Sales in the Winter Park, Colorado have been steadily improving over the last year or so. Typically, our market up here in the Rocky Mountains of Colorado tends to follow the market down in the Denver, Colorado area by about 12 to 18 months. This has proven true once again.
Winter Park, Colorado is home to the Winter Park Resort, one of the largest and most varied ski resorts in Colorado. As a ski resort, our market lends itself to a second home market atmosphere. This means that there is no sense of urgency, no one has to start their job on the first of the month, the kids don’t have to start school in the Fall, etc. But when the Denver/Front Range market starts to become as busy as it has over the last 12 months, our market naturally follows along.
In preparing the statistics report from our local MLS, I have come up with some interesting results to share. I used the time frame of April 1, 2014 to March 31, 2015 and the corresponding dates for the prior year. I am only quoting data for the Winter Park area, which includes the base village for Winter Park Resort all the up to the top of Red Dirt Hill, where the YMCA Snow Mountain Ranch is located.
In looking at single family homes for this area, the number of homes sold is the same for both time periods. However, the volume of sales is up by 21% and the average sales price is up 19%. The average % of sales price to list price has gone up by 1%, to 95% of list price. The total number of active listings has decreased by 4%, which is helping to fuel that increase in average sales price. Given that our market was so depressed for the previous 4 to 5 years, this average sales price increase does not necessarily mean that the prices have jumped significantly, the average price of homes in our area is still far more reasonable than most ski resorts in Colorado.
Condominiums in this area have seen similar increases. The volume sold is up by 39%, the average sales price is up by 7% but the average % of sales price to list price stayed the same, at 96%. Townhomes/Duplexes experienced a slightly different scenario but mainly because there are simply less listings in this category. The total volume sold did increase by 8% but the average sales price decreased slightly, by 6%.
Finally, the hardest hit category for us up here in ski country was vacant land sales. This category had the most to gain, since it had previously experienced an almost 70% decrease in average sales prices. The total volume sold increased by a whopping 77%, with the average sales price increasing by 28%. The average % of sales price to list price remained the same, at 85% of list price.
This seems to be good news for everyone. Sellers are experiencing a better return on their investment while buyers are still able to pay relatively low prices for mountain property. This slow and steady increase is the best thing that can happen to our second home, resort market.
Author:Janene Johnson Phone: 970-531-2284 Dated: April 13th 2015 Views: 2,200 About Janene: Raised on the east coast, Janene moved to Colorado after falling in love with the area while here on...
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