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!