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Summit County’s housing market continues to see transactions slow down as prices remain high

The number of homes sold in Summit County is continuing to decrease each month but home prices are remaining at a record high, according to February real estate data.

The findings come as brokers have been predicting a slight shift in the housing market, eyeing a tilt toward buyers who they say may be more empowered to negotiate home prices amid a post-COVID market boom. But sellers are still nearly reaping their full asking price.

There were 19.3% fewer sales than a year prior, but that number is about 18% better than we did last month. The median sales price is up 20.4% over the same time last year. Another federal reserve rate hike could flatten our market again, but as for now, even with this upward trend, sellers are receiving about 97% of their list price.”The average home transaction in February for both single- and multi-family housing was $1,484,891,” according to our highest average Recently released from Land Title.

Many people are holding onto their homes as they have lower interest rates and want to keep those where they are. There seems to be indicators of the market going back to normal even with the interest rates increasing. Part of this is the time of year and also people’s fears. If the interest rates hit up to 6% that is still pretty cheap money. We just all got spoiled with those super low interest rates. So demand is there to purchase, and there are still buyers out there just less to choose from. This puts the market at a more equal playing field, so to speak, as it has been a buyers market for so long since COVID-19.

The Good News about Real Estate

According to Zillow, which is a nationwide company servicing thousands of zip codes, and is certainly computer generated, but it is useful for discussion. The best way to get a more in depth accounting of the market you really need to talk to a local Breckenridge realtor which would be Roger and Teresa Moen of course. We have seen a sluggish market in the last quarter of 2022. The true test will be to see what happens in this first quarter of 2023.

A couple of things are showing themselves to be promising. One is our sales are almost where they were last year at this time. I have also been seeing interest rates going down again. I have even seen some no-doc loans which I haven’t seen in years. So the chart below is projecting 2.5% value increase which is low for Breckenridge. I will keep you posted as to what is happening in the near future. If you have a particular price range of Breckenridge mountain homes or another area of Summit County let me know and I can do a more in-depth search for you. Roger and I are your friendly, local guides to all things real estate!

 

Here is a monthly local update based upon homes you viewed in zip code 80424.