Author: The Moens Team

Hello from Breckenridge, Colorado!

We know it’s a buyer’s market, and that condos are selling the best, but which condo price range is selling the best? The high end? Mid-range? Affordable condos?

Get the quick answer from our 1-minute video, or see the details below.

The short answer is: the lower-priced condos are selling best; the mid-range is slower; and the high end is in a slump. So, if you’ve been waiting to buy a high-end luxury condo, those sellers are highly motivated!

The chart below shows the number of month’s supply of condos in the Breckenridge area since July 1, 2011.

• We track five different price ranges; under $300K; three middle ranges; and over $1 million
• For each price range, we calculate the monthly supply by dividing the number of active condo listings by the number that sold in the preceding 12 months
• The darker blue line at the bottom of the chart shows the monthly supply of condos under $300K. For most of this summer, there was a 15-18 month supply of condos in this price range; however, recently the supply has dropped to less than a 10-month supply as sales in this price range have picked up. In fact, for the 12 months ending 11/28/11, there were 93 condos that sold for under $300K – that’s the highest number in recent years.
• As the price range gets higher, the number of month’s supply grows, without exception. For condos $300K to $500K, the orange line shows a 16-19 month supply.
• For condos $500K to $700K, there’s an 18-22 month supply
• For condos $700K to $1M, it’s dropped from 38 months to 26 months to under 20 months
• For the highest price range, over $1M, up until recently there was a 45-50 month supply. Those sellers would love an offer!

So, that’s the scoop on condos! Believe it or not, we have even more data, so if you like market statistics, you know who to call!

Hello from Breckenridge, Colorado!

We know it’s a buyer’s market, but which market segment is selling the best: homes, condos, or land?

Get the quick answer from our 1-minute video, or see the details below.

The short answer is: condos are selling best, followed closely by single family homes. Land is a distant third. So, it’s a great time to buy vacant land in Breckenridge!

How many months (or years) supply do we have?

• As of 11/15/11, we have a 15-month supply of homes; 14.5 months of condos, and 44 months of vacant land!
• The chart below shows the number of months’ supply of homes, condos, and land in the Breckenridge area, going back to March of 2003.
• To calculate the monthly supply: it’s the ratio between the number for sale, vs the number that have sold. This is also called the absorption rate — the rate at which properties are being absorbed (bought and sold) by the market.
• As an example, on 11/15/11 there were 249 homes listed for sale in Breckenridge. In the preceding 52 weeks, 200 homes sold. 249 actives / 200 solds = 1.25 year’s supply of homes. This means that if no more homes come on the market, at the rate the homes are selling, it would take 1.25 years for them all to sell. Converted to months, 1.25 * 12 = a 15 month supply of homes, as of 11/15/11. We’ve been tracking that calculation going all the way back to 2003. That’s the data you see in the blue line.
• The light purple line shows the monthly supply of condos
• The magenta line shows the monthly supply of vacant land
• Note that the monthly supply has changed dramatically over the years. As an example, 5 years ago in mid-November 2006, there was a 5.5 month supply of homes (vs 15 months now); a 2.3 month supply of condos (vs 14.5 months now) and a 6.2 month supply of land (vs 44 months now)!

What a great time to buy, in one of the most affordable ski resort towns in the U.S.!