Which Condos Are Selling Best?

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!

Screen shot 2011-11-28 at 7.01.16 PM
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!

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