As an ever increasingly popular category, Planned Unit Developments have enjoyed strong price growth while maintaining steady sales throughout the year. While most categories dropped significantly in the number of sales through the first two quarters, PUDs only had one less sale (26) in 2019 vs 27 total sales in 2018. This is likely due to the availability and accessibility of these units throughout the winter. Unlike many single family homes, PUDs enjoy snow removal services allowing them to be easily accessible during the winter months. Buyers that may have considered a home were likely steered toward these units due to the convenience of snow removal during harsh winters.
Following the trend of the other categories, the PUD market is also experiencing a shortage of inventory with only 3.5 months worth of properties left to sell currently. Despite this lack of inventory, planned unit developments are still taking an average of 161 days to sell. The high price point and the discretionary nature of these homes are likely the leading cause of a longer sale period which would be normal for our unique market.
The most popular complexes for these units were Tyrolian Village, Incline Creek Estates and Tyrolia with 13, 12 and 10 units sold respectively. Incline Creek Estates typically leads the PUD market for sales, but with a substantially lower median price point of $726,000, Tyrolian Village has become more accessible to more buyers. Overall, the median sales price for PUDs was within 2% of the median list price, meaning prices are matching buyer expectations which signals a healthy market.
PUDs experienced strong price appreciation with a 21% increase in the median sales price from $1,030,000 in 2018 to $1,245,000 in 2019. These homes also enjoyed a substantial 39% drop in the average days on market from 197 in 2018 to 119 in 2019. This drop in days on market fueled both prices and total sales volume up, resulting in a strong 13% increase in total sales volume from $27.7M in the first two quarters of 2018 to $31.5M so far in 2019.
By far the busiest complex in terms of sales was Incline Creek Estates with 7 sales, resulting in 27% of the total PUD market. Prices for these units ranged from a low of $1,430,000 to a high of $1,662,500 for one of the recently completed units. The next two most popular complexes were Tyrolian Village with 5 sales and Deer Creek with another 3 sales overall. Tyrolian Village typically holds the top spot for number of sales due to the size of the complex, however, sales may increase as the summer months continue. Deer Creek is a small complex that has seen a surprising number of sales so far this year, likely due to the increasing prices of single family homes in the area.