The performance of Village condo sales during the first quarter of 2018 was down from 2017. The total number of sales dropped from 9 to 4 along with a median price drop of $830K in 2017 to $642K in 2018.
Key factors that played important roles in the change are supply and environment.
There has been a historically low supply during 2018 that has shifted negotiating power into the seller’s corner. This has created an upward pressure on prices that has lead to fewer deals closing in the 1st quarter.
The environment allowed an ease of access to real estate at the Village due to low snow in the early season. This scenario balanced out the low inventory and allowed a few smaller sales (1 bedroom units) to occur during Q1. A “Miracle March” of snow inspired extra visitation which could translate to a few Q2 – Q3 sales in the Village.
These factors were reversed in 2017 thus leading to more sales of the luxury ski condos. Supply was normal and the environment was providing the area with massive amounts of snow. This scenario inspired consumers to purchase and use their properties immediately.
By no means was Q1 of 2018 a historic low for Village condo sales. In the last 5 years there were lows in 2014, 2015 with 2 sales each year. 2016 bounced back up to 5 followed by a stelar year in 2017. An undeniable trend that I have seen with the Village ski condos in Q1 is when there is a lot of snow — sales increase.