Happy New Year!
Here’s the year-end review for the real estate market in Breckenridge, Colorado.
Get the quick answer from our 1-minute video, or see the details below.
We have a buyer’s market that is recovering and slowly moving towards a more balanced market, especially for entry level (affordable) homes and condos. Prices per square foot are roughly flat since January 2009, and the number of sales is clearly moving up.
There’s plenty to choose from, prices are rolled back to 2005-2006 levels, and sellers are motivated. If you’ve been wanting to invest in Summit County, CO, now is the time!
The chart above shows the number of residential sales (homes, condos, townhomes, duplexes, and vacant lots) for each of the years 2003 through 2011.
- 2005 was the peak year for number of transactions
- 2009 was the lowest year for number of transactions
- The number of properties sold rose 15% in 2010, and rose another 17% in 2011!
- The total sales volume (the sum of all selling prices) is up 1% vs 2010. However, 2010 was stiff competition because that’s the year that dozens of very high end condos sold (over $1M), in the brand new One Ski Hill Place complex at the base of Peak 8.
- The prices of properties peaked in late 2007 / early 2008. Prices are currently around 30% below that peak.
- Prices have stabilized. Several condo complexes and subdivisions are showing that sold prices per square foot are roughly flat since 1/1/2009. There is no strong downtrend in selling price-per-square-foot for all of 2009 – 2011.
- For overall Summit County, the chart looks quite similar to the one above, but the numbers are all roughly double. (Breckenridge accounts for around 40-45% of the sales in Summit County). County-wide, the number of sales was lowest in 2009; rose 11% in 2010 and rose another 9% on top of that in 2011. So, Breckenridge is leading the pace as we move towards a more balanced market.
Please check back from time to time, for more Breckenridge Colorado real estate market statistics and analysis.