Kingdom Days & Town Party in Breckenridge
|
|
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.
On a personal note, this is the biggest year we have had since 2006. The real estate inventory is low and the properties are being scooped up as fast as they are hitting the market. My guess? Perhaps there was a pent up demand? This is also in keeping with our history with Denver’s market, as you have heard me say in the past. We are usually about a year or two behind their activity. People will secure their primary residence first and then their Breckenridge vacation home.
Denver’s market is going crazy with 8 or 9 offers on a single property, bidding wars and low inventory. Sellers here in Breckenridge are starting to realize that the market is becoming more balanced, and they are seeing their properties get a lot of showings. They are starting to raise their prices this spring. This is only April!! Typically we would not see this kind of activity until the summer.
This is an exciting time for our town. If you are considering purchasing a second home or investment property in Breckenridge at least you know what you are getting in to.