of Winter Park barely had a chance to catch our breaths in May. After a productive ski season, the number of new listings and sales continue to gain strong momentum through “mud season”. We look forward to and anticipate this momentum of the Grand County Real Estate Market carrying into this summer.
The number of new listings year-to-date compared to last year fluctuates between areas and property type in the Grand County Real Estate Market. In the Winter Park area, the residential inventory is up 43%, in the Granby area it is down 6% and nearly flat with a decrease of 1% in the Grand Lake area. Whereas, the condominium and townhome inventory consecutively has decreased by 18% and increased 82% in the Winter Park area, decreased 18% and 33% in the Granby area, and increased 50% in the Grand Lake area, whereas townhome inventory is flat.
As reported in last year’s mid-year market update in August, we are again seeing multiple offers on various properties! Buyers are committed to their purchase and are prepared to make an offer when their perfect property hits the market.
The sales numbers are trending upward in the Winter Area market. Residential sales are up 86%, condominium sales have increased 20% and townhome sales have also increased 22%. Whereas, residential sales have decreased an average of 44% in the Granby and Grand Lake markets, the condominium sales have decreased 70% in Granby, but doubled in the Grand Lake area. Townhome sales in Granby and Grand Lake remain flat (keep in mind these areas area’s are primarily dominated by single-family homes and condominiums, not townhomes).
The vacant land inventory has increased significantly with 55% new listings in Granby and 47% in the Grand Lake area, but has decreased 20% in Winter Park. Vacant land sales remain flat compared to last year in the Granby and Grand Lake areas and has decreased in Winter Park by 23%. The new construction inventory is very slim. For the buyer who prefers to build their dream mountain home the time is now to purchase land! We also expect that builders may begin purchasing land and building spec homes to meet a projected increase in buyer demand for new inventory.
In summary, Real Estate of Winter Park is very optimistic about our market as summer approaches! As quoted by a number of agents, “I haven’t seen a May this busy in years”! In general we are seeing market activity increase year over year. We only see this happening again in 2014!