Winter Park Real Estate Blog

The Winter Park Real Estate market showed solid gains for December and a strong upward trend for the second half of the year. Almost 2 ½ times as many properties sold in the second half of 2009; that compares to 2008 where less than a third of the properties sold in the second half. Not all of the news is good, however, as comparing all sales in 2009 to all sales in 2008, Average Prices were down about 20% for the year. The drop in Average Prices probably was not this drastic as some of this is affected by the fact that a large number of new properties were sold in 2008.

December was the best month of the year in Number of Sold Listings with 36 sold properties. That compares to 17 sold in December 2008 for an increase of 112%. The Dollar volume was up 43%. Sales were up across the board in every sector for the first time in the year, with Residential sales up 50%, Condominium sales up 150% and Vacant Land (yes, Vacant Land) sales up 300%. The Average Price was down 32%, however.

For a yearly comparison, the following charts help illustrate the differences between the two years. The first graph shows a significant drop in Units Sold in 2008. 2009 shows a steady increase in Units Sold, but starting from a much lower base.

The next graph shows much the same trends, with Dollar Volume dropping off sharply in 2008 and increasing in 2009, again from a much lower base. Also note that the amount of increase in 2009 is not as great as Units Sold in the first chart.

The third chart shows the Average Price. It jumps around quite a bit as it is affected by the mix of property types (Residential, Condominium, Vacant Land) sold and other factors, such as whether a larger number of new or older dwellings were sold in any particular month. So it is important not to focus on one month. It does clearly show that the Average Price is measurably down in 2009, which is overall around 20% less.

So what does all that mean for 2010? My expectation, unless there are major national impacts which are beyond the scope of this report to predict, is that we will continue to see a very similar pattern to 2009, with slow but steady growth in the Number of Sales and slower but also steady growth in the average prices. What this means for Sellers is that holding out until prices get significantly better could mean waiting for a long, long, time. Accurate pricing in line with what is really happening in the market will be critical to getting a property sold. What this means for Buyers is that the entire market is a bargain compared to a couple of years ago. There will also be some great buys as individual owners find themselves in situations where they need to sell quickly. But it is likely that there will not be as many of these as last year and the properties may not be as desirable.

As the old Chinese proverb says “May you live in interesting times”

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Winter Park Real Estate Sales in November have continued to climb compared to 2008 and are ahead of last year for the last few months, but not the whole year. Still this is very encouraging as the pace rises where last year at this time it was falling off.

The Number of Total Properties Sold was up 170% in November compared to last year and the Dollar Volume of Sold Listings was up 171%. but the value of those properties was down 48%. This is the most solid performance o the year so far.

In Residential Sales (houses & townhomes) the Number of Properties Sold was up 225% with 13 homes selling compared to 4 last November. The Dollar Volume of Sold Listings was up 209%.

The Number of Properties Sold in the Condominium segment was up 133% compared to last November and the Dollar Volume of Sold Listings was also up, by 117%.

There were no land sales in November, which is the same as last November.

Maybe it’s too early to say that the recession is over in Winter Park. But all of the indications are that the market is improving. Prices have come down and while Buyers still seek out individual bargains, there has definitely been an upsurge in sales. It will be interesting to see what the new year brings.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

With strong sales in September, Winter Park Real Estate Sales in September reversed a long standing downward trend and actually increased the Number of Total Properties Sold for the 3rd quarter, with 84 properties sold this year compared to 79 last year. The Dollar Volume of Sold Listings was still significantly off, down 18% as Buyers continued to opt for less expensive properties.

In Residential Sales (houses & townhomes) the Number of Properties Sold saw a substantial increase in September from 5 to 16 or 220%. The Dollar Volume of Sold Listings was also up sharply, 210% from last September. For the third quarter the Number of Properties Sold was up 28% while the Dollar Volume of Sold Listings was down 11%.

In the Condominium segment the Number of Properties Sold was also up for the 3rd quarter. Although not as dramatic as Residential Sales, it was up a solid 8%. The Dollar Volume of Sold Listings did not fare as well, however, down 11% The Number of Properties Sold was even for September with dollar volume down 5%.

Land sales was even for the month but continued behind for the quarter, with the Number of Properties Sold down 60% and the Dollar Volume of Sold Listings down 80%.

Although the prices could be higher, the third quarter was by far the best quarter in a long time. To begin any recovery, the number of sales has to increase and we have finally seen that happen. Hopefully it will continue, although there are certainly no guarantees in this shaky economy. But we have seen steady year over year improvement almost all year long so this is not an isolated event.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Winter Park Real Estate Sales in August were very comparable to last year, as there was only one less sale this year. The Number of Total Properties Sold was 28 against 29 last year. The Sales Prices were not nearly as good, however, as they were down 40%. While some of this is caused by reductions in prices, it is certainly more due to the fact that Buyers are purchasing less expensive properties.

In Residential Sales (houses & townhomes) the Number of Properties Sold saw a healthy increase from 13 to 15 or 15%. But the Dollar Volume of Sold Listings was down sharply, off 41% from last August .

The Number of Properties Sold in the Condominium segment was down 8% compared to last August and the Dollar Volume of Sold Listings was down 34%.

Land sales continue to lag, with the Number of Properties Sold down 67% and the Dollar Volume of Sold Listings down 57% so there was an increase in the average price paid for land.

So we are seeing that as the year goes on, Sales are becoming more comparable to last year. This is a combination of some sales increases this year but is also affected by the fact that sales had is time last year. It may be a long time before we see sales at the level they were two years ago but at least we are not seeing a pattern that continues to go down.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Winter Park Real Estate Sales in July have continued to climb compared to 2008 but they are still behind the pace of last year, particularly in some key areas. The Number of Total Properties Sold was down only 19% compared to last year but the value of those properties was down 48%. This is probably a factor of less expensive properties selling as well as properties selling for less than last year. Taken together, it means that the median price for all properties sold was down $80,000.

In Residential Sales (houses & townhomes) the Number of Properties Sold was down 45% while the Dollar Volume of Sold Listings was down 61% .

The Number of Properties Sold in the Condominium segment was up 40% compared to last July. This is the first time we have seen Condominium Sales up in 16 Months. The Dollar Volume of Sold Listings was also up, by 13%.

Land sales continue to lag, with the Number of Properties Sold down 67% and the Dollar Volume of Sold Listings down 91%. Land sales has been the weakest segment of the market and this continues to be true.

So there has been some improvement as the year has gone on compared to last year when you look at what was going on earlier this year. Still, sales are considerably lower than last year - down almost 70% for the 7 months so far. After August we typically see the number of sales slide off through the end of the year. In a weak selling market such as this one, that could put additional strain on the Sellers who have been reluctant to lower their asking prices. There are only a few less properties on the market than last year ( a reduction of only 3%), so reduced sales means that it is even harder to sell a property.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

While still off last year’s results, the Winter Park Real Estate market continued to gain ground in June with improving sales. The number of sales of all Properties for June was down 38% from last year, which continues the trend of seeing this negative percentage shrink as the year goes on. Dollar Volume was down 42%, also the best result so far this year.

Dollar Sales of Residential properties were down 38% while the number of these properties sold was down 13%. This shows a change in the mix of properties sold and would indicate that more townhomes and older properties sold this year.

Dollar Sales of Condominiums were down 36% and the number of sold listings was down 45%. This would indicate just the opposite of Residential as more expensive condominiums were sold.

Vacant Land lost the gain it made last month as no properties sold this year in June compared to two last year.

So the good old days (a year ago or more) are gone and don’t look to be coming back any time soon. But in the new reality that is the Winter Park real estate market today, there are positive signs that the market has been gaining speed since its low point this past winter. Although Buyers are as cautious as they ever have been, there are properties selling, particularly when the price is right. As a confirmation of that, Intrawest & Rendezvous, two of the largest developers in the Winter Park area, have started to offer some of their inventory at very attractive discounted prices and they have seen some very positive results. Within days of reducing prices on some of its remaining studios, Intrawest was sold out. Rendezvous reduced the prices of its Elkhorn townhomes and within two weeks almost all of them were gone.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

May is typically a slow month for real estate sales so one has to be very cautious not to read too much into it, but it does continue a trend for improved sales as the year progresses.

The number of sales of all Properties for May was down 43% from last year, which is a significant improvement from earlier months this year. Dollar Volume was down 54%, also the best result so far this year.

Sales of Residential properties were down 62% while the number of these properties sold was down 64%. So Residential sales did not fair as well as the other segments.

Dollar sales of Condominiums were down 50% and the number of sold listings was down 36%.

Vacant Land was the big surprise with 2 properties selling this year compared to none last year.

Certainly no one would want to base a prediction for the summer on a low volume month like May. But the steady improvement sets an optimistic tone as we head into what has historically been the best selling season of the year.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Total Winter Park real estate sales improved over March by 49% while the Number of Sold Listings was down 62% compared to the same month the year. Even this is some improvement as it had been down as much as 91% earlier this year. The Dollar Volume of Sold Listings was $7,226,302 compared to $19,002,846 in April, 2008.

All of the individual sectors (Residential, Condominiums & Vacant Land) were down compared to the same month last year but the percentage they were down decreased significantly. In the Residential sector, there were 9 properties that sold in March compared to 11 last year. Dollar Volume was also down 25% from last year.

The Number of Condominiums Sold was 4 as opposed to 24 last year. Dollar Volume was $1,147,900 against $10,454,900 last year. In 2008 Intrawest was closing the final new units at Fraser Crossing & Founders Pointe so this year’s results are bound to look unfavorable.

Vacant Land saw a decrease this March with 2 sales compared to 6 last year and the Dollar Volume was $685,000 against $1,367,750 so the median price actually increased 40%.

Looking forward, May is usually a quieter month and then sales slowly build up as the summer buying season goes on. It is still hard to predict what the summer will be like but the early indications are tending toward slow but steady improvement. It will be a long time getting back to the pace of the last few years, but it is possible that the worst is behind us.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Total Winter Park real estate sales improved over February by 65% but the Number of Sold Listings was down dramatically from the same month the year before by 85%. The Dollar Volume of Sold Listings was $4,857,800 compared to $39,872,233 in March, 2008. A sizeable number of the sales in 2008 were at the new Village at Winter Park.

In the Residential sector, there were 6 properties that sold in March compared to 5 last year. This is the first time we have seen an increase. Dollar Volume was down, however at $2,665,500 compared to $2,944,417 last year.

The Number of Condominiums Sold was 6 as opposed to 85 last year. Dollar Volume was $1,917,300 against $35,833,816 last year. In 2008 Intrawest was still closing the new units at Fraser Crossing & Founders Pointe in March so this year’s results are bound to look unfavorable.

Vacant Land saw a decrease this March with 2 sales compared to 4 last year.

A full copy of the Winter Park Real Estate Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.

Total Winter Park real estate sales improved in February over the previous month by 31%. The Number of Sold Listings was down dramatically from the same month the year before by 71%. The Dollar Volume of Sold Listings was $2,948,900 compared to $17,637,748 in February, 2008.

In the Residential sector, there were 3 properties that sold in February compared to 7 last year. Dollar Volume was $1,239,000 compared to $5,125,396 last year.

The Number of Condominiums Sold was 7 as opposed to 31 last year. Dollar Volume was $1,554,900 against $12,512,350 last year. In 2008 Intrawest was closing the new units at Fraser Crossing & Founders Pointe at Winter Park Ski Area so this year’s results are bound to look unfavorable.

Vacant land actually saw an increase this February with 1 sale compared to none last year. This is the first time since last April that this comparison is positive.

The market continues to struggle, with the biggest issue being the volume of sales. Add to that the fact that Intrawest sold $60 million of property in the first quarter of last year and any statistical comparison to last year is exasperating. Probably more important to look at is the trend from month to month this year. While the early signs offer some encouragement, it will take several months to see if there is true improvement.

A full copy of the Winter Park Real Estate 2009 Year-to-Date Report is available by emailing me at WinterParkRealEstate.net. You can always see all the MLS listings at PaulLewis.net.

These statistics were compiled from data from the Grand County Board of Realtors and is deemed reliable but cannot be guaranteed.