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Real Estate Market Update - March 2024


What a wonderful February in the high country! While travel was somewhat impacted by all the snow, we had an amazing time playing in the white stuff that makes us the winter playground everyone loves. On the real estate front, February sales had some pep in their step too. There were 55 residential closings during this leap year in Grand County. This included single family homes, condos and townhomes. These sales totaled just over $58M in volume with an average sales price of $1,058,383. Compared to February 2023, number of transactions were up 25%, total sales volume was up 35% and average sales price was up 8%. If we look at year to date numbers, it’s often tough to tell much of a story with only two months of data coupled with a relatively smaller scale compared to urban areas and 2024 is no different in this regard. 

The significant sales occurred in condos in the Winter Park Area (WPA) where sales volume nearly doubled from 14M to 29M in just the first 50 days of the year. WPA townhomes sales doubled in units and jumped 83% in volume for another notable difference. Granby single family home sales jumped 79% in volume, but in reality, that was only 4 more homes that sold over this time period in 2023 so you know what that means….prices are not coming down….at least not in that small area of the market. Vacant land sales have remained somewhat flat but by no means does that mean dormant. It's hard to find lot corners when you are up to your armpits in snow as we are currently!

As we approach mid-March, we are watching the license plates change to reflect the different states on spring break and enjoying the longer days and warmer temps. And as the thermometer rises, we will keep an eye out for falling interest rates, but as there is no target date set by the Feds to make a cut, we’ll have to watch and enjoy the small dips when we can get them. To note, last week ended with a national average, 30 year fixed rate at 6.88% which was a slight drop over prior weeks.

We look forward to seeing you carve up those slush bumps and don’t forget your sunscreen! If you do forget the SPF - send us a picture of your amazing goggle tan and we’ll post it on our socials!