Predicting the real estate market right now is like guessing which diet will help you lose weight faster and keep it off. Is it Paleo? Keto? Whole 30? With diets and the current real estate market, ask a different person, get a different answer.
Last week the Denver Post claimed (not verbatim), “Metro housing sales slowing for second month in a row,” while the Denver Business Journal had a headline, “95M sale of a commercial tower in downtown Denver.” Today, an article in the Inman Real Estate Journal discussed how the real estate market (in general) will remain HOT through 2021 due to so many millennial buyers shopping for properties. Conversely the same economist quoted in that article predicted an overall sales slow down, price leveling and increased inventory.
In our relatively small, niche, resort market in the lovely Colorado mountains, the numbers are indicative of continued high demand and low supply in the residential sector throughout Grand County. According to our local MLS data, we had 357 active listings in January 2018 vs 138 in September 2018. This includes ALL sectors of the market inventory in the greater Winter Park area. There were 85 closings in January versus 121 in September, bringing the months of inventory from 4.20 to 1.14.
In the Granby area, sales were very robust with increased sales prices and total sales volume in homes, condos, vacant land and townhomes. There have been 23 residential sales in the Town of Granby year to date, 17 sales in Granby Ranch, 10 in Grand Elk and 21 in Innsbruck.
While both sales volume and average sales prices for homes in the Grand Lake area jumped 20% in the last year, the number of units sold were flat with 87 sales YTD in 2018 and 2017. Condo, vacant land and townhome sales were all down over this same period last year.
We are in need of listings to satisfy all the buyers who want a slice of living in our amazing community. The sound of heavy equipment, nail guns and back up beeping resonates from every corner as builders try to beat Mother Nature and move on to the interior before more snow flies.
Arrow Development and Hideaway Station condo projects in Winter Park are well underway at drywall stage with a hopeful delivery of many units before year end. Cozens Pointe condo building G is in the process of completing and closing all units (pre-sold) in the next couple of weeks. Grand Park activity continues in the single family home section of Elk Creek and ground has been tilled for condos in the meadow.
At the ski area, towers have been set for the new gondola and it appears that the upper building is dried in. The brand new snow makers are on and the slopes are white!
The much anticipated Hurd Creek auction was a success on October 13 where all land parcels were sold for premium prices. Three large parcels totaling over 200 acres, (11,12 and 13) pre-sold to a neighbor prior to the auction. While those sales prices are yet to be known, the remaining ten parcels sold for a cool $7,463,000 on a bluebird Saturday afternoon at the Headwaters Center in downtown WP.
Besides the Hurd Creek property, the Morning Star Ranch closed last week (80 acres off CR 8 in Fraser) for $2.7M. The Kings Crossing Plaza in WP (home to Fontenots, Carvers, Land Title and other retail outfits) sold last week as well for $1.615M. Disclaimer on the latter, Fontenots restaurant space was not conveyed as part of the purchase. We look forward to seeing improvements in that Hwy 40 building down the road.
Interest rates have jumped slightly in the past 30 days but are still historically low and under 5% for a 30 year fixed which doesn’t affect purchasing power on a second home too dramatically but can affect first time home buyers in this competitive market.