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April 2022 Market Update

Greetings from 9,000 feet! We are in the season of snow, sun, mud and wind .holy wind batman! Winter Park Resort closed the Parkside last Sunday with a non-splash finale. Apparently the wind was too fierce to lay the tarp for the pond! You can still make turns at the Jane closing date TBD. What's the hype and hysteria in our real estate market this season? As the experts of all things real estate in Grand County, we will tell you it' s that we just aren' t sure. If you follow the national media, the National Association of Realtor statistics show a slow down in existing home sales by 2.7% in March over February. Is this really an indication that we'll continue to slide? According to NAR's Chief Economist, Lawrence Yun, The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power. Still, homes are selling rapidly, and home price gains are to remain in the double digits. In our resort market, we can't illustrate the phenomena of a slowing market .at least not yet. Year over year sales, where lower, are due to scarce supply. The number of new, single family homes listings in the WP area that have hit the market is down 54% vs this time last year. It was an especially dry first quarter for new listings overall. However, we are seeing a stream of new listings each week, which is consistent with every year post ski season. In addition, there has been a greater demand for land in every town as inventory is down 40%-50% county wide. Speaking of land sales, we have seen some historic ranch land sales in the past 12 months. There is a connection with some of these legacy parcels and the new owners of Granby Ranch. There is an interesting article in the Grand Gazette if you'd like to check it out. (Note- the Troublesome Ranch is not the same as the Troublesome Fire burn scar). Lots of continued construction will be happening over the spring/summer/months from Winter Park to Grand Lake. We've shared with you our new development maps from time to time in these newsletters. If you want us to share again, drop us a line and we'll send you our beautiful interactive maps we've created with all the current info. Until next time be safe and keep praying for moisture in the West!

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