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Summit County’s housing market continues to see transactions slow down as prices remain high

The number of homes sold in Summit County is continuing to decrease each month but home prices are remaining at a record high, according to February real estate data.

The findings come as brokers have been predicting a slight shift in the housing market, eyeing a tilt toward buyers who they say may be more empowered to negotiate home prices amid a post-COVID market boom. But sellers are still nearly reaping their full asking price.

There were 19.3% fewer sales than a year prior, but that number is about 18% better than we did last month. The median sales price is up 20.4% over the same time last year. Another federal reserve rate hike could flatten our market again, but as for now, even with this upward trend, sellers are receiving about 97% of their list price.”The average home transaction in February for both single- and multi-family housing was $1,484,891,” according to our highest average Recently released from Land Title.

Many people are holding onto their homes as they have lower interest rates and want to keep those where they are. There seems to be indicators of the market going back to normal even with the interest rates increasing. Part of this is the time of year and also people’s fears. If the interest rates hit up to 6% that is still pretty cheap money. We just all got spoiled with those super low interest rates. So demand is there to purchase, and there are still buyers out there just less to choose from. This puts the market at a more equal playing field, so to speak, as it has been a buyers market for so long since COVID-19.

4th of July in Breckenridge 2019

The 4th of July is one of our favorite events in Breckenridge. Our town just shines!!

Fireworks, BBQ cookouts, and all things red, white, and blue – it’s beginning to look a lot like the 4th of July! Breckenridge Colorado is one of the most fun places in the U.S. to celebrate America’s favorite holiday. From backyard cookouts to full-blown firework shows, Breckenridge has plenty of activities planned to celebrate this national holiday. Here are our favorite 4th of July celebrations in Breckenridge that you can enjoy with your family this year.

Parades

4th of July in Breckenridge 2019

One of our favorites is the parade in Breckenridge. It is so fun to see your friends, neighbors, and local businesses going down the street waving to everybody. We love the small town feel. Some years there are more than 35,000 people joining in on the fun!

If you don’t see what you are looking for in Breckenridge, you can also check out the celebrations in Frisco, Dillon, Silverthorne, Keystone and Copper Mountain. One of the great things about being in Summit County and owning property here, is that there are always so many fun activities in the surrounding towns. You can’t do them all! Believe me I have tried.

Parties

Fourth of July in Breckenridge 2019

Most importantly, we have a huge party at our office at ReMax. 220 S. Main St!!! 9:00 am to 12 noon. It is a great spot to watch the parade. Come by for food, drink and front row seats. Just tell them you are working with us, Roger and Teresa Moen.

National Repertory Orchestra

4th of july NRO

The National Repertory Orchestra, a symphonic orchestra and academy that offers fellowships to young musicians that are interested in professional music careers, does a concert before the fireworks. They do a fantastic job every year. (Teresa says: “It just makes me cry every time!”)

Before moving to Breck 23 years ago, I had never been in a small town. I really just fell in love with the community and the gorgeous landscape. This is the place to be for Fourth of July. I am so proud of this town and feel fortunate to be here everyday.

Check out this link for more activities on the 4th of July.

Independence Day Celebration

What Do Breck’s New Short-Term Rental Regulations Mean for Vacation Rental Property Owners

regulations for short term rentals in Breck

As the short-term rental market has boomed in recent years, rules and regulations to oversee the industry have not necessarily kept up. The Breckenridge Town Council recently passed new rules to try to balance the interests of rental owners with the concerns of neighbors who live near these properties.

What’s Changing?

The Town of Breckenridge approved a new fee structure for licensing short-term rentals (an annual fee of $25 – $150 based on the number of bedrooms) and a new process for inspections (the town will try to reach owners before inspections unless it’s an emergency). However, a new 24-hotline to report complaints is drawing the most attention from owners.

Who You Gonna Call?

When a complaint is called in, the hotline will contact the “designated agent” listed on the rental license, who will have one hour to resolve the problem. The agent doesn’t need to be the owner or a property management company – a friend, family member or neighbor can serve as an agent, but must be available 24 hours a day, 7 days a week to respond to complaints.

Mixed Reaction to the New Rules

The new rules are intended to be less restrictive than measures in similar resort communities, which is good news for vacation rental owners in Breckenridge. Vail, for example, requires a response within 30 minutes of calls to the complaint hotline. Owners who manage their own short-term rental properties or use a property management company are worried about the burden of responding to complaints within one hour, especially if the call may come in the middle of the night or require a visit to the rental unit.

An Ounce of Prevention

Breckenridge short term vacation rentals regulations

There are things you can do to try to avoid trouble with the new rules. Parking, noise and trash are the most common complaints concerning short-term rental units in mountain communities like Breckenridge. Try to head trouble off at the pass by including your neighborhood rules in your marketing materials and rental agreements and remind guests of the rules when they arrive. Post a friendly reminder near your trash cans about being careful with garbage – think bears! – and ask guests to keep the volume down so everyone – visitors and neighbors – can enjoy everything Breckenridge has to offer.

If you’re looking for a vacation home or investment property in Breckenridge or have questions about the latest trends and topics in our real estate community, please contact The Moen Team. Secondly, follow us on Facebook, Twitter and Instagram to see the latest news.

We’re here to help!

To read the new rules and regulations from the Breckenridge Town Council, go to: https://www.townofbreckenridge.com/home/showdocument?id=16079.

What’s happening with the Breckenridge condo market?

Screen Shot 2017-02-01 at 12.14.36 PM

Condo sales in Breckenridge have slowed down in 2016. The reason for this is a low inventory. The demand is still high.This is the lowest the inventory has been since 1998 and that is the farthest back I can go with my available data. So what we do have listed is selling in a matter of days if it is priced right. This graph shows that even though the number of sales are down, if you want to purchase an investment property, Breckenridge has the lion’s share of the county market. This is also why investors purchase in Breckenridge.

Happy New Year! This is what’s happening in Breckenridge

We had a great year and so appreciate everybody that contacted us. We just broke our personal 20 year record!! Yahoo! 2017 is going to be awesome.

Here is what is going on with the market.  The final numbers are not in yet, but I did do a quick check to see where the market is as of today for last year. The average sold price for residential sales and if that holds the increase in 2016 is just over 7%. Oh, and the average sold price for residential sales (homes, townhomes, condos, duplexes) is right at $595,000! The list price to sold price is  at an average of 97.4% with a high of 106% so not much wiggle room.

If history repeats itself there will be more inventory in the spring but as you can see they go quickly. My listings in 2016 were selling before I could get them in the MLS.

Roger and I wish you and your families as great New Year of health and happiness!

Why the Rapid Growth of Summit County is Good For Us Locals

Best time to buy in Summit County COSummit County real estate is booming. Really booming.

In the beginning of this year, it was predicted that Summit County would receive and approve the same amount of building permits as they did in 2015. This prediction has already been proven inaccurate. In fact, the county has received many more permits this year.

Last April, the town of Silverthorne approved 25 new residential development permits—a huge jump from only six permits in April 2015!

People from all over the USA are coming to Summit County in droves. Some of them plan to live here all year round. Some are second homeowners. A few are real estate investors. Whatever their reason for being in Summit County, they’re buying homes in Summit County left and right.

Buy Homes in Silverthorne COIn order to keep up with the demand for housing and real estate in Summit County, developers are snapping up land all over the area, mostly in the northern part of Silverthorne, and putting into motion new residential development projects faster than you can say, “Welcome to Summit County.”

Many of us Summit County locals aren’t happy with the construction boom in the area. Who could blame us? Construction vehicles and large pieces of construction equipment are everywhere. The roads have gotten a bit more crowded. Public places have gotten a little noisier. Summit County is changing, and we hear you loud and clear.

However, what if we told you that the rapid growth of Summit County is actually a great thing, especially for us locals?

It really is! Just hear us out.

With more people coming here, Summit County is making a lot of money in sales tax and excise taxes. To avoid getting bogged down in the details and numbers, let’s take a look at Silverthorne in particular:

  • According to Summit County’s 2016 budget report, the county’s sales tax revenue was predicted to increase by 2% this year. However, by April, Silverthorne had already exceeded that goal. Its year-to-date sales taxes had risen by 2%. From January 2016 through April 2016, the town of Silverthorne alone brought in $3.16 million.
  • Silverthorne is making a killing on its excise-tax collections. It went up 440.7% compared to April 2015 and 259% year-to-date compared to the previous year.

Buy Houses in Silverthorne CO

So what does this mean for us?

Better roads, nicer public facilities, cleaner parks, improved bike trails, and increased maintenance for other departmental services provided by the county.

Two percent of all sales taxes across Summit County go toward these programs and services. In addition to that, up to 2.5% of the sales taxes go to their respective towns. The percentage depends on the town. For example, Silverthorne takes 2%.

Just when we’re starting to think that Summit County couldn’t get any nicer, an opportunity arises for it to do so. Do you have any ideas on how Summit County should spend its newfound money? Let us know!

Breckenridge Real Estate Market in 2016 – Low Inventory, High Demand

breck-real-estate-market-2016We have started the new year running! With the market in continuous recovery we couldn’t be happier or busier. The Breckenridge real estate inventory is at an 8 year low!! I believe all of those sellers have been holding off the sale of their property because the market hadn’t fully recovered. I know that is what I was telling my sellers. I think there is some pent up real estate inventory that we are going to see this coming spring.  There is definitely demand. Demand for credit is on the rise also. With consumer debt service ratios the lowest they have been for more than two decades, more people are eligible to qualify for a mortgage. Call me and I will give you the scoop. Maybe you can own your dream home in the mountains sooner than you think!

How’s the Residential Real Estate Market in Breckenridge?

Residential Realtor Breckenridge
Well the numbers don’t deceive! After a crazy busy summer, we’ve got some numbers that show steady increases in the Breckenridge real estate market. The average cost of a home in Breckenridge has risen 9% and the number of homes sold is up a whopping 15%! We are very excited to see these positive trends.

2013 and 2014 also saw steady increases. We are regularly seeing homes sold for great prices, bidding wars and houses selling without even going on the market.

If you are considering selling your home in Breckenridge, now is a great time to do so! Give us a call to get the ball rolling on selling your Breckenridge property!

See more detailed residential real estate stats here.

Breckenridge in the middle of Summer

Typically we are extremely busy in the summer for buyers purchasing their second home or investment properties in Breckenridge. This summer is no different. In fact, our inventory is low and currently I have more buyers than active listings to choose from. What a great problem to have if you compare it to previous years. Also, Breckenridge is the most crowded I have ever seen this time of year. People are discovering that Breckenridge is a full year round destination. Our summers are extraordinary. We have added the Pro Bike Challenge which can bring up to 100,000 people to witness what is our “Tour de France” also we have an Art Festival with a new Art District here in Breckenridge and it has proven to be a real attraction. We even had the “Cirque Du Soleil” folks come and perform. So don’t forget we are not just a skiing town but all year fun. Oh hey, by the way if you want to sell any property in Breckenridge you know who to call.

Here is how the 2015 summer is shaping up!

In a nutshell, prices are up in Breckenridge about 10%!! Yahoo! We are coming back. The number of sales are up 7%. The most exciting news of them all is the fact that we are up on under contracts by 40%!!! Under contracts means that the Buyer and Seller have agreed on price and terms but it has not closed yet. This is really good news. On the down side the properties that are the right price and fixed up to sell are flying off the shelves. It promises to be a great summer.