While the number of lots sold is not back to the 10-year average, prices are up by about $100,000 over last year to date. There have been just as many sales for over $1 million to date as last year, so that's not the driving factor. It's that the best located lots are selling first, and those tend to be more expensive. In any event, we can say that land has bottomed.
The inventory is just under 2,000 properties for sale. The decline is largely due to properties selling instead of being taken off the market.
3 ... number of lots sold for over $1 million to date 2012
$2.55 million ... highest price paid this year - development land at the Shores in Breckenridge
Chuck Leathers is the broker/owner of Chuck Leathers Real Estate Co. He can be reached at (888) 485-2300 or email him at ChuckLeathers@Realtor.com.