Which Homes Are Selling Best?

Hello from Breckenridge, Colorado!

We know it’s a buyer’s market, and that homes and condos are selling well, but which home price range is selling the best? The high end? Mid-range? Affordable homes?

Get the quick answer from our 1-minute video, or see the details below.

The short answer is: the lower-priced homes are selling best; the mid-range is a little slower; and the high end has a huge oversupply of 7-10 years. So, if you’ve been waiting to buy a high-end luxury home, those sellers are highly motivated!

The charts below show the number of month’s supply of homes in the Breckenridge area since July 1, 2011.

  • We track five different price ranges; under $500K; three middle ranges; and over $2.5 million
  • There are two charts below – one with all five price ranges, and one with the bottom four ranges (under $1M)
  • For each price range, we calculate the monthly supply by dividing the number of active home listings by the number that sold in the preceding 12 months
  • The most striking thing is the huge supply of homes in the highest price range, over $2.5 million (the top line in the first chart below). That’s a 7 to 10 year supply!
  • The darker blue line at the bottom of the chart shows the monthly supply of homes under $500K.
  • This shows more clearly in the second chart, where the top line is removed and we zoom in on the mid and lower price ranges.Currently, there is an 8-10 month supply of homes under $500K.
  • As the prices get higher than $500K, the number of month’s supply grows, but the three mid-price-ranges have quite a bit of overlap, and there’s no clear trend other than that the supply is dropping.
  • Two things are clear: 1. There is a huge supply of homes over $2.5M, and 2. Homes under $500K are selling the best.

Screen shot 2011-12-14 at 10.37.51 AM

If we change the scale, to eliminate the very high end (over $2.5M), we get a clearer idea of what’s happening to the lower and mid price ranges.

Screen shot 2011-12-14 at 10.38.13 AM

So, now you know which home sellers are the most motivated! Believe it or not, we have even more data, so if you like market statistics, you know who to call!

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