Childress: December Real Estate trends
January 23, 2017
I'm starting out this new column with year-end 2016 statistics.
As we all know statistics are only as good as the source of the information. In this case the Grand County Board of Realtors provides information quarterly from our Multiple Listing Service to the Colorado Association of Realtors for the reports.
Available real estate for sale inventories are dropping. Grand county single-family homes on the market as of December 2016 have dropped 27.4 percent from the same time in 2015.
Condominium inventory as of December 2016 was 53.9 percent lower than December 2015.
Has that drop in inventory translated to higher prices? Not in all areas.
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As many home sellers are finding, the number of Days on Market (DOM) has also dropped.
As of year-end Dec 2016, DOM for single-family homes has dropped 7.1 percent and for Condos have dropped 28.5 percent.
What most people really want to know is how does that translate into the sales price?
We have a diverse county. The properties nearer Winter Park typically command higher prices than homes near Kremmling or Hot Sulphur Springs so taking a county wide median can often times be deceiving. Please view the chart.
*Source: Local Market Update for December 2016, A Research Tool Provided by the Colorado Association of REALTORS® December 2016.
Jill Childress is the broke/owner of Mountain Dog Real Estate in Tabernash. She can be reached at firstname.lastname@example.org.