Who knows what the 4th Quarter of 2016 Will Bring?
In case you havent been paying attention, we have a very interesting next few months ahead of us here in the Colorado Rockies and in the United States as a whole. A new U.S. President will be elected in November and regardless of your political views, it will be an historic event no matter the outcome!
Here in Grand County, and specifically the Winter Park/Fraser Valley, were facing an imminent real estate problem that we havent experienced in a very long time. The inventory of improved property on the market is historically low. The WP area condominium market is especially dire with sales from 2015 and 2016 approaching 2007 figures. (Hint: that was just before the bubble burst).
Typically, the third and fourth quarters of the year are the busiest for sales throughout Grand County, especially in Winter Park. The number of condos sold through the 4th quarter of 2015 in the Winter Park area was nearly 3 times that of the condos sold in the same time period of 2010 when we were all watching our pocketbooks and spending. But todays statistics show that while there were 149 condos on the market through 4th quarter 2015, there are currently only 38 condos on the market as we head into the 4th quarter of 2016. That is an approximate 75% decrease in inventory!
The residential market is experiencing the same problem. In the Winter Park/Fraser Valley, there were 231 active listings of residential property at this same time last year. For the purposes of this information, single family homes plus townhomes/duplexes equal residential property. Heading into the 4th quarter of 2016, there are only 147 active listings. That is a 64% decrease in inventory.
New construction has not been keeping pace with the demands of the buying public, creating a lack of inventory in that sector as well. It has truly become a sellers market and time will tell what our numbers will show for not only the 4th Quarter of 2016 but into the new year as well.
- All statistics taken from the Grand County MLS System and deemed reliable, but not guaranteed.
- Click on graphs to enlarge