Hello from Breckenridge, Colorado!
We know it’s a buyer’s market, and that homes and condos are selling well, and land is selling the slowest, but which vacant lot price range is selling the best? The high end? Mid-range? Affordable lots?
Get the quick answer from our 1-minute video, or see the details below.
The short answer is: the lower-priced lots are selling best; the mid-range is slower; and the high end has a huge oversupply of 10-12 years. So, if you’ve been waiting to buy a high-end luxury vacant lot, now is the time! Those sellers are highly motivated!
The chart below shows the number of month’s supply of land in the Breckenridge area since July, 2011.
- As of 1/27/12 for all price ranges, there were 224 vacant lots for sale in Breckenridge, but only 58 had sold in the past 12 months. At this rate of sales, there’s nearly a 4-year supply of vacant land. (224 active / 58 sold = 3.9 years).
- To get a better understanding of the market, we track three different land price ranges; under $250K; $250K to $500K; and over $500K
- For each price range, we calculate the monthly supply by dividing the number of active land listings in that price range, by the number that sold in the preceding 12 months
- The most striking thing is the huge supply of land in the highest price range, over $500,000 (the top line in the chart below). That’s a 10 to 12 year supply!
- The darker blue line at the bottom of the chart shows the monthly supply of vacant lots under $250K. Currently there is roughly a 2.5 year supply of vacant land.
So, now you know which vacant land sellers are the most motivated! Believe it or not, we have even more data, so if you like market statistics, you know who to call!