Hello from Breckenridge, Colorado!
We know that overall it’s a buyer’s market, but now there’s one exception — there’s one price range, and one type of property, that is selling very well! Which one is it?
Get the quick answer from our 1-minute video, or see the details below.
The short answer is: Breckenridge homes under $500,000 are selling like hotcakes and we have a balanced market in that segment!
The chart below shows the number of month’s supply of homes in the Breckenridge area since July 1, 2011.
- For more details on this chart, see our article on Which Homes Are Selling Best
- The blue line at the bottom of the chart shows the monthly supply of homes under $500K.
- Currently, there are 30 homes for sale, and 66 have sold in the past 12 months. 30 / 66 = 0.45 years = 5.5 months supply. In other words, at the current rate of sale, the current homes on the market “should” all be sold in 5.5 months. That’s a low supply, shifting the advantage from the buyer, towards a more balanced market!
- Additionally, there are 10 such homes in that price range that are under contract and should be closing within a month
- For the 12 months ending 3/29/12, 66 homes under $500K were sold — that’s the largest number in several years, and is twice the number of sales during the corresponding period one year ago
- On a personal note, we know of two recent bank-owned homes under $500K, that had big price reductions and subsequently received 4 or 5 offers within 48 hours!
- Other encouraging news: countywide the number of foreclosures is down 62%. There were 45 foreclosures in the first quarter of 2011, but only 17 in the first quarter of 2012.
- More good news: in Summit County the number of building permits is up 35%. For Breckenridge the number of permits is up 25%. We are even seeing the return of the “spec home” — a builder buys land and builds a home on the speculation that he will find a buyer and make a good profit.
- For all of Summit County, the number of residential sales is up 3%. For some reason, Breckenridge is off to a slow start — sales in Q1 2012 are down 21% vs Q1 2011. But, prices are still roughly flat.
So, now you know which market segment is leading the charge, from a buyer’s market, towards a balanced market, and ultimately to our usual situation, a seller’s market! Believe it or not, we have even more data, so if you like market statistics, you know who to call.
