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.
