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.
