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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.

February 2023 Market Trends

Just the facts! February 2023 sales

The Good News about Real Estate

According to Zillow, which is a nationwide company servicing thousands of zip codes, and is certainly computer generated, but it is useful for discussion. The best way to get a more in depth accounting of the market you really need to talk to a local Breckenridge realtor which would be Roger and Teresa Moen of course. We have seen a sluggish market in the last quarter of 2022. The true test will be to see what happens in this first quarter of 2023.

A couple of things are showing themselves to be promising. One is our sales are almost where they were last year at this time. I have also been seeing interest rates going down again. I have even seen some no-doc loans which I haven’t seen in years. So the chart below is projecting 2.5% value increase which is low for Breckenridge. I will keep you posted as to what is happening in the near future. If you have a particular price range of Breckenridge mountain homes or another area of Summit County let me know and I can do a more in-depth search for you. Roger and I are your friendly, local guides to all things real estate!


Here is a monthly local update based upon homes you viewed in zip code 80424.

What’s Going on in the present Breck real estate market

I wanted to share some charts & graphs to help you understand the current Breckenridge market more fully.
Here’s a long-term chart showing all active residential listings (homes, condos, townhomes, duplexes, vacant land) – no commercial, no timeshare.
Note the rapid up/down seasonal fluctuation in the number of active listings – always more listings on the market in the summer, fewer in the winter.
The more important thing to notice: the better the overall state of the US economy, the fewer the listings there are. During the years 2004 – 2007, the number of listings went down as the general US economy was thriving. The number of active listings bottomed out in 2007 with only ~350 listings. Then the Great Recession hit. People still wanted to sell, but very few sales occurred, so the inventory skyrocketed to over 1,200 listings in Summer 2009 and again in Summer 2010.
As we recovered from the Great Recession, the inventory decreased pretty steadily, from 2011 through 2020, and then by late 2020 the “COVID FEVER BUYING FRENZY” was in full swing, and the inventory plummeted to just ~60 listings, in Spring 2021 and again in Spring 2022.
Zooming in on the last few years…
This chart is a close-up of just the past few years. Note that inventory plummeted in late 2020 and early 2021 as COVID-fueled buying fever prevailed. Then, starting in Summer 2022, the market cooled a bit and inventory rose.. but it still peaked at around 260 listings in Fall 2022 … and now it’s dropping pretty fast again.
As of 12/15/22, there were only 165 listings on the market. That is lower than anytime prior to the onset of COVID. It’s still a seller’s market, as long as there is so little inventory. Properties are currently selling faster than new ones are coming on the market, so the number of listings is dropping.
Questions? Need answers? Roger and I are your number ONE professional choice for our knowledge, expertise and advise. We look forward to assisting you. Happy Holidays.

A Forecast for 2023

Amid higher mortgage rates and inflation, many buyers are presenting lowball offers, assuming that sellers are no longer in control. The buyers reason that the days of sellers asking for whatever they want, and having bidding wars for their properties is over, and so the sellers should be receptive to lower offers. This is partially true, but not entirely. Here are 2 reasons why:

First, this year I’ve had more people paying cash for their second homes here in Breckenridge and surrounding areas. Remember, Breckenridge is a resort market, so interest rates are not as much of a concern here, versus areas where people are struggling to finance their first home purchase. But, the way that it is affecting our investors in Breckenridge, is that they are now figuring “cash is king” and in some cases they are right. A cash transaction can close quickly, around 3 weeks, while a transaction with a loan will typically take 6-8 weeks. A quick closing is usually appealing to a seller.

Second, sellers are seeing more price reductions in their properties for sale and so they see this as a distressed or highly motivated seller. From what we are seeing these price reductions are due to the sellers learning that the crazy run on sales that we saw during the pandemic, where the sellers can demand whatever price they want and get multiple bids, is no longer the case. It takes awhile for both buyers and sellers to learn that this market is different, and more balanced for buyers and sellers. It is a more equal playing field you might say. So in this learning process, you will see price reductions periodically until the market will bear the sellers’ price. The market dictates the price always.
In an ever-changing world our Breckenridge market is no different so keeping educated is the best way to make a good decision. We are always here to discuss what the latest projections are during a specific season. We are your local experts!

Not-To-Be-Missed Festivals & Events

Happy Thanksgiving!

I had to mention the holidays in Breckenridge and how spectacular and magical they are. After 25 years of living here in Breckenridge I never want to be anywhere else. There are still short term rentals out there just waiting for you to reserve and have the best Breckenridge holidays ever. There are also many properties on the market if you decide you don’t want to go home. That is actually what happened to Roger and I 25 years ago. We came for Christmas and I couldn’t stand the thought of leaving so we bought property and never looked back! True story! We are the experts in real estate in Breckenridge so give us a call and welcome to Colorado’s Playground.


Dec. 3, 2022 Lighting of Breckenridge & Race of the Santas
Dec. 8-10, 2022 Breckenridge Ullr Fest (Grab your Viking hats!)
Jan. 23-Feb. 1, 2023 International Snow Sculpture Championships

Breckenridge Short Term Rental Information

Breckenridge short term rental information is the most asked about topic these days. The vision for the town has changed, with the need for affordable housing being at the top of the list. Also the need for those that purchased a property as a second home to be able to enjoy it as a home in a residential neighborhood and not have renters coming and going all season long. There are definite questions you should be asking when purchasing a second home or investment property in Breckenridge. The best way to find out in-depth information is the town website ( as the goal of the town is clearly laid out for you. See these items below as being the most important as well as knowing how long the wait is for a short term rental license.

Short Term Rental Caps and Zoning

A short-term rental property is defined as “a residential dwelling unit, or any room therein, available for lease for a term of less than thirty (30) consecutive days.”

  • A valid short-term rental license is required for each short-term rental property.
  • Individual homeowner associations may have requirements, restrictions and covenants related to short-term rentals.
  • The license is required regardless of how the properties are marketed (through a management company, on-line through websites such as VRBO and Airbnb, newspaper ads, word of mouth, etc.).
  • The license number must be displayed in all advertisings for the property.
  • Short-term rental licenses are non-transferable/non-refundable in event of property sale.

The Breckenridge market is different

Is the real estate market in Breckenridge feeling the recession and deflated prices? I have gotten many calls about the Breckenridge market lately. I know I say this a lot but we are not in a regular real estate market. Breckenridge is a ‘resort market’ so we do not have the struggles that other markets do. A few examples are, trying to qualify for a loan, higher appreciation rates, finding and securing primary housing. The higher inflation that we all feel is having less of an impact on us. Investors are seeing opportunities and also many people are tired of the ever-fluctuating stock market. If that is the case for you let’s talk about what is the best way for you to proceed. You cannot enjoy your stocks but you can enjoy your mountain cabin with the family and avoid I-70 traffic!!



Short Term Rental Ordinance Passed!

Great news! It has been made official! Finally. The ordinance has passed! The town has over 350 licenses available in Zone 1 for short term rentals. We are anticipating licenses to remain available for a while within Zone 1.  Zone 1 is ‘in town’ properties. It took awhile but they have finalized this zoning issue. So if you are purchasing in town you can see how many permits are available by going to the town website. This is great news for sellers as the properties for buyers now have more appeal and will sell faster as the buyers have a chance to buy a property in Breckenridge and make some income to help offset their mortgage. So if you were concerned and this issue was holding you back from making a purchase in Breckenridge for your mountain getaway or ski in ski out investment property you are invited to come back and talk to us and we will help you get started. There are other zones outside of town and of course there are those exempt from the permits that we have discussed such as the resorts with front desk etc. So, isn’t it nice to get good news! We are are so happy!

Summit County officials lay out approach for new short term rental regulations

By Elli Wright
Summit Daily

Editor’s note: This story has been updated to correct that planning commission membership is already set.

One month into Summit County’s nine-month-long short term rental moratorium in neighborhood zones, it was decided that public input would be the priority when creating new regulations.

The Summit County Planning Department and the Board of County Commissioners met Tuesday, June 21, to figure out the best way to use the next eight months and come out the other side with short term rental regulations that work in the best interest for everyone.

In previous years, short term rentals have boomed in Summit County. According to numbers provided at the commissioners’ May 24 meeting, approximately a third of all houses in Summit County have a short term rental license, and of those, only 10% of them are unincorporated county residents.

This has caused workforce housing to dwindle, housing prices to skyrocket, and it’s even led to unexpected ramifications like emergency responders who struggle to live close enough to work to go home during the week.

The county came up with a preliminary set of newer regulations over the course of last fall, including different zones that would separately prioritize the needs of neighborhoods vs. resorts. However, “Summit County is not a one-size-fits-all approach,” Summit County Commissioner Elisabeth Lawrence said.

For the past month, then, the planning department came up with five goals for the next round of regulations: preserve access to local workforce housing, foster character and uphold the values of Summit County’s neighborhoods, reduce conflicts, create balance and finally, produce clear and easy-to-understand regulations.

The balance between locals, non-short-term rental second homes and short-term rentals was the most challenging hurdle to tackle, officials say, which is why there was such an emphasis on public opinion.

“This is a tough conversation where there are competing interests, so it’s important for everyone in the community to give their input,” Summit County Commissioner Tamara Pogue said.

For example, Pogue mentioned that in the past, there has been conflict about whether or not a neighborhood like Peak 7 in Breckenridge should be more focused on resort housing or neighborhood characteristics.

Lawrence also said that she has heard complaints from people who have lived in apartments for almost 10 years that are now being sold to be used as short-term rentals.

And while county officials have started to come up with some ideas, like capping short term rental licenses on a neighborhood-by-neighborhood basis, the consensus from all of the commissioners seemed to be that they need to hear from the public before moving forward on anything because even as they try to come up with new regulations, towns are also brainstorming their own short-term rental regulations.

“We don’t operate in a vacuum,” Pogue said, which is why that additional piece will have to be taken into account moving forward.

Pogue said the first potential mode of action will be to hold town halls for each of Summit County’s basin communities. At these town halls, Pogue hopes to hear from the public about “​​how short term rentals should be regulated, ideas around regulation, thoughts around impacts, positive and negative impacts that need to be mitigated.”

That information will then be relayed to planning commissions, whose members are appointed by county commissioners. After the planning commissions have a chance to consider the first round of public input, then the county commissioners will take the summary from the planning commissions for consideration. From that information, they will create a first round of potential regulations, and then the process will start all over again by those regulations being shared with the public at more town halls and neighborhood conversations around the county.

“That’s really why we thought that this moratorium needed to be nine months because we wanted to have a lot of opportunity for the community to give their input, and that takes time,” Pogue said.

Jessica Potter, the senior planner of the Summit County Planning Department, presented on the goals, process and data that has gone into the new short-term rental regulation plans.

“We do have the bones to move forward in a really efficient way,” she said.


Interstate 70 leading towards the basin of Summit County is pictured on Tuesday, March 27, 2018 near Loveland Pass. County officials met Tuesday to discuss how best to spend the next eight months of the short-term rental moratorium to create new and improved regulations in unincorporated areas of the county, like Keystone near Loveland Pass.
Hugh Carey/Summit Daily News archive