April Market Report “Takin on a challenge is a lot like riding a horse. If you’re comfortable while you’re doing it, your probably doing it wrong.” -Ted Lasso
No doubt the current real estate market is fraught with challenges. The lack of inventory for purchase exists in most markets across the country not just in our small mountain community in Colorado. Will we reach more of an equilibrium in 2021? We don’t think we’ll come close to a balanced market but perhaps we’ll see some inventory spikes as we approach the warmer weather months.
You’ve heard the reasons for the housing supply shortage: low interest rates, workplace shifts to home ofﬁce, new construction can’t keep pace with demand, etc. The topic which isn’t often discussed in this waning pandemic is that folks are wanting to live and enjoy their best life. Resort properties, whether lake, mountain, beach or desert have become target hot spots and why not?
Some local stats from the 1st quarter of 2021 show us that in most areas in Grand County, our sales volume is up signiﬁcantly. This can only mean one thing with slim inventory and yes…prices have escalated dramatically. Multiple offers right now don’t mean 2 or 3 like 18 months ago but are more like double digits: 10-30 offers on a property, especially in price ranges between $400,000 and $900,000.
The new vernacular at Real Estate of Winter Park includes terms like “appraisal gaps,” “escalation clauses” and “contingency-free”. While our strategies certainly aren’t secret, we work tirelessly together to educate ourselves in order to best represent both buyers and sellers in this feeding frenzy for property.
The biggest jump for sales year over year (through end of April) are the following:1) Residential sales in the Grand Lake area are up 91% in volume and average sales price jumped from $567,000 to $992,000! 2) Vacant land sales in Granby jumped from 11 lots sold to 61 which was a 454% change and volume is up 1,595% 3) Townhome sales rose in the Winter Park area 74% in volume. The average sales price is currently $873,033 with percent of asking price at 103% on average. If you are thinking of selling or buying right now, we want to share our knowledge and how we are adapting to multiple offer situations and how to “win” the deal (for our buyers) and get the best possible outcome (for buyers and sellers). We’d rather discuss one on one your goals and objectives in order to preserve some trade secrets to our successes and our vast experience from living and working in this unique community. We hope to see you in the shoulder season and deﬁnitely as we approach more mild outdoor weather. Events are coming back this summer and while they may look different, we hope they remind us that a new wonderful is just around the corner.