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February 2021 Market Summary

Happy Birthday to us!! It was 13 years ago in February when eight seasoned, local Realtors came together to open a new business in our beloved little town of Winter Park. We moved into our sweet, quirky, freshly renovated shop in the heart of town that used to be home to The Manifest- a quaint weekly newspaper that preceded the current Sky Hi News. In reecting back to that cold February of 2008, we decided to look at some stats from that time. We were obliviously optimistic about the future of our market given the crumbling foundation of Wall Street, sub prime loans and other no-so-fun topics. The average sales price for a single family home was $660K in the town of Winter Park. Condos and townhomes in Winter Park were averaging $385K. (Our MLS lumped the condos and townhomes together back then). Days on market exceeded 200 and there was 14 months worth of inventory (aka absorption rate). The rst months of 2008 represented the strongest market wed seen in the area before the foreboding months (and years) to follow. Fast forward 13 years and our REWP ofce members have tripled in size (in numbernot girth) and our market continues to surprise us. The average sales price in 2021 for a WP single family home is 1.46M. Condos average 500K and townhomes are at $949K. The absorption rate* of all properties is less than 1 month. On a recent REWP new listing in Fraser, the property hit the market and had 22 offers in a 72 hour period. A home REWP listed in Granby had 17 offers. Our mouths are on the oor most days in shock. We have a negative absorption rate at the moment, if that is such a term. It is difcult to look at a year over year comparison less than two months into 2021 as the numbers require more explanation and/or dont have a lot of meaning. We can say that sales stats are down but that is only because there is very little to sell. Inventory is down over 2020 but we were also whining about low inventory then. One notable market trend is that land sales are skyrocketing. Unit sales are up 300% in the Granby and Grand Lake areas, 600% in Kremmling and 155% in the Winter Park area. As our days become noticeably longer, we look forward to the coming of spring, sunny powder days, slushy bump skiing, safe spring breakers, warmer outdoor dining, vaccinations and hopefully some new listings. *absorption rate: The absorption rate in the real estate market is used to evaluate the rate at which available homes are sold in a specific market during a given time period. It is calculated by dividing the number of homes sold in the allotted time period by the total number of available homes.

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