2015 sets post recession record
Winter Park Real Estate Sales set a post recession record with $168 million in Total Sales. Results were up in almost all sectors and indicators. This continued the upward movement toward a complete recovery and, if anything, even accelerated that upward trend. Sales were particularly strong in the second half of the year.
For All Properties the Number of Sold Listings was up 10% over the 2014 year-end and the Dollar Volume was up 11%. For the second half of the year, the Number of Sold Listings was up 26% and the Dollar Volume of Sold Listings was up 34% year over year. The average price for the whole year was up 1.5%. However it was actually down 6% in the middle of the year which was completely reversed with the second half of the year up over 6%.
In the Residential Sector (Single Family Homes, Duplexes & Townhomes) the Number of Sold Listings was up 5% and the Dollar Volume of Sold Listings was up 6% over 2014. The result of this was that the Average Price was up 1%
The Condominium Sector fared much better. While the Number of Sold Listings was up 13% at the year end, the Dollar Volume of Sold Listings was up 29%, thus producing an Average Sales Price increase of 14%.
Vacant Land Number of Sold Listings was up 13% compared to last year while the Dollar Volume of Sold Listings was down 24%. This meant a whole lot of cheaper lots sold with the effect that the Average Sales Price is down 33%. This would indicate that Buyers are still reluctant to invest in higher priced lots.
2015 will likely be considered a turning point in the Winter Park Real Estate market. Strong sales, particularly in the second half of the year, indicate a resurging market. This is combined with a decrease in existing inventory and the almost non-existence of bank owned & short sale properties can only put pressure on for increasing prices and less selection. There are still opportunities for Buyers but they may quickly disappear in this competitive market.
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.