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Breckenridge Market Overview 11/25/10

Happy Thanksgiving!

Here’s some real estate market statistics for Breckenridge, Colorado.

It’s a strong buyer’s market. Prices are roughly flat since January 2009, and the number of sales has stabilized.

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), from January 1st of a year, to November 25th of that year.

  • 2005 was the peak year for number of transactions
  • 2009 is the lowest year for number of transactions
  • The number of properties sold to date in 2010 is up 14% vs 2009
  • The total sales volume (the sum of all selling prices) is up 6% vs 2009
  • The prices of properties peaked in late 2007 / early 2008. Prices are currently 25-30% 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 prices for all of 2009 – 2010.
  • The foreclosure rate in Summit County is less than half of one percent (as of September 2010)

Interest rates are still super low, the stock market is up 70% from its low in March 2009, and we are expecting the recovery to continue, so contact us today!

Please check back from time to time, for more Breckenridge Colorado real estate market statistics and analysis.

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Fresh Snowfall on Deck

Hello, skiers!

We’ve had tons of new snow in the past few days. The Breckenridge ski resort is about 25% open already, with a mid-mountain base of 44 inches!

Here’s a quirky sample of what snow, wind, and sun can produce:



Haven’t you always dreamed of owning a cabin in the mountains, or maybe a nice piece of vacant land? Life is short, but you’re in luck – it’s a great time to buy! You deserve it, so contact us today.



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Breckenridge Real Estate in Fall 2010

Hello everybody,

In the world of real estate here in Breckenridge the summer proved to be better than expected. We had a surge of activity in the spring and then things got quieter in the summer. I understand this was a nation-wide lull. The beginning of fall, things picked up again and we have seen buyers coming into town. Most of our buyers have been cash and relatively quick closings. I was somewhat surprised to see the cash purchases, given the incredibly low interest rates of around 4% (or even lower) for those that qualify. To me, this is an indicator that people have been waiting for the great deals out there and are starting to come forward. 😀

Just to share our experiences with you. We recently sold a beautiful home that was originally priced at $3,999,000 and was incrementally reduced to $2,799,000. The home just closed for $2,050,000. (You can see it on our website at www.themoens.com — it is the castle of Breckenridge). The buyers were thrilled for us to have sold their home in this market. Was the home worth more? I would say yes, but a home is only worth the price that the market will bear. This is our difficulty in pricing lately. In 2006 and 2007, homes were selling for about 97% of asking price. When people ask me these days about asking prices vs. selling, it is a more involved answer. How many times has the seller reduced the price? What are the comparable sales in the area? Was it cash? It has certainly become a more competitive market and more complicated. That is where we come in. Our job is to figure out what the best price is for you to pay for your mountain property. So, give us a call and we can talk more about how to do this. In the meantime, life is good here!!

It’s a beautiful day in Breckenridge,

Teresa

PS: Oh by the way – we have a new video introducing ourselves – check it out!