[2011 Annual Market Review]
THE REAL ESTATE OF WINTER PARK REPORT
REAL ESTATE OF WINTER PARK
LOCALLY OWNE D, LOCAL LY INVESTED
THE REAL ESTATE OF WINTER PARK REPORT
Introduction...............................................................................................................2 Winter Park.................................................................................................................3 Fraser...........................................................................................................................4 Tabernash....................................................................................................................6 Granby..........................................................................................................................7 Grand Lake..................................................................................................................8 Land..............................................................................................................................9 Neighborhood Overview.........................................................................................10 Residential Transactions by Price Point..............................................................11 Condo Transactions by Price Point.......................................................................12 Listing & Absorption Rates......................................................................................13 Community.................................................................................................................14
REAL ESTATE OF WINTER PARK
LOCALLY OWNE D, LOCAL LY INVESTED
Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Real Estate of Winter Park Broker for more information.
Affordability is back in Winter Park. Whether your interest is to own a year round residence, vacation getaway or an investment, today’s real estate market holds great opportunities. Adding to the affordability equation are historically low interest rates. That is the good news. On the flip side, our market still remains complex, due to short-sales and bank owned properties, and differs vastly from neighborhood to neighborhood. At Real Estate of Winter Park we understand that our value is the sum of our people, products and services. Our brokers collectively and individually bring in-depth knowledge of communities and neighborhoods. We also believe it’s important to be your resource for everything related to real estate in the Fraser Valley and Grand County. We strive to maintain consistency by bringing you innovative tools as well as relevant publications that allow you to understand our ever-changing market. In this report, we offer you an outline of the trends and sales patterns. While we have a long way to go to regain the higher sales prices of the mid-2000’s, we feel cautiously optimistic about our real estate market in the coming years. We are blessed to live in such an amazing place. Warm Regards, Your Real Estate of Winter Park Team
REAL ESTATE OF WINTER PARK
LOCALLY OWNE D, LOCAL LY INVESTED
Winter Park
SINGLE - FAMILY/DUPLEX NUMBER OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
AVG. SALE PRICE
2006
81
$47,425,432
259
$585,499
2007
96
$64,192,780
267
$668,675
2008
27
$20,877,214
228
$773,230
2009
35
$17,516,100
273
$500,460
2010
44
$23,176,989
353
$526,750
2011
30
$15,948,400
322
$531,613
NUMBER OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
2006
172
$49,929,055
122
$290,285
2007
138
$43,542,004
144
$315,522
2008
242
$102,215,372
121
$422,378
2009
83
$22,985,458
145
$276,933
2010
75
$17,748,486
283
$236,646
2011
71
$18,326,199
204
$242,404
CONDOS AVG. SALE PRICE
PRICE PER SQUARE FOOT COMPARISON CONDOMINIUM/TOWNHOME
SINGLE FAMILY/DUPLEX 2007
2008
2009 $462
2010 $364
HIGH
$580
$457
AVG
$580
LOW
$68
2011 HIGH
2007 $696
2008 $719
2009 $574
2010 $469
2011 $449
$328
$273
$225
$204
$206
AVG
$334
$505
$330
$455
$255
$95
$83
$68
$71
LOW
$95
$228
$184
$87
$150
REAL ESTATE OF WINTER PARK
LOCALLY OWNE D, LOCAL LY INVESTED
3
Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Real Estate of Winter Park Broker for more information.
Fraser
SINGLE - FAMILY/DUPLEX NUMBER OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
AVG. SALE PRICE
2006
96
$51,234,653
267
$533,694
2007
77
$46,197,892
259
$599,973
2008
50
$31,434,571
245
$628,691
2009
54
$25,946,292
421
$480,487
2010
54
$25,902,682
317
$479,679
2011
57
$25,846,577
373
$453,449
NUMBER OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
2006
132
$32,219,462
260
$244,087
2007
112
$27,688,780
126
$247,221
2008
49
$12,660,300
151
$258,373
2009
45
$10,617,662
202
$235,948
2010
69
$16,567,790
201
$240,113
2011
63
$12,583,000
219
$199,730
CONDOS AVG. SALE PRICE
PRICE PER SQUARE FOOT COMPARISON CONDOMINIUM/TOWNHOME
SINGLE FAMILY/DUPLEX 2007
2008
2009 $414
2010 $350
HIGH
$428
$654
AVG
$428
LOW
$68
2011
2007
2008
2009
$395
$654
$239
$210
$140
$116
$92
$378
2010 $314
HIGH
$326
$400
$201
AVG
$244
$57
LOW
$125
2011 $298
$246
$226
$208
$192
$165
$153
$132
$88
REAL ESTATE OF WINTER PARK
LOCALLY OWNE D, LOCAL LY INVESTED
Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Real Estate of Winter Park Broker for more information.
4
Who Said You Can’t
Buy Happiness?
Built by Terra Firma Custom Homes
REAL ESTATE OF WINTER PARK
LOCALLY OWNE D, LOCAL LY INVESTED
Tabernash
SINGLE - FAMILY/DUPLEX NUMBER OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
AVG. SALE PRICE
2006
53
$28,160,000
199
$531,321
2007
48
$24,977,450
223
$520,364
2008
37
$17,020,500
186
$460,014
2009
23
$10,928,410
166
$475,148
2010
31
$13,094,500
234
$422,403
2011
36
$13,568,721
268
$376,909
NUMBER OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
CONDOS AVG. SALE PRICE
2006
0
$0
0
$0
2007
0
$0
0
$0
2008
1
$205,000
106
$205,000
2009
0
$0
0
$0
2010
0
$0
0
$0
2011
0
$0
0
$0
PRICE PER SQUARE FOOT COMPARISON CONDOMINIUM/TOWNHOME
SINGLE FAMILY/DUPLEX 2007
2008
2009 $371
2010 $314
HIGH
$312
$301
AVG
$208
LOW
$130
2011
2007 -
2008 -
2009 -
2010 -
2011 -
$271
HIGH
$213
$201
$184
$144
AVG
-
-
-
-
-
$83
$124
$101
$41
LOW
-
-
-
-
-
REAL ESTATE OF WINTER PARK
LOCALLY OWNE D, LOCAL LY INVESTED
Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Real Estate of Winter Park Broker for more information.
6
Granby
SINGLE - FAMILY/DUPLEX NUMBER OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
AVG. SALE PRICE
2006
78
$33,741,272
189
$432,580
2007
89
$35,894,199
225
$403,306
2008
56
$21,002,420
175
$375,043
2009
51
$17,842,650
164
$349,856
2010
50
$15,429,464
190
$308,589
2011
61
$19,061,005
240
$312,475
NUMBER OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
CONDOS AVG. SALE PRICE
2006
54
$7,991,538
195
$147,991
2007
88
$17,285,875
189
$196,430
2008
33
$5,644,178
152
$171,036
2009
22
$7,137,200
151
$324,418
2010
49
$9,911,292
101
$202,271
2011
130
$10,853,596
120
$83,489
PRICE PER SQUARE FOOT COMPARISON CONDOMINIUM/TOWNHOME
SINGLE FAMILY/DUPLEX 2007
2008
2009
2010
2011
2007
2008
2009
2010
2011
HIGH
$382
$335
$415
$375
$291
HIGH
$313
$281
$571
$420
$338
AVG
$211
$335
$157
$139
$135
AVG
$207
$186
$303
$198
$98
LOW
$51
$73
$11
$42
$31
LOW
$33
$69
$56
$130
$32
REAL ESTATE OF WINTER PARK
LOCALLY OWNE D, LOCAL LY INVESTED
7
Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Real Estate of Winter Park Broker for more information.
Grand Lake
SINGLE - FAMILY/DUPLEX NUMBER OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
AVG. SALE PRICE
2006
65
$22,470,995
180
$345,708
2007
66
$31,985,255
229
$484,625
2008
40
$14,705,400
238
$367,635
2009
53
$15,722,970
234
$296,660
2010
57
$14,628,632
227
$256,643
2011
61
$19,890,110
186
$326,067
CONDOS NUMBER OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
AVG. SALE PRICE
2006
16
$2,929,500
173
$183,094
2007
16
$3,003,625
152
$187,727
2008
11
$2,391,000
292
$217,364
2009
4
$1,053,000
334
$263,250
2010
11
$2,497,200
163
$227,018
2011
9
$1,448,700
172
$151,644
PRICE PER SQUARE FOOT COMPARISON CONDOMINIUM/TOWNHOME
SINGLE FAMILY/DUPLEX 2007
2008
2009 $959
2010 $625
HIGH
$754
$659
AVG
$235
LOW
$37
2011
2007
2008
2009
$698
$217
$182
$177
$85
$20
$52
$279
2010 $364
HIGH
$352
$289
$162
AVG
$199
$21
LOW
$126
2011 $220
$199
$221
$164
$154
$142
$122
$78
$100
REAL ESTATE OF WINTER PARK
LOCALLY OWNE D, LOCAL LY INVESTED
Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Real Estate of Winter Park Broker for more information.
8
LAND SALES WINTER PARK
SALES VOLUME
AVG. DAYS ON MARKET
AVG. SALES PRICE
2007
19
$19,347,744
349
$1,018,302
2008
10
$3,850,250
158
$385,025
2009
2
$505,000
275
$252,500
2010
7
$1,413,850
222
$201,979
2011
3
$1,210,000
255
$403,333
FRASER
# OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
AVG. SALES PRICE
2007
26
$11,351,107
488
$436,581
2008
6
$1,955,000
379
$325,833
2009
5
$977,000
251
$195,400
2010
8
$1,895,400
457
$236,925
2011
5
$1,264,500
143
$252,900
TABERNASH
# OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
AVG. SALES PRICE
2007
63
$10,314,709
308
$163,726
2008
12
$2,566,400
178
$197,415
2009
13
$1,721,500
137
$143,458
2010
21
$2,395,300
288
$114,062
2011
20
$1,544,300
482
$77,215
GRANBY
# OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
AVG. SALES PRICE
2007
45
$9,571,770
349
$212,706
2008
21
$3,188,100
158
$151,814
2009
19
$978,700
275
$51,511
2010
20
$3,010,950
392
$150,548
2011
14
$1,053,495
257
$75,250
GRAND LAKE
9
# OF SALES
# OF SALES
SALES VOLUME
AVG. DAYS ON MARKET
AVG. SALES PRICE
2007
31
$4,090,600
245
$131,955
2008
14
$1,931,500
500
$137,964
2009
12
$1,435,500
350
$119,625
2010
13
$831,800
271
$63,985
2011
18
$1,118,401
244
$62,133
GRAND COUNTY OVERVIEW
2011 TWELVE-MONTH MARKET ANALYSIS BY AREA AREA
# OF SALES VOLUME TRANSACTIONS
CURRENT # OF ACTIVE
LOW HIGH SALES PRICE SALES PRICE
AVG DAYS # OF BANK ON MARKET OWNED SOLD
Aspen Meadows $2,627,500
17
19
$84,900
$151,412
127
2
Base Camp One Condos (Granby Ranch)
$4,801,408
15
20
$209,203
$504,400
324
0
Bear Crossing
$2,200,000
5
8
$425,000
$426,000
219
0
Beaver Village
$1,491,500
8
13
$126,000
$247,900
136
0
Columbine Lake $2,092,000
9
13
$135,000
$385,000
160
1
Cozens Pointe
$2,434,000
7
1
$309,000
$469,000
539
0
Crestview $466,000 Condos Fairways at Pole $2,242,500 Creek
2
1
$215,000
$279,900
180
0
3
6
$360,000
$992,500
391
1
Founders Crossing/ $3,564,900 Founders Pointe
12
26
$143,000
$500,000
219
0
Granby Ranch (Single Family &Townhomes
$6,045,155
14
14
$310,000
$529,200
96
1
Grand Elk
$4,251,750
13
7
$186,000
$499,000
399
4
Grand Park
$2,289,000
4
7
$523,000
$650,000
755
0
Hi Country Haus $2,023,144
15
16
$85,000
$212,000
236
0
InnsbruckVal Moritz
$3,033,500
10
16
$190,000
$471,000
221
2
Iron Horse
$764,000
5
10
$115,000
$190,000
160
0
Lakota (Single
$4,245,000
5
6
$500,000
$975,000
495
2
Lakota (Antler Townhomes)
$918,700
2
6
$425,000
$493,700
380
0
Lakota Quarter Shares
$150,000
1
13
$150,000
$150,000
20
0
Meadow Ridge
$1,965,500
13
20
$101,000
$249,000
210
0
Pines at Meadow Ridge Pole Creek Meadows Pole Creek Valley
$674,000
5
2
$117,000
$160,000
234
0
$1,094,000
0
5
$240,000
$468,000
112
2
3
5
Rendezvous (Cabins) Rendezvous (Townhomes)
$2,919,650
5
5
$490,000
$680,000
424
0
$2,708,327
6
7
$390,000
$499,153
394
0
Snowblaze
$270,000
2
10
$75,000
$195,000
256
0
Sterling Pointe
$423,800
2
1
$209,100
$214,700
192
0
Sun Song
$554,900
3
3
$155,000
$209,900
328
1
$3,324,250
8
13
$207,000
$589,750
253
1
$4,972,000
11
11
$270,000
$735,000
417
0
2
27
$245,000
$450,000
316
0
Family & Duplexes)
Winter Park Highlands Winter Park Ranch Zephyr Mtn Lodge
$695,000
WINTER PARK, FRASER AND TABERNASH 2011 Single-Family / Duplex / Townhome Transactions by Price Point *Does not include quarter share sales
Price Range
# of Transactions
Sales Volume
Avg. Price/Sq. Ft.
Under $299,999
33
$7,703,271
$140.52
$300,000 to $399,999
19
$6,782,050
$169.76
$400,000 to $499,999
32
$14,486,527
$204.33
$500,000 to $599,999
15
$8,124,000
$222.54
$600,000 to $699,999
7
$4,703,150
$260.21
$700,000 to $799,999
4
$3,002,500
$180.03
$800,000 to $899,999
1
$890,000
$270.52
$900,000 to $999,999
6
$5,672,500
$217.07
$1Million and Up
3
$3,399,000
$246.14
Number of Transactions
Sales Volume
Under $299,999 $300,000 to $499,999 $500,000 to $699,999
Building Permits Pulled
$700,000 to $899,999 $900,000 and up
117 80 60 36
11
61
45
WINTER PARK, FRASER AND TABERNASH 2011 Condos by Price Point *Does not include quarter share sales
Price Range
# of Transactions
Sales Volume
Avg. Price/Sq. Ft.
Under $99,999
11
$927,535
$183.24
$100,000 to $149,999
32
$4,155,250
$196.06
$150,000 to $199,999
37
$6,536,509
$204.66
$200,000 to $249,999
15
$3,270,100
$225.70
$250,000 to $299,999
12
$3,342,500
$214.92
$300,000 to $349,999
10
$3,218,900
$255.75
$350,000 to $399,999
4
$1,497,500
$366.65
$400,000 to $449,999
4
$1,652,500
$344.24
$450,000 to $499,999
2
$900,000
$373.63
$500,000 to $549,999
5
$2,587,900
$332.71
$550,000 to $599,999
1
$580,000
$334.29
Over $600,000
1
$1,125,000
$280.41
Number of Transactions
Under $99,999 $100,000 to $199,999 $200,000 to $299,999 $300,000 to $399,999
Sales Volume
$400,000 to $499,999 $500,000 to $599,999 $600,000 and up
Source of all data contained in this report is the Grand County Board of Realtors, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Real Estate of Winter Park Broker for more information.
12
Listings and Absorption Rates 2000
100
1800
1600
# of Listings (Lines)
1200 60
1000
800 40
600
400
20
200
0
Jan 10
Feb 10
Mar 10
Apr 10
May 10
Jun 10
Jul 10
Active Listings
Aug 10
Sep 10
Oct 10
Nov 10
New Listings
Dec 10
Jan 11
Feb 11
Mar 11
Sold Listings
Apr 11
May 11
Jun 11
Jul 11
Aug 11
Sep 11
Oct 11
Nov 11
Dec 11
Months of Inventory
W
e are always talking about “absorption rates” or the “number of months of inventory currently on the market”. Have you ever wondered what this means or how that number is calculated and why it matters? The graph above represents the Grand County real estate market for the past couple of years. The red line shows the number of active listings for each month. Typically, the higher the available inventory the lower the sales price. This is because when buyers have a lot to choose from they tend to buy the lower price properties which then causes other sellers to do price reductions in order to compete: Basic supply and demand. The green line shows the number of sales during each month. In December 2010 there were 55 sales, in December 2011 there were 59. To calculate the Absorption Rate (the gray bars) you divide the number of active listings by the number of sales. Although the number of sales was about the same, the absorption rate in December 2010 was about 31.8 months, in December 2011 the absorption rate was 27.2 months. This means that if the number of active listings remained the same and the number of sales continues at 59 per month, it would take 27.2 months for all active listings to be sold. Grand County’s average absorption rate for the past two years is 40.6 months. The lowest month was November 2011 at 23.9 months of inventory.
Inventory at Rate of Sales (columns)
80
1400
We
Our Community
Real Estate of Winter Park Supports the following Organizations in our Community: -
-
The Grand Foundation Shining Stars Foundation Grand County Blues Society Grand Kids Childcare Winter Park Mountain Bike Series Habitat for Humanity of Grand County American Cancer Society Mountain Chapter Winter Park Rotary Pet Pals Colorado Association of REALTORS Housing Opportunity Foundation (CARHOF) Middle Park Land Trust Fraser Creative Learning Center National Sports Center for the Disabled (NSCD) Special Olympics Grand Arts Council Mountain Family Center Rec Center Duathlon
West Grand Elementary Bert & Earnie Golf Tournament MPHS Booster Club Historical Society Heart of Mountain Hospice Advocates Headwaters Trail Alliance (Trail Adoption) - CASA - Mountain Pet REscue - High Country Stampede Rodeo
Working Together ark P r e t Win 2012
tics e l h t A d n East Gra
Giving Back!
REWP Bike Team
Doggy Drag - PET PALS!
Jean & Calvin got 1st place!