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July 2023 Market Update

We have said it before but we’ll say it again, the key to a more balanced market is a rise in inventory.   Year to date, In the Winter Park Area, our total inventory is actually down from this same time last year by about 22%.   You are probably saying to yourself “Wait a second!  If that is true then why am I seeing so many properties for sale when I search online?”    What makes it feel like inventory is up is that it is taking longer to sell properties right now – so there are more homes and lots actively for sale at any given time.   And we are seeing properties selling slightly under the list price  - or even a little over list price (at 102% of list if you are a townhome in the Winter Park Area).  Pending sales are down in almost every sector indicating buyers are being cautious and taking their time to find the right fit.

Even though inventory is not moving in the right direction at the moment, there is still great opportunity for buyers.  Buyers have more options and more negotiating power than they have in the last few years.  And there is less competition right now with interest rates driving a huge chunk of buyers out of the market or delaying their vacation home purchase.  As soon as we see those rates drop, we will see an increase in buyers.  At this point we are anticipating pricing to continue to stabilize, but will be watching closely to see what happens when that inevitable buyer demand goes up.

The inventory will slowly increase as the continued new construction is released into the marketplace.  We are looking forward to an active rest of the year as we move into the ski season. Limited inventory and a high demand for the mountain lifestyle will continue to drive our market.  

View Detailed Stats HERE