As we all are aware, the current recession has had a major effect on the housing market. While, these effects have been felt nationwide below I will briefly discuss the general market trends that we have and are now seeing in the Grand County Area.
Chart 1
To begin, we will first look at the number of units sold in the Grand County Area for the years of 2007, 2008, and 2009. By far 2007 was Grand County?s strongest year with a total of 1,053 sales, of these total sales 468 were sold within the first two quarters of the year. In 2008 Grand County felt the first signs of the recession as the number of total sales declined to 702. The first two quarters of 2008 were on par with the previous year with a total of 422 total sales, however in the fourth quarter, sales began to lag as the new development product closed. This decline in the number of sales carried through the first quarter of 2009, and resulted in a total of 61 sales.? However, the second quarter of 2009 showed some positive signs with 104 sales. While the total sales for the first half of 2009 is about 1/2 of the sales volume we have seen in previous years, there has been a steady incline in buyers interest and willingness to move forward with a purchase.?
Chart 2
We will now turn our discussion to what this decline in total sales volume has done to price point and the number of days on market in the Grand County Area. Reportedly there have been a large number of areas nationwide that have seen a significant decline in listing and sold prices; this is not exactly the case for Grand County. While, it is true that there has been a decline in listing and sold prices within the Grand County Area, for the most part properties have held their value reasonably well. Additionally, the average number of days on market for listings in 2009 have been on par with historical trends. It is important to note, that historically the third and the first half of the fourth quarter are the busiest sales time of the year for Grand County.
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In general, the second quarter momentum from 2009 has thus far continued into the third quarter. Right now, we are seeing savvy buyers beginning to take advantage of competitively priced homes and incredible financing rates.?
For information on?taking advantage of these incredible real estate opportunities in? Grand County, Colorado?please visit our websites www.GatewayLand.com?or call us at 970.726.8300.