WINTER PARK POSTS RECORD YEAR FOR REAL ESTATE SALES IN 2007
Winter Park has had a very good year in real estate sales, with overall sales just over last year. According to Grand County MLS statistics, almost $250 million was sold in the Winter Park Area in 2007.
Certainly, Winter Park is not performing as poorly as some other areas of the country. There are some weaknesses, however. In the combined category of Residential, Condominiums and Vacant Land, Total Sales and Average Prices are up, but the Number of Properties Sold is down and Days on the Market is longer. Nor does this situation appear to be improving – the fourth quarter is the first time Number of Properties Sold was down all three months.
Residential Sales (which includes Single Family Homes & Townhomes) has been the strongest segment. Number of Properties Sold is only down 3.9% while average price is up 10.9%. Average Days on the Market is worst in the $700,000- $1,000,000 price range at 275 days. Surprisingly, it drops sharply for homes over $1,000,000 (although the actual number of homes is significantly less).
The Condominium segment has been much weaker. Dollar Volume of Sold Listings was down 13.7% and Number of Sold Properties down 18.1%. Average Price is up 5.4% so, since there were some sales of new condominiums at higher prices, the average price of a resale condominium is probably about the same as last year. This, combined with longer days on the market and less properties being sold, shows a tougher market for condominium sellers.
Vacant Land is the weakest segment. Without the sale of one property in April for over $15,000,000, Dollar Volume of Sales would be down every month last year and the Average Price was lower by a whopping $59,000 or 20%. While the Residential and Condominium segment have held steady at the sales price being 98% of the list price, Vacant Land has fallen from 96% last year to 85% in 2007.
2008 looks to be a challenging year. Buyers are more discriminating and taking longer to decide as there is no sense of urgency like a few years ago. There is less speculation and the number of investors seeking property is significantly down. Generally, new is selling better than old, even given the substantial price difference, and dated properties are very hard to sell. Vacant Land is seen as an investment and as such is the most difficult product to sell.
Winter Park is still a desirable market and one of the most reasonably priced of the Colorado mountain resorts. Certainly there is a viable market for attractive properties. But for now and very likely the foreseeable future, properties must be conservatively priced and a good value to create interest with potential buyers.
More information on Winter Park and current listings for the Grand County MLS can be found on http://www.paullewis.net/. If you would like a full copy of the data for this report, please email Paul Lewis at Paul@PaulLewis.net.
Certainly, Winter Park is not performing as poorly as some other areas of the country. There are some weaknesses, however. In the combined category of Residential, Condominiums and Vacant Land, Total Sales and Average Prices are up, but the Number of Properties Sold is down and Days on the Market is longer. Nor does this situation appear to be improving – the fourth quarter is the first time Number of Properties Sold was down all three months.
Residential Sales (which includes Single Family Homes & Townhomes) has been the strongest segment. Number of Properties Sold is only down 3.9% while average price is up 10.9%. Average Days on the Market is worst in the $700,000- $1,000,000 price range at 275 days. Surprisingly, it drops sharply for homes over $1,000,000 (although the actual number of homes is significantly less).
The Condominium segment has been much weaker. Dollar Volume of Sold Listings was down 13.7% and Number of Sold Properties down 18.1%. Average Price is up 5.4% so, since there were some sales of new condominiums at higher prices, the average price of a resale condominium is probably about the same as last year. This, combined with longer days on the market and less properties being sold, shows a tougher market for condominium sellers.
Vacant Land is the weakest segment. Without the sale of one property in April for over $15,000,000, Dollar Volume of Sales would be down every month last year and the Average Price was lower by a whopping $59,000 or 20%. While the Residential and Condominium segment have held steady at the sales price being 98% of the list price, Vacant Land has fallen from 96% last year to 85% in 2007.
2008 looks to be a challenging year. Buyers are more discriminating and taking longer to decide as there is no sense of urgency like a few years ago. There is less speculation and the number of investors seeking property is significantly down. Generally, new is selling better than old, even given the substantial price difference, and dated properties are very hard to sell. Vacant Land is seen as an investment and as such is the most difficult product to sell.
Winter Park is still a desirable market and one of the most reasonably priced of the Colorado mountain resorts. Certainly there is a viable market for attractive properties. But for now and very likely the foreseeable future, properties must be conservatively priced and a good value to create interest with potential buyers.
More information on Winter Park and current listings for the Grand County MLS can be found on http://www.paullewis.net/. If you would like a full copy of the data for this report, please email Paul Lewis at Paul@PaulLewis.net.
Labels: Paul Lewis, Winter Park Real Estate
posted by Paul S. Lewis at 4:09 PM
