As I've mentioned in previous posts, real estate sales for the first half of 2011 have been up over the same period of 2010 and this trend is continuing. Year-to-date sales (through July), for single-family homes are up 23% from 349 in 2010 to 430 in 2011. Comparing July to July, there were 58 sales of single-family homes in 2010, compared to 67 sales in 2011 or an increase of over 15%. Year-to-date average sold price is up 4.2%, $852,820 in 2010 to $888,601, 2011. July to July averages are more dramatic as average sold prices increased 32.4%: $688,534 in 2010 to $911,958 in 2011. While the number of sales has been increasing, the number of new listings of single-family homes continues to decline. In July, 2010, there were 219 new homes listed but only 165 listed in July 2011, a decline of 24.7%.
Condo sales show a mixed trend. Number of sales year-to-date have increased 10.6% from 293 in 2010 to 324 in 2011, but average sold price continues to decline from $943,085 to $603,026 in 2011 for a decrease of 32%. As with single-family homes, the number of new condos listed has also continued to decline, from 757 in 2010 to 623 in 2011, or a decrease of 17.7%. Comparing July to July, the number of sales has increased 34.6% from 26 in 2010 to 35 in 2011 but average sold price was dramatic: $817,942 in 2010 to $335,287 in 2011 for a decrease of 59%. Again, like single-family homes, the number of listings is down 18% July vs. July, from 92 new condo listings in 2010 to 77 in 2011.
So what does this all mean? Buyers are here and they are buying. However, buyers are very price-sensitive and only buying what they perceive to be deals. With inventory continuing to decline, the better properties are going away faster than they are being replaced. Does this equate to be the right time to buy? Low prices, dwindling inventory and low interest rates: resort real estate has always been popular and now it appears buyers are back in the market. If you've always wanted that vacation home, whether it be the mountains, beach, or golf course community, this might be the right time for you to purchase. To paraphrase my favorite ski film photographer Warren Miller: if you don't buy your vacation home this year, you'll just be that much older when you do.
While summer is still here in the mountains, a hint of fall has definitely arrived. Days are noticeably shorter and mornings are cooler. If you have not already done so, it is time to start getting in shape for ski season.
