Real Estate Information

We're not breaking records up here in Grand County, Colorado, home of the world-renowned ski resort, Winter Park Resort, but we're holding our own.

At my last look at statistics for year to date condominium sales overall, the number of new listings is down by almost 10%, the number of sales overall is up by over 100% year to date and the number of pending listings (due to close) is up by almost 25%.  Average sales prices are down by almost 10% from 2009 but that is great news for buyers.

Sellers, you're in a great spot if you've built up some equity because property is selling.  Buyers, you're still in a fantastic spot because there are many deals out there, pricing we haven't seen in a long time at this ski resort.

Good news!  I pulled some statistics together so you can see that our real estate market in the Winter Park, Colorado area is definitely seeing some improvement.

Year to date for the purpose of this report is January 1, 2010 to August 22, 2010 over January 1, 2009 to August 22, 2009.  The total number of residential properties in the Winter Park area to go under contract has increased by 52% year to date and the total number sold has increased by 59%.  The total volume is up 80% while the average sales price increased by 13%.  The % of sales price to list price is 92% of list price.

For the year to date condominium sales in the Winter Park area, I found the following.  Under contracts year to date is up 22% and the number of sold properties increased by 16%.  The total volume of sales is up 8% and the average sales price has decreased by 6%.  The percent of list price to sales price for condominiums is 93% of list price.

Vacant land in the Winter Park area has also seen some improvement to their statistics.  The number of under contracts has increased by 91%, while the total number of pieces sold is up 90% over 2009.  The total volume is up 75% and the average sales price is down 7%.  The average percent of list price to sales price is 83% of list.

As I said, good news!  Interest rates, both 15 year and 30 year are at all time lows.  Sellers are motivated and bank owned property is providing for some incredible deals.

Who benefits from an Open House?  In ski country, we used to say that it made the seller happy.  Rarely did a buyer venture into our listings that were being held open.  Neighbors came by and said "Hello", got some decorating ideas or they were able to value their own property.

Now, things are truly changing.  Buyers are thrilled to be able to see an actual home or condominium instead of spending time in a real estate office.  Don't get me wrong, sitting at a conference table with your Realtor and being able to look at all of the listings on a big-screen tv is a fantastic way to get a lot of information very quickly.  But stepping foot in a beautiful cabin in the high country can truly allow you to imagine yourself in your mountain getaway, getting ready for an incredible day of biking or skiing.

And neighbor?  PLEASE come by and say "hello"!  The real estate agent will appreciate the visit and who knows?  Maybe your cousin wants to purchase something in the area and you've just made an incredible contact.  Real estate is a relationship business and the better you feel about your real estate professional, the happier for all concerned!  So I say that Open Houses are here to stay and whether or not you are in the real estate market now, stop by those Open Houses and take a look!

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.