Winter Park Real Estate is Down for 1st Half of 2019 Compared to 2018, But Plenty of New Construction
Winter Park Real Estate is down 16% in Sales and 15% in Units Sold for the year of 2019 compared to 2018 through June. The Average Sales Price decreased 1.2%. The sectors were mixed with Residential down significantly and Condominiums & Vacant Land up. Significantly, results were substantially worse in the 2nd quarter comparison to 2018 than the 1st quarter comparison.
In the Residential Sector (Single Family Homes, Duplexes & Townhomes) for the year so far, the Number of Sold Listings is down 35% and the Dollar Volume of Sold Listings is down 32% under 2018. However, the result of this is that the Average Price is up by 5%.
The Condominium Sector showed strong results. The Number of Sold Listings is up 13% and the Dollar Volume of Sold Listings is up 23%, Since the Dollar Volume increase was greater than the Number of Sales it produced an Average Sales Price increase of 9%.
The Vacant Land Sector was mixed with the Number of Sold Listings down 9% compared to last year through June while the Dollar Volume of Sold Listings is up 12%. This continues the trend of more expensive lots being sold with the effect that the Average Sales Price is up 24%. Vacant Land is still a small portion of the overall sales dollars (it remains a little over 6%) but it is nice to see this number rising as it means there is more confidence in the market.
The fact that Winter Park Real Estate is down is not entirely surprising. Higher prices are clearly having an effect on sales. There are many new projects in downtown Winter Park coming on line and new construction is expensive. In the Residential Sector the listing price of new listings has risen about 15%, making single family homes & townhomes increasingly unaffordable to Buyers.
2019 will continue to be an interesting year for Winter Park Real Estate as inventory is lower and prices keep rising. Still, so far this year Buyers still seem interested in buying as sales price is 99% of list price overall, indicating a strong amount of competition for many properties.
This report was created by Paul Lewis with statistics that were compiled from data from the Grand County Board of Realtors and are deemed reliable but cannot be guaranteed.