Are Breckenridge Condo Prices Headed Up?

Hi, everyone!

As a follow-up to our blog posting of September 1, 2009: “Signs of Life For Breckenridge Condos”, consider the following chart:

• It plots the selling price, and the price per square foot, for all 22 condos that sold for under $300,000 in Breckenridge, since 1/1/2009. If we examine the trend of the price-per-square-foot data, there is an annualized upward trend of +16.7%!
• It’s not all peaches and cream – prices in Breckenridge have fallen, roughly 15% to 25% from the peak prices which occurred around 1/1/2008. Condo prices are no exception. But, it appears that for condos under $300K, prices may have found their new lower level, reached the bottom, and may be heading back up.

Note that there were only a few sales in the early part of the year, and sales picked up markedly once we got into the summer months. For condo sales under $300K, it appears the worst is behind us and we may be on the upswing! So, contact us today to get that affordable Breckenridge condo – while it’s still affordable. For more info on this segment, see our previous posting, “Signs of Life for Breckenridge Condos”.

To be clear, as of 9/3/2009, this is the strongest part of the Breckenridge real estate market. Other sectors such as Breckenridge land and high-priced homes and high-priced condos are still seeing declining prices (although the supply is beginning to come down for some of those sectors). As such, they remain a rare buying opportunity – for the time being.

Will this upwards pricing trend for the more affordable condos continue? Will this segment lead the Breckenridge real estate market to full recovery? Only time will tell – so, check back later!