Key Takeaways
(Date range 1/1/2024 - 6/30/2024)
Winter Park Area I Vacant land sales in 2024 are nearly matching last year's figures, marking the only segment of the market not experiencing an increase in inventory. New construction remains the primary driver for the condo and townhome markets. In the first six months of 2024, approximately one-third of condo sales were new construction, selling at an average of $800 per square foot. Similarly, about half of the townhomes sold were newly built, with an average sales price just under $1.4 million.
The luxury market continues to perform strongly, with 25 out of the 48 single-family homes sold in the first two quarters of 2024 fetching over $1.5 million. Overall, inventory has risen across all residential sectors, providing buyers with more options.
Interest rates are a key factor to watch. A drop of even 1% could bring more buyers back into the market. We anticipate a strong finish to 2024 as people prepare for the ski season!
Granby Area I Granby's luxury home market (properties over $1.5 million) has more than doubled from 2023 to 2024, growing from 7.5% (6 homes) of the market to 17% (13 homes). New construction continues to play a significant role, accounting for about one-quarter of sales in the first six months of 2024. With continued new construction projects, this trend shows no signs of slowing down.
Land sales in the Granby area are exceeding expectations, with both the number of sales and prices on the rise.
Grand Lake Area I Grand Lake has experienced an impressive influx of tourists so far this summer. The 4th of July festivities were as spectacular as ever, and the addition of the Grand Lake Folk Festival has further enriched the summer events lineup.
Unlike other areas in the county, Grand Lake's market lacks new construction projects. With only one sale over $1.5 million this year, the luxury market is down. However, prices remain steady across all sectors compared to last year.
It's heartening to see many homes rebuilt after the Troublesome Fire in 2020, and some of the lots that weren’t rebuilt are now for sale. Additionally, the trees are growing back, and the fire scars are slowly disappearing, bringing renewed beauty to the area.
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