Healthy Increases for Winter Park Real Estate in First Half of 2017
There are healthy increases for Winter Park Real Estate with Sales up 35% and Units Sold up 14% for the first half of 2017 compared to 2016. The Average Sales Price increased 18%. Results were up in mixed between the sectors, with Residential & Vacant Land up sharply and the Condominium sector relatively flat.
In the Residential Sector (Single Family Homes, Duplexes & Townhomes) for the year so far the Number of Sold Listings is up 30% and the Dollar Volume of Sold Listings is up 17% over 2015. The result of this is that the Average Price is down by 10%. It is probable that townhomes and less expensive single family homes are responsible for the lower average price, but increase in the number of sales is significant.
The Condominium Sector did not show as much activity. The Number of Sold Listings is down 7% and the Dollar Volume of Sold Listings is up only 1%, thus producing an Average Sales Price increase of 9%. There were less condominiums on the market this year so the lower number of sales is not surprising.
Vacant Land Number of Sold Listings is up a significant 48% compared to last year while the Dollar Volume of Sold Listings is up an incredible 63%. This continues the trend of more expensive lots being sold with the effect that the Average Sales Price is up 15%. Vacant Land is still a small portion of the overall sales dollars (about 6%) but it is nice to see this number rising as it means there is more confidence in the market.
Total Sales are $106 million compared to $79 million for the first half of last year. There are significantly less inexpensive properties on the market creating increased competition for this type of property as each new one comes on the market. It is not unusual to see a properly priced one go under contract in just a few days. Buyers need to be attentive and prepared to act quickly, if not immediately, to secure a desirable property.
A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at Paul@PaulLewis.net. You can always see all the MLS listings at www.WinterParkRealEstate.NET
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.