The 2013 year ended with The Number of Sales up 2 1/2% compared to the year before and The Dollar Volume of Sold Listings down by the same percentage. Total sales were $106 million and the total number of properties sold was 359. This means that the Average Sale Price dropped 5%, however, this was largely due to more condominium & less residential sales, not a price drop for individual types of properties.
The Residential sector (houses, duplexes & townhomes) saw a slight decrease, with The Number of Properties Sold for the year down 4.6%, while the Dollar Volume dropped 4.7% from $71 million to $67.6 million. The Average Sale price for this sector was virtually even (-.03%).
Condominium sales for the year were a sharp contrast to residential sales. Although the Number of Sales was up 4.3%, the Dollar Volume was only up 1.6%, resulting in the Average Price being down 2.6%.
The Number of Vacant Land sales this year was up 11% while the Dollars of Sales was down an astounding 23% meaning the average price was down 31%. This sector is clearly the last to show real signs of improvement.
There is no doubt that this was a disappointing year for real estate in Winter Park. While most areas of the country have shown significant improvement and some are even exploding, we have not seen any real recovery. This seems to be true for the Colorado mountains in general, although there are a few exceptions.
Yet there are some indications that this is not going to last long. Inventory is shrinking and many of the “deals” such as foreclosures & short sales are no longer there. It is my belief that we will see significant improvement in the real estate market in Winter Park in 2014.
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.WinterPark.CO.