Here we are in August 2020 and things are still crazy in the world including our micro real estate world in Grand County. Our staff and brokers are always gasping for air during the busy summer months and this pandemic summer is no different.
Yesterday one of the headlines of the Denver Business Journal stated, “Average price for a home in Denver passed $600K in July.” The article went on to state that “June’s record number of pending sales led to 6,664 closings in July, an all-time high for any single month in the Denver area.” The average home sale price is up 10% over last year.
While this is not a Denver market summary, our mountain real estate often mimics the front range market or lags behind which is why this is interesting. It also shows what a desirable place our fair state is to live.
We could not have predicted that June and July would have stronger sales in 2020 over 2019 while we were watching the spring snow fall during the stay at home orders in April and May. Every sector of the Winter Park market in both sales volume and average sales price for the months of June and July 2020 were up. Most notably the single family home market where sales volume is up 44% and average sales price is up 12%. Granby single family sales are ﬂat in this two month comparison but this doesn’t equate to slow. 2019 was a strong year for Single Family product in the Granby Area. Average sales prices are up there by 4%. Grand Lake Area Single Family home sales are up 25%. Inventory is extremely low and homes aren’t staying on the market very long. Multiple offers are rampant as well.
The condo and townhouse markets are up for the end of the 2nd Quarter and start of the 3rd in the Winter Park, Granby and Grand Lake areas. Vacant land sales are up in all townships as well as sale prices.
Year to date numbers follow a similar trend as the strong months of June and July over the previous year, but are slightly lower to compensate for the lack of under contracts during the April quarantine and May lack of closings. See our graphs for speciﬁc July and YTD ﬁgures.
Low interest rates certainly don’t hurt this market ﬂurry. While the lower interest rates improve purchasing power, keep in mind that the ﬁnancing industry is a bit bogged down especially when its comes to delayed appraisals. If you’re reading this and considering a career change, we could use some more residential appraisers in our marketplace!
In closing, we’d like to toot our horn a bit. We’ve managed to retain our ofﬁce rank as the highest producing real estate company in Grand County year to date **. Our sales exceed 90M which is more than 20M over our closest competitor. See graph if you’re curious. We’ve excelled while having small group showings, wearing masks, carrying sanitizer and working from home as much as possible. It hasn’t been easy, but then again….most of got into this business because we like to be challenged. Stay safe. Stay sane. Stay kind. We will continue to spread our love of mountain living.