Winter Park Real Estate 2020 Has Record 3rd Quarter
Winter Park Real Estate 2020 has had a record 3rd Quarter that has totally turned around the year to date. The market is now up 29% in Sales and 3% in Units Sold for the year compared to 2019 through September. The Average Sales Price increased 25%. The sectors were up with Residential leading the way. Condominiums & Vacant Land were also up. Significantly, results were substantially better in the 3rd quarter comparison to 2019 than the previous quarters. Overall, comparative Sales were up $73 million (73%) in the 3rd quarter compared to $4 million (7%) in the 1st quarter and down $11 million (-23%) in the 2nd quarter.
Residential
In the Residential Sector (Single Family Homes, Duplexes & Townhomes) for the year so far, the Number of Sold Listings is up 11% and the Dollar Volume of Sold Listings is up 39% under 2018. The result of this is that the Average Price is up by 26%.
Condominiums
The Condominium Sector showed strong results, if not quite as impressive. The Number of Sold Listings was actually down 6% but the Dollar Volume of Sold Listings is up 11%, Since the Dollar Volume increase was greater than the Number of Sales it produced an Average Sales Price increase of 17%.
Vacant Land
The Vacant Land Sector was extremely impressive with the Number of Sold Listings up10% compared to last year through September while the Dollar Volume of Sold Listings is up 34%. This continues the trend of more expensive lots being sold with the effect that the Average Sales Price is up 22%. Vacant Land is still a small portion of the overall sales dollars. but this rising number does means there is more confidence in the market.
Summary
The fact that Winter Park Real Estate is up has been entirely surprising. Demand for resort properties has been a direct result of Covid-19. Winter Park real estate is a beneficiary of this along with all other Colorado resorts. This demand has created significantly less inventory almost across the board and forced prices sharply up.
2020 will continue to be an interesting year for Winter Park Real Estate. Inventory is lower and prices should keep rising. Still, so far this year Buyers still seem interested in buying as sales price is 99% of list price overall. This indicates a strong amount of competition for many properties. Buyers need to be ready to act quickly in this market as new listings go under contract often in a few days. Indeed many disappear from the active market within hours.