FEBRUARY 2023 REAL ESTATE MARKET UPDATE
The big headline I'm sure you are seeing in the news reads something like "real estate values are dropping!" Are we seeing this in Grand County? Let’s take a look.
When looking at Single Family Home Sales in all of Grand County, the average sales price in January 2022 was $952,450. This past January, the average sales price was $1,116,330, a 17% increase year over year.
When you break up Grand County and look at the Winter Park and Granby Areas, the average sales price for single family homes follows the same trend. The Winter Park Area went up from $1,081,258 (Jan 2022) to $1,505,468 (Jan 2023) - a 40% increase. And the Granby Area went up from $744,318 (Jan 2022) to $890,000 (Jan 2023) - a 20% increase.
Condos in Grand County saw a smaller overall average increase from $623,117 (Jan 2022) to $677,881 (Jan 2023). And the Winter Park Area saw an increase from $653,532 (Jan 2022) to $697,688 (Jan 2023). The Granby Area average sold price went up almost $100,000 from $492,800 (Jan 2022) to $588,750 (Jan 2023).
Townhome/Duplexes in Grand County saw an overall increase in the average sales price from $828,929 (Jan 2022) to 1,248,250 (Jan 2023). And the Winter Park Area saw an increase from $913,500 (Jan 2022) to 1,743,333 (Jan 2023). The Granby Area average sold price went down from $865,000 (Jan 2022) to $753,167 (Jan 2023).
As for Vacant Land in all of Grand County - it was also up year over year in January 2023 from $223,925 to $244,455. The Winter Park Area followed suit going from $374,750 (Jan 2022) to $411,250 (Jan 2023) - a 10% increase. However, the Granby Area saw a decrease in the average sales price from $183,867 (Jan 2022) to $106,800 (January 2023).
No, but the market has de nitely experienced a shift. We are still in a sellers’ market here in Grand County, but thankfully for buyers, the chaotic and often stressful buying process has calmed. Properties are staying on the market a little bit longer, opening up some room for negotiation. And due to rising interest rates, many buyers have left the market, leaving less competition.
And the positive for sellers? Property values are strong. Your property may stay on the market a little longer than if you had listed it last year, but if it’s priced right and you’ve completed major xes , it should sell relatively quickly and for a price you can be happy with.
In other news, as I’m writing this, I’m having a hard time believing it’s the last day of February and that spring skiing is just around the corner! I hope you manage to squeeze in some nice, warm and slightly slushy ski days in March.
So, are real estate values dropping in Grand County?