It’s that time again for your trusty market report. Things are getting a little spooky in the real estate world right now. Lots of evil creatures are lurking about and the zombie apocalypse is near!
But are we in a spooky market right now? No - not really.
Are interest rates instigating a pause for Buyers? Absolutely.
Is it a creepily, scary time to purchase in Grand County? Absolutely not.
Your friendly souls at REWP have been following the market locally and nationally and are feeding off the blood of our ghoulish lender friends who are generally saying the same ghostly things like “date the mortgage, marry the home.”
If we push the cobwebs aside and look clearly at the current market, we are seeing that our inventory, while up from the past 24 months, is not drastically “up.” There are currently 36 condos listed for sale on the local MLS in the greater Winter Park area (including Fraser and Tabernash). However, only 17 of these are finished and move-in ready vs "to be completed," new construction. The townhome inventory gap is even larger with 17 currently listed and only 4 of those are NOT brand new and under construction.
In the Granby area, sales volume is up versus this same time last year in both the residential and vacant land sectors. Commercial/Income property sales volume is down by 62% but 2021 was a crazy year with over 12M in commercial sales in the greater Granby market, not counting a few off-market sales.
Hot Sulphur Springs single family home sales take the pumpkin cake with sales volume in 2022 up 127% over 2021 numbers and average sales price shot up 58% from $482K to 672K!
Back to the gruesome interest rate explosion- don’t let the ghastly newscasters deter you from investing in real estate and realizing your dreams in the near future! Read that sentence again. There are creative ways to obtain a mortgage without the current 30 year premiums. Ask us (or your lender) what we know from 3,2,1s to straight buy-downs to ARMs.
While our crystal ball does not always work 100%, we are oozing with information from our trusted partners and resources in the financial world. If you find yourself in a bad dream and need some reassurance that daybreak is ahead, reach out and we’ll provide some enlightening serum and can lead you through the darkness and back into the light. Happy Halloween.
Hope you enjoyed our not-so-scary update.