Winter Park Real Estate Third Quarter
Winter Park Real Estate Third Quarter of 2016 is up 15% in Sales and 18% in Units Sold compared to 2015. Overall the Average Sales Price decreased 8%. Results were up in most sectors and indicators Once again sales were particularly strong in the Condominium sector. For the year Number of Sales was up 24% and Units Sold were up 26%. Overall the Average Sales Price increased 2%.
In the Residential Sector (Single Family Homes, Duplexes & Townhomes) for the year so far the Number of Sold Listings is up 17% and the Dollar Volume of Sold Listings is up 16% over 2015. The result of this is that the Average Price is slightly down by 1%.
The Condominium Sector showed much better activity. The Number of Sold Listings is up 36% and the Dollar Volume of Sold Listings is up an incredible 45%, thus producing an Average Sales Price increase of 12%.
Vacant Land Number of Sold Listings is up 4% compared to last year while the Dollar Volume of Sold Listings is up 35%. This continues the trend of more expensive lots being sold with the effect that the Average Sales Price is up 29%.
Three quarters of the way through 2016 the Winter Park Real Estate market is showing considerable strength. Total sales are $139 million compared to $110 million last year at this time. There are shortages in some segments of the market and a decrease in existing inventory, particularly in inexpensive properties. It is not unusual to see multiple offers for highly desirable properties. Opportunities for Buyers are decreasing as prices rise and the number of available properties fall.