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Real Estate Market Update - May 2024

Welcome to spring in the mountains! We are relishing in the recent days that are bringing more sun than snow. The sounds of the Boreal toads catch your ear when you least expect it - and what a lovely chorus they sing after a long winter. There are more mountain bikes and boats attached to vehicles than there are skis, snowboards or snowmobiles. And… there are more new listings hitting the market than any other time of year, which we haven't seen in recent years.

Units sold year to date is up in all areas, with the exception of Winter Park and Hot Sulphur Springs, which were down 10% and 25% respectively. The average sales prices throughout the county have not dropped year over year, and are actually up 8% in the Winter Park Area.  However, total inventory in Grand County is up nearly 30% over last year, which translates to buyers having more options.  A notable statistic for both buyers and sellers is the slight increase in price negotiations, the most since 2019. On average, single-family homes are selling at 97% of the list price countywide, condos at 98%, and vacant land at 92% (95% if we exclude the Kremmling area, similar to last year). Townhomes are averaging 99% of the list price, down from 100% last year. 

An interesting note is that the average days on market YTD compared to last year is slightly up from 183 days to 193 days.  We also examined the average days to under contract for these same timeframes and in 2023 it was 77 days on average and 2024 was up a week to 84 days.

While statistics may not tell the whole story, we believe in sharing them to keep you informed. The REWP team constantly monitors current market trends to provide you with the best advice.  What truly sets our REWP team apart is our collaboration, engagement with each other and our community, and our relentless drive to be the leading force in Grand County real estate, a position we've proudly held for over 16 years.