Winter Park Real Estate Sales Remain Strong through 1st Four Months of 2008
At the end of April, total real estate sales in the Winter Park area year-to-date were 80% higher than for the same period in 2007. This strong showing is in no small part due to the new condominium sales at the Village at Winter Park by Intrawest. The total number of properties sold is up 44% and the median price is up 32%.
Of the three segments that make up the total, Condominiums continues to lead with a fourth straight month of increased comparable sales for a year-to-date increase of 283% compared to 2007. April saw a much lower volume than March and 2/3 of sales were by Intrawest, meaning that other condominium sales were actually down compared to April 2007. Sales prices remain high with a median price of $377,000, a 45% increase over a year ago. The actual number of units sold decreased by 20% for the month.
Residential (houses & townhomes) sales continue to be weak, down $11,177,780 or 32% through April, with number of properties sold down 45% and the median price off $24,635 or almost 5%. April itself was not a good month with the number of sales less than ½ of last year, although the median price did rise 24%.
Vacant Land sales for the month were ahead of last year for the first time this year, with the number of sales double last year. This was on very small volume ($1,367,750 on 6 sales) but it was also the busiest month of the year so far. Year-to-date sales are still down 26% with number of sales down 40% and the median price up 22%. Note that last year’s Vacant Land sales for April had included one sale for $15,000,000 which has since been reclassified as a commercial sale and is not included in these statistics.
It will be interesting going into the summer. So far, even without the Intrawest sales, prices continue to be relatively strong while the number of sales continues to be weak. This is a market condition that is unlikely to continue - if the number of sales does not increase, there will be increasing pressure on prices.
A full copy of the Winter Park Real Estate 2008 Year-to-Date Report is available by emailing me at Paul@PaulLewis.net. You can always see all the MLS listings at http://www.paullewis.net/.
These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.
Of the three segments that make up the total, Condominiums continues to lead with a fourth straight month of increased comparable sales for a year-to-date increase of 283% compared to 2007. April saw a much lower volume than March and 2/3 of sales were by Intrawest, meaning that other condominium sales were actually down compared to April 2007. Sales prices remain high with a median price of $377,000, a 45% increase over a year ago. The actual number of units sold decreased by 20% for the month.
Residential (houses & townhomes) sales continue to be weak, down $11,177,780 or 32% through April, with number of properties sold down 45% and the median price off $24,635 or almost 5%. April itself was not a good month with the number of sales less than ½ of last year, although the median price did rise 24%.
Vacant Land sales for the month were ahead of last year for the first time this year, with the number of sales double last year. This was on very small volume ($1,367,750 on 6 sales) but it was also the busiest month of the year so far. Year-to-date sales are still down 26% with number of sales down 40% and the median price up 22%. Note that last year’s Vacant Land sales for April had included one sale for $15,000,000 which has since been reclassified as a commercial sale and is not included in these statistics.
It will be interesting going into the summer. So far, even without the Intrawest sales, prices continue to be relatively strong while the number of sales continues to be weak. This is a market condition that is unlikely to continue - if the number of sales does not increase, there will be increasing pressure on prices.
A full copy of the Winter Park Real Estate 2008 Year-to-Date Report is available by emailing me at Paul@PaulLewis.net. You can always see all the MLS listings at http://www.paullewis.net/.
These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.
Labels: Grand County, Intrawest, Paul Lewis, Winter Park Real Estate
posted by Paul S. Lewis at 12:27 PM
